British Airways discharges £4.4bn in pension liabilities

Legal & General takes over responsibilities for 22,000 pensioners as airline tries to protect itself from higher costs in future

British Airways has offloaded 4.4bn in pension liabilities to an insurance company in a bid to cap its pension responsibilities.

Legal & General will effectively take over the liabilities for 22,000 British Airways pensioners in the largest deal of its kind in the UK.