BA 60-day Consultation Period
September 20th, 2017
On the 7th September 2017 BA announced that a 60-day consultation will shortly commence which will cover the closure of NAPS and BARP and the introduction of a new pension scheme.
For current active members of NAPS, the pension you have already built up in NAPS would not be affected. The proposal would only change the benefits you would be building up in the future.
BA are proposing that from April 1, 2018 employees will join a new flexible benefits scheme, which would replace NAPS and BARP.
The flexible benefits scheme includes a new defined contribution pension which can be used to buy other benefits such as medical insurance and childcare vouchers. The company’s contribution rates in the new scheme will be much better than the existing DC scheme, BARP.
We have been informed that BA Pensions will not be issuing Cash External Transfer Values (CETVs) for active members of NAPS during the consultation period.
Radcliffe & Co are available to provide general advice regarding your pension arrangements and options, but cannot provide definitive transfer advice during the consultation period. We are, however, happy to arrange initial meetings with prospective clients to start the advice process and would welcome the opportunity to speak to members of NAPS interested in exploring their options.