British Airways has signed an agreement with the trustee of its New Airways Pension Scheme (NAPS) on the scheme's triennial valuation, the airline's owner, IAG, has said.
Agreed Technical Provisions Deficit
The valuation, based on the scheme's funding position as of 31 March, 2021, shows an agreed technical provisions deficit of £1.65 billion, compared with a deficit of £2.4 billion as of 31 March, 2018.
Dividend
Under the terms of the agreement, British Airways will not pay a dividend in 2022 and 2023, and there will be a 50% matching contribution to NAPS if any dividend is paid in 2024, IAG said.
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