(Reuters) – British Airways has signed an agreement with the trustee of its New Airways Pension Scheme (NAPS) on the scheme’s triennial valuation, the airline’s owner IAG said on Thursday.
The valuation, based on the scheme’s funding position as of March 31, 2021, shows an agreed technical provisions deficit of 1.65 billion pounds ($2.01 billion), compared with a deficit of 2.4 billion pounds as of March 31, 2018.
Under the terms of the agreement, British Airways will not pay a dividend in 2022 and 2023, and there will be a 50% matching contribution to NAPS if any dividend is paid in 2024, IAG said.
($1 = 0.8219 pounds)
(Reporting by Chandini Monnappa in Bengaluru; Editing by Shounak Dasgupta)
