The trustees of British Airways’ pension schemes have agreed to outsource all directly managed assets to BlackRock in the largest OCIO deal to date in the UK, bringing to an end one of the country’s most experienced independent in-house teams.
The move means dramatic changes for the 42 members of the BA Pensions in-house team, many of whom have been in place for well over 10 years.
Employees of provider British Airways Pension Investment Management Limited (BAPIML), including CIO David Stewart and deputy CIO John St Hill, have transferred to BlackRock, alongside some from the administration unit. The property team under Paul Scott also transfers to BlackRock, as reported by our sister publication IPE Real Assets.
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Last modified on Mon 22 Feb 2021 16.49 EST
British Airways has struck a deal to delay £450m of pension deficit contributions as the company struggles through Covid travel restrictions that have left most of its planes grounded during the pandemic.
The carrierâs owner, International Airlines Group (IAG), has also reached a final agreement over a £2bn loan that will give the company a larger financial cushion until Covid restrictions are eased.
BA, which usually pays £37.5m a month into the New Airways Pension Scheme (NAPS), has struck a deal with trustees that will allow it to delay its contributions until September 2021. The airline was allowed to temporarily suspend its payments throughout negotiations, meaning it has not been contributing to the scheme since September last year.