British Airways risks strike action over plans to curb pension benefits

British Airways could face further industrial action, this time over plans to curb retirement benefits for 17,000 pension scheme members, a move unions say would have consequences for the carrier. The airline is proposing an overhaul that would limit retirement pay-outs from its defined benefit scheme (Naps). It blamed low interest rates and rising life expectancy for an increase in the scheme’s deficit to GBP3.5b from GBP2.8b in 2015. BA will close the scheme to future accruals, meaning that staff will not see their retirement payout increase in line with their salary and the length of their service. Instead the airline is understood to be considering opening a new scheme that will include the Naps members along with 20,000 members of its less-generous defined contribution scheme (Barp). <br/>