We appreciate efforts by the Trustees to improve communications with members of the Fund but are extremely disappointed that the 2023 Newsletter and Q&As fall short of what is required and appropriate in serving the best interests of the 60,000 members. Key questions that we sent to the trustee remain unanswered, for example whether the trustee will propose a discretionary increase in 2024 which restores the loss in the value to our pensions.
We consider it highly disingenuous of the Trustees to attempt to pass-off the following BP Pension Scheme policy as “historic” and only a “broad ambition”:
“The Scheme guarantees increases equivalent to the Retail Prices Index (RPI) up to 5% and the Trustees, with the agreement of the Company, have stated that they intend to follow a policy of increasing pensions in line with the cost of living wherever possible and provided the Fund has sufficient resources to do so.”
Staff made, and were encouraged to make, key lifetime decisions based on this policy, which was agreed between the Trustees and BP. It is totally unacceptable for either party to now renege on this promise.
The BP Pensioner group continue to press BP and the Trustees to resolve this dispute with its Pensioners and prevent any further damage to the company’s reputation.
Issued on behalf of the BP Pensioner Group