Annual funding statement

RNS Number : 7080D

British Airways PLC

18 September 2008

 



Annual funding statement

The Trustees of the New Airways Pension Scheme (NAPS) have notified British Airways Plc that in accordance with the annual process as required by the pensions regulations they are writing to members with the annual funding position. The funding position at March 31, 2008 was 83 per cent corresponding to a deficit of £1.5 billion.

Similarly, the Trustees of the Airways Pension Scheme (APS) have notified British Airways Plc that its funding position at March 31, 2008 was 96.5 per cent corresponding to a deficit of £240 million.

The pension contributions of the Company remain unchanged at the level agreed in early 2007 which include deficit payments to NAPS of £131 million per year rising with inflation through to March 2016. The next full actuarial valuation of both schemes will be made as at March 31, 2009.

On an IAS 19 basis, calculated as of the same date, the NAPS deficit was £357 million and the APS surplus was £77 million. 

Certain information included in these statements is forward-looking and involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements. 

Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of the Company's Business Plan programs, expected future revenues, financing plans and expected expenditures and divestments. All forward-looking statements in this report are based upon information known to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 

It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of an airline operating in the global economy.

 

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