Flybe crash

Ivy_wilson

Hi not sure if anyone can help but my son in law has lost his pilots position due the the crash of Flybe. On top of losing his job and his income he has just found out his pension fund is not protected as Flybe used an Isle of Man company for employees pensions
 he is set to lose around £225,000 
is there anything he can do 
it’s a disgusting state of affairs and the “ working” staff appear to lose out where the big investors will get most of there money back.

lincroft1710

Article is a year old but does not make happy reading

https://www.telegraph.co.uk/business/2019/02/02/flybe-pensioners-risk-losing-virgin-takeover-bid-fails/

Undervalued

Ivy_wilson said:

Hi not sure if anyone can help but my son in law has lost his pilots position due the the crash of Flybe. On top of losing his job and his income he has just found out his pension fund is not protected as Flybe used an Isle of Man company for employees pensions
 he is set to lose around £225,000 
is there anything he can do 
it’s a disgusting state of affairs and the “ working” staff appear to lose out where the big investors will get most of there money back.

Obviously I sympathise, particularly as young pilots are likely to have invested a substantial amount in their own training.

Regarding the pension, was he obliged to have join this scheme (or given a heavy incentive to do so) or could he have made independent pension arrangements and still received an employer's contribution?

Presumably he is a member of BALPA? What is their advice?

I imagine there will be a lot of informed discussion on this subject on PPRUNE (Professional Pilots Rumour Network). Some sections are restricted but the majority are open to anybody. I would suggest looking there.

Masomnia

Try the pensions board
Hope it's better news.