How are the Pension Schemes managed?
The Pension Schemes are managed by the Trustees for the benefit of the members.
There are 12 APS Trustees, 6 of whom have been elected by the membership.
The Trustees have set up 2 companies (which are not subsidiaries of BA) to manage the Schemes on a daily basis. British Airways Pension Investment Management Ltd (BAPIML) based in Central London, is responsible for investing all of the monies. The Trustees, following advice from their investment advisers, set the investment strategy. The strategy determines the proportion of monies invested in different types of assets (for example company shares, bonds). Different investments provide different returns and the aim is to make sure there is a match between the fund's investments and its liabilities, the benefits it has to pay out. It is BAPIML's role to decide daily what actual investments to buy or sell to meet this strategy. For more information on how the Trustees and BAPIML approach the key aspects of investment please read the Corporate Governance and Socially Responsible Investment page.
British Airways Pensions Services Limited (BAPSL), based at Whitelocke House in Hounslow, is responsible for calculating and paying APS and NAPS benefits, dealing with membership enquiries and looking after all legal and financial matters for the Schemes.