B.O.A.C. (Pension Fund)

HC Deb 24 March 1965 vol 709 c98W

Mr. Gresham Cooke

asked the Minister of Aviation how much is the deficit in the British Overseas Airways Corporation pension fund.

Mr. Roy Jenkins

The triennial actuarial valuation of the fund of the Airways Corporations' Joint Pension Scheme, which was made as at 31st March, 1962, revealed a potential future capital deficiency at that date, of which approximately£9 million could be attributable to B.O.A.C.

As noted in the B.O.A.C. accounts a scheme has been agreed with the trustees whereby part of this liability will be liquidated out of interest earnings in excess of the valuation rate and the balance by annual payments over 30 years to 31st March, 1992.