In early September, British Airways announced plans to close one of its final salary pension schemes (also known as defined benefits (DB) pension schemes). The decision was taken after the pension's deficit reached £3.7 billion in March – despite the company having ploughed £3.5 billion into the scheme since 2003.
British Airways is not an isolated case.
How and why has this situation occurred?
In this article we take a brief overview of a very complex subject. By explaining some facts we hope to give readers a greater understanding of how all this may affect their UK-NZ pension transfer options.