British Airways has disclosed a pension deficit of £3.7 billion ($6 billion) after reaching an agreement on the financial basis for calculation the figure across its two funds.
It says the agreement puts the deficit of one of the funds, the New Airways Pension Scheme, at £2.7 billion while that of the other, the Airways Pension Scheme, amounts to a further £1 billion.
The overall figure is the deficit to the end of its last financial year, 31 March 2009.
BA says it will work with its trustees to develop a "recovery plan". It says this will involve consultation with employees and their unions. The regulatory deadline for agreement on this plan is 30 June 2010.
Source: Air Transport Intelligence news