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|BA Pension Schemes' Triennial Valuation|
International Airlines Group's subsidiary British Airways has reached agreement in principle with the trustees of its two main pension schemes on the schemes' regular triennial valuations.
The agreement confirms that the existing contribution plans for the Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) remain on track to repay the pension liabilities. The valuations are based on the schemes' funding position as at March 31, 2012.
The main terms of the agreement are:
The slight increase in deficits between March 2012 and March 2010 is due to a reduction in the interest rates used to discount the schemes' liabilities, partly offset by other changes including lower pension increases.