Member Info for billybigwig

Qz.yeah just putting it out there for others to enlighten them ..iag just need to get flying again then the SP should tick up ..but the likes of jet2 and RYA have all risen to almost where they was before pandemic so wheres the upside?

British Airways to defer £450m of pension contributions
Airline will pay no dividends to parent company IAG for next three years
British Airways aircraft in Split, Croatia in August 2020
British Airways will provide property assets as security until it has repaid deferred pension contributions © Reuters

February 22, 2021 8:43 am by Sarah Provan , Josephine Cumbo and Philip Georgiadis
British Airways has agreed to defer £450m of pension deficit contributions and will pay no dividends to its parent IAG for the next three years in a recovery plan aimed at boosting its liquidity.

The company will defer monthly contributions of £37.5m from October 2020 to September this year as part of an agreement with pension trustees.

BA will provide property assets as security, which will remain in place until the airline has repaid the deferred contributions to the New Airways Pension Scheme, or Naps.

The £450m of accumulated contributions plus interest will now be repaid monthly in a revised scheme to March 2023, adding to the end of the existing recovery plan.

BA will be barred from paying dividends to IAG before the end of 2023 after it secured a government guarantee that is designed to help its recovery from the impact of coronavirus and Britain’s exit from the EU.

From 2024, any dividends paid will be matched by contributions to Naps of 50 per cent of the value of the payouts.

A £2.4bn funding shortfall was identified in the pension scheme during a 2018 valuation.

BA has paid £1.34bn in contributions to the scheme since March 2018, including £263m in 2020.

In response to the pandemic, the Pensions Regulator in April last year eased its rules to give companies hit by disruption breathing space to defer their monthly deficit pension contributions for up to three months.

In June, this relaxation was extended, but scheme trustees were instructed to take a tougher line with businesses requesting further payment holidays.

This included insisting that no dividends were paid by the business during the period of the payment holiday.

BA has also finalised the terms of a £2bn loan, which has been underwritten by a syndicate of banks and partially guaranteed by UK Export Finance. It expects to draw down the facility before the end of this month.

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Dan yes offcrio tinto

Qz.yep 2019 level

Qz.yep hold on tight ftse is heading back to 7500 for sure taking glenda with it

Dows flying too

Could be!!! Glencores must hit £3.20s tomorrow if this carries on ..

What's going on with copper its going mental

Joker if you'd held greggs you wouldn't of had to trade as much chasing money let it come to you

Joker..it will

Joker take a look at copper

Coppers on a roll again wont be ling before it hits an all time high

Should say TURD!

Plus glencore bought this overpriced turf to add to its woes...Xstrata plc was an Anglo-Swiss multinational mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It was a major producer of coal, copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome.

Re coalmines we bout rio tintos off casts

Come on £27 ;-))

And the momentum is north enjoy it we've got a good way to go fasten your safety belt

Eviking night

Even my dammed BP looks like it'll end up well into the £3.50..££4 things start getting back to normal holidays and all that june could look very good

Eviking ill admit this last 12 months has been like a casino...anyway on tbe bright side there is some good money to be made over next few months shorters are fuqed