KPMG helps BA tot up £3.7bn pension deficit
Firm calculates the shortfall in British Airways' pension schemes as PwC conducts credit status assessment of the airliner
KPMG has helped to work out a £3.7bn shortfall in British Airways’ pension
schemes.
The Big Four firm worked alongside actuarial advisors Hewitt Associates and
the schemes’ trustees, advised by actuaries Watson Wyatt in calculating the
deficit in the Airways Pension Scheme and the New Airways Pension Scheme.
As part of the work, PricewaterhouseCoopers carried out a thorough assessment
of the company’s credit status, which is a standard requirement of the funding
review.
The airliner announced a provisional agreement on the size of the deficit
today.
“On the basis of this agreement, the deficit in APS would be £1bn and the
deficit in NAPS would be £2.7bn,” BA said in a
statement
to the City.