Taylor Wessing advised BA Pensions on the transfer.
This major project was innovative because of its size and scale. From an employment perspective, combining the transfer of BA Pensions professionals, as well as the management of the pension scheme assets to an external investment manager, created a pioneering model for the UK pensions industry. This bespoke model sets a new standard for large pension funds in the UK, reducing costs without compromising investment outcomes or connectivity to the trustees and sponsor.
The handover involves the airline’s Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS), two of the UK’s largest corporate defined benefit pension schemes, that manage benefits for more than 85,000 members and beneficiaries.
Taylor Wessing advised BA Pensions on the employment aspects of the deal with a team led by Employment Partner Helen Farr (Picture), with support from Senior Associate Roxane Davey.
Law Firms: Taylor Wessing;
Clients: British Airways Pension Scheme;