Pilots at British Airways are moving millions of pounds out of the company’s lucrative pension scheme amid fears it will go bust.
Workers fear the troubled company will fail to deliver on its pension promises after the airline announced this week that its pension deficit had reached almost £4 billion.
Experts said it showed a “lack of faith” among the company’s own staff in its pension scheme.
It follows a vote by thousands of cabin crew to strike over Christmas over changes to working conditions.
Pilots who have spent their entire career with British Airways can expect to retire on a pension of more than £100,000 a year, according to pension advisers.
If the BA pension scheme collapsed, a lifeboat fund known as the Pension Protection Fund would step in. But the fund pays out a maximum of almost £29,000 a year.
It means pilots and other well-paid BA workers could lose out on tens of thousands of pounds a year during their retirement.
One leading pensions’ adviser has been approached by more than 40 pilots and other pension scheme members at BA in the last few days about transferring their money – with one worker asking to move a pension pot of £2.2 million out of the company’s pension scheme.