Last week, BA launched a consultation with employees about future pension benefits.
This is an important subject.
As Trustee of BARP, we’d encourage you to take time to understand what is being proposed and consider taking advice on what the proposed changes mean for you. Please see the email sent by Maria Da Cunha on 19 September for details.
BA’s proposal is subject to the consultation. No decision has been made. We suggest checking the consultation website (www.bapensionconsultation.com) regularly for updates. If you have any questions, or want to provide feedback, you should send them to BA at firstname.lastname@example.org or 020 8562 0022.
Throughout the consultation it’s “business as usual” with respect to BARP. The Trustee’s fiduciary responsibility for your pension savings built up to date continues, as well as Willis Towers Watson’s responsibility for day to day scheme administration.
The Trustee is however not party to the consultation process which is between BA and you, its employees (or your representatives). As such we are not part of the discussion on future benefits and cannot negotiate or comment under the consultation.
Our responsibility centres around the pension savings that our members have already earned and are deposited in BARP. In the event the consultation results in the need to move members’ pension savings to a new arrangement it is the Trustee’s responsibility to act in accordance with its duties under the trust deed and legislation, and specifically to ensure that members’ benefits with respect to pension savings built up to date are no less favourable after the transfer. As part of fulfilling this obligation the Trustee will take independent professional advice.
In the meantime, you can continue to manage your account through the BARP website (accessed via the BA Intranet) and the BARP administrator, Willis Towers Watson, is able to help you if you need assistance.