BRITISH AIRWAYS PENSIONS
British Airways operates two major pension schemes: the New Airways Pension Scheme (NAPS) and the British Airways Retirement Plan (BARP). NAPS, which was closed to new members in 2003 and to future accrual in 2018, is a defined benefit scheme providing members with a pension based on their final salary and years of service. BARP, established for employees who joined after the closure of NAPS to new entrants, operates primarily as a defined contribution plan, where the retirement benefits depend on contributions and investment performance.
These pension schemes represent British Airways’ commitment to offering competitive retirement benefits, reflecting the importance of financial security for its employees. Both plans are managed carefully to balance the needs of members with the financial realities facing the airline, incorporating sophisticated investment strategies and risk management practices to ensure the sustainability and security of the pension benefits.
