2023 is likely to go down as the year of the GREAT BETRAYAL OF BP PENSIONERS BY BP.

In an unprecedented move by bp, the request made to them by bp pension trustees for a discretionary pension increase has been declined; a decision that reneged on bp’s long-standing pledge to increase bp DB pensions in line with the retail price index (RPI), if fund has sufficient resources to do so. As a consequence in excess of 60,000 bp pensioners have been dealt a real-terms cut in pension of 11%. The pervading sense of betrayal that has resulted, has undoubtedly been exacerbated by bp’s insistence on defending their decision using reasons that tend not to stand up to scrutiny.

Throughout their bp careers, pensioners were encouraged to perceive bp’s “gold standard” pension scheme as a reward for accepting lower pay than they might otherwise have earned elsewhere (the pension effectively representing deferred earnings). Confidence in the scheme was such that many bp pensioners made additional contributions or transferred other pensions into the scheme, believing that by doing so they would provide a robust and reliable retirement income for themselves and their loved ones. For some the promise of this gold standard pension was sufficient to entice them to stay with bp long-term.

People now feel completely betrayed by a bp they trusted and the situation has been blighted further by the news that bp is seeking an insurer buy-in for the bp pension scheme. It’s glaringly obvious that bp’s plans for the bp pension fund are likely to serve the interests of bp at the expense of bp pensioner interests.

It has become of vital importance that the bp pension campaign seek to ensure bp pensioner interests are protected should such a transaction become a reality. In what amounts to an act of corporate betrayal the bp pensioners are in danger of being subjected to a deal that could have an adverse long-term impact on their income. If they don’t act now BP pensioners may find themselves left high and dry with no avenue for recourse. It’s shaping up as a bit of a kick in the teeth.

An important aspect of any future buy-out will be the potential for bp to syphon off any surplus that might remain in the fund post deal. BUT THIS MONEY BELONGS TO BP PENSIONERS

All bp DB pensioners whatever the size of their pension need to consider the cumulative impact of not receiving that 11% increase moving forwards.

For example: assuming pensions consistently increase by a modest 2% p.a. over a period of 20 years a bp pensioner currently receiving £10,000 will miss out on just over £27,260 in pension income. For a pensioner receiving £50,000 the cumulative short-fall rises to over £136,300. These are conservative figures and could be much higher.


The bp pension campaign remains resolute. BP pensioners were promised a gold standard pension and so it MUST remain a gold standard pension.