BA's £9bn New Airways Pension Scheme increased its hedging against stock-market falls earlier this year, to cover a quarter of its equity portfolio, as continued turbulence in the eurozone continues to weigh on investors' minds.

The NAPS fund, one of two supported by BA, has a sizeable deficit. The deficit was last estimated at around £2bn, with a formal re-valuation currently underway. The two schemes together have assets worth over £15bn, dwarfing the market capitalisation of BA's parent, International Airlines Group.