BA pension trustees meet to decide the chairman’s future
BRITISH AIRWAYS’ retirement scheme trustees will meet with chairman Roger Maynard today to discuss his future at the helm of the fund.
Maynard has come under fire for combining his role as chairman of both BA’s pension funds with board positions at BA and Spain’s Iberia, suggesting a conflict of interests.
A spokesman for the trustees said they were aware of a complaint by the Association of British Airways Pensioners to the Pensions Regulator, as revealed by City PM
The trustees’ spokesman said: “They need to have a look at the situation to know where to go from here.”
All eyes will be on the 12-strong body charged with looking after BA’s retirement scheme as actuaries report back on the size of the savings deficit, estimated to be £3-4bn, by Christmas. If the trustees demand a higher annual contribution from BA – currently £320m – Iberia may walk away from the deal.
They are understood to have asked PricewaterhouseCoopers to help examine the effects of the merger.
Gert Zonnevald, analyst at Panmure Gordon, said: “Depending on the aggressiveness of the trustees, this may go to mediation.”