Now Heathrow is dragged in to pensions row

HEATHROW’S wealthy owners have taken a £225m dividend despite a £370m black hole appearing in the airport’s retirement scheme.

Payouts were made to Spanish firm Ferrovial and a range of foreign investment funds who, own the majority of Heathrow, according to latest figures.

It comes as the figures show the pension scheme has plunged into the red from a £104m surplus this time last year.

Heathrow said the deterioration in the value of the scheme was driven by a fall in corporate bond yields, ‘which have fallen significantly since the result of the EU referendum’.

The pension liabilities have risen by £1.2bn, but assets have also increased by £712m, partly offsetting the rise in liabilities.

The pension woes come after the airport paid a total of £486m in dividends of which £225m went to the investors.

This is likely to raise eyebrows as the firm woos politicians ahead of next week’s crucial decision over airport expansion. The accounts show Heathrow had reduced the amount that pensions could accrue at, which resulted in liabilities falling by £236m.

This change also meant that Heathrow was able to reduce annual payments in to the fund to £23m from £27m.

Prime Minister Theresa May confirmed on Tuesday that the Government’s preferred airport expansion project will be announced next week, but there will be a further 12-month consultation period before a final decision in 2017.

The shortlisted options are a third runway at Heathrow, extending the airport’s existing northern runway and building a second runway at Gatwick.

Heathrow said a record 57.3m passengers used the airport during the nine months to the end of September

Stripping out exceptional items profit increased 11pc to £202m. Sales rose 1.3pc to £2.1bn.