Originally Posted by
strichener
BA already made major changes (with member approval) to the scheme 10 years ago when they:
- Increased the pension age
- lowered the accrual rate
- Capped pensionable pay
- Lowered the cap on pension growth
Staff have every right to look at taking action on these further changes. What other companies have already done is completely irrelevant and no-one should be "immensely grateful" to an employer that meets their contractual obligations.
Completely agree on the "immensely grateful", meeting obligations is the minimum expectation, however what we should give some credit for is the fact they have attempted to preserve the scheme as long as they have, while at the same time being realistic about the long term viability and taking sensible steps to protect.
My employer is considering the same changes. Like everything else in life, if pension schemes do not evolve in line with the changing demands placed upon them they will ultimately become extinct. Sometimes life comes at you fast and evolution is no longer an option...like the dinosaurs.
Better to have accruals already made consolidated than risk losing the lot. If BA goes to the wall, NAPS members will be at the back of the queue for compensation.