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BA unions agree pensions cut deal

Airline British Airways made a late surge to the top of the Footsie leaderboard Tuesday as it announced an agreement with union negotiators, albeit not the one the airline's customers were hoping for.

While the Unite union remains in dispute with the carrier's management over restructuring plans it was happy to sign up to an agreement, along with fellow unions Balpa and the GMB, to scale back pension entitlements.

The unions have agreed a scheme whereby employees can increase their pension contributions in order to maintain benefits at existing levels.

If approved by the pension's scheme's trustees it means that British Airways' annual contribution to the scheme can be pegged at the current level of £330m per annum.

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