We are pleased to let you know that we have reached agreement with British Airways (BA) and completed the 31 March 2024 funding valuation. Primarily due to changes in market conditions, the Scheme is now in surplus, which means BA does not need to pay any deficit reduction contributions.

The results of the 2024 valuation showed that: 

These figures reflect a strong improvement in the Scheme’s funding level over the past three years. 

What does this mean for you?
The Scheme is fully funded on a prudent basis, which means it is expected to have enough money to pay all members’ benefits over time. To further protect your benefits, the Trustee has also agreed additional safeguards with BA, including property assets as contingent security. The funding level has remained broadly unchanged since the valuation, and the Scheme continues to be fully funded.

What happens next?

By law, funding valuations must take place at least every three years. The next one is due as at 31 March 2027. A Summary Funding Statement will be sent to you with a clear breakdown of the results. In the meantime, you can view the full actuarial valuation report on the Scheme documents page of our website.

Issued on behalf of the NAPS Trustee

26 June 2025

* Technical Provisions is the term used to describe the value of the benefits the Scheme expects to pay to members, calculated using cautious assumptions agreed between the Trustee and BA, as required by law.