Chairman's introduction
Welcome to our 2024 digital edition of Focus, the BAA Pension Scheme (the Scheme) magazine.
As Trustee, our key aim is to manage the Scheme, and its assets, to help safeguard your financial health in retirement. But we also recognise our responsibility to seek to protect the environment - both for our future and the generations to follow. The paper version of Focus sent to members who’ve not selected digital communications, is in a smaller format. This change is in support of the aim to operate the Scheme in a way to minimise the detrimental impact on the environment as far as possible. We’ve taken steps to encourage members to choose to receive communications digitally and, as a Board, are having fewer face-to-face meetings and more online ones using video conferencing tools.
How we invest is also key to our ongoing response to climate change. Our aim, which is in line with Heathrow’s, is to be carbon neutral by 2050. Using the Taskforce on Climate Related Financial Disclosures as a framework we’re tracking our progress against this objective. You can download this from the Documents page on MyPension.
Now turning to Trustee news…
We are delighted to announce the appointment of Roger Cato as the new Pensioner Member-Nominated Trustee Director. Roger was a former managing director for Gatwick and Heathrow and is highly regarded among Heathrow colleagues.
Paula Stannett stepped down as a Trustee Director in August 2024. I’d like to thank Paula for all her hard work and support during her terms of office. Kirsty Hayward has replaced Paula as a Company-Nominated Trustee Director on the Trustee Board. We warmly welcome Kirsty to the Board.
We look forward to continuing to work with Roger and Kirsty as we serve the best interests of our members.
We’ve provided you with the Scheme’s Summary Funding Statement as at 30 September 2023. This provides you with an update on the financial health of the Scheme.
This edition also includes the news from the wider world of pensions, including changes to pension taxation and an update on the Labour Party’s plans regarding pensions following the General Election in July. Visit the Pensions news section for more information.
We acknowledge the recent Autumn 2024 Budget announcements and their potential implications for our Scheme. However, it is important to note that we are still in the early stages of assessing these developments. The Trustees and Scheme advisers are reviewing the details to understand how they may affect our members and the overall scheme.
We hope that you and your family are well, and that this magazine is helpful to you. If you have any feedback or would like to see anything covered in future editions, please do let us know.
Phil Wilbraham
Chair
On behalf of the Trustee of the BAA Pension Scheme