British Airways Defers £450M Pension Scheme Payments

Law360, London (February 22, 2021, 2:06 PM GMT) -- British Airways has struck a deal to defer £450 million ($631 million) of pension payments to a staff retirement scheme, the company's parent group said on Monday, as it faces continued headwinds from the impact of COVID-19 on passenger numbers.

International Airlines Group, BA's parent company, said the carrier had agreed with the trustee of the New Airways Pension Scheme to defer the pension deficit contributions due between October 2020 and September 2021. Deficit contributions are additional payments that sponsoring companies are often required to make to plug shortfalls in funding of retirement plans.

The airline will resume payments after September....

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