This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/british-airways-sacks-chair-of-pension-fund-after-reports-of-a-row-over-investment-strategy-10434053.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| British Airways sacks chair of pension fund after reports of a row over investment strategy | British Airways sacks chair of pension fund after reports of a row over investment strategy |
| (about 14 hours later) | |
| British Airways has ousted the chair of the airline’s pension plan trustees after reports of a row over investment strategy. | British Airways has ousted the chair of the airline’s pension plan trustees after reports of a row over investment strategy. |
| The airline has confirmed that Paul Spencer’s five-year contract will not be renewed after it expires at the end of next month. | The airline has confirmed that Paul Spencer’s five-year contract will not be renewed after it expires at the end of next month. |
| Sources told The Sunday Times that the decision followed a call from Mr Spencer, who also chairs the BT and Rolls-Royce schemes, to shift part of the pension fund’s assets into bonds rather than equities – something that could have increased the required cash injections from the parent group. | Sources told The Sunday Times that the decision followed a call from Mr Spencer, who also chairs the BT and Rolls-Royce schemes, to shift part of the pension fund’s assets into bonds rather than equities – something that could have increased the required cash injections from the parent group. |
| The airline is already taking legal action against an earlier decision of the pension fund’s trustees to increase contributions. | The airline is already taking legal action against an earlier decision of the pension fund’s trustees to increase contributions. |
| BA’s pension scheme has total liabilities of €29.2bn, according to the company’s most recent report. Its assets are valued at €29.3bn, meaning that it is, just, in surplus. |