After 18 months of trying to engage BP and the Trustee in a meaningful dialogue, our campaign is forced reluctantly to seek to have matters determined either in a court or by the Pension Ombudsman. The Pension Increase Policy will be just one of several of these matters to be scrutinised.
This a real opportunity for our Trustee board to show true leadership and take the initiative on behalf of its Fund members by seeking a court ruling on a number of significant legal questions that have arisen. That’s not a hostile act by the Trustee towards the Fund sponsor. It’s a highly professional and sensible way for the Trustee board to clarify a matter of great concern to Fund members.
By settling these questions, BP, the Trustee and the Fund members will be able to move forward with greater certainty about how matters relating to discretionary increases at times of exceptional inflation should be approached in the future. It will also clear the way for the Trustee to pursue the de-risking plans it referred to – with appropriate clarity and confidence.