BP Pensioner Group
BP pensions policiesPension campaigners have been searching their files for the documents provided to them by bp, which show the pension policies and the pension commitments upon which they relied.
Extracts from a BP Pensions guide booklet
(December 1992)
The Scheme guarantees increases equivalent to the Retail Proces 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.
This guarantee has operated, and this policy has been followed in practice, since 1989.
Extracts from a BP Pensions newsletter
(December 1996)
It is important to remember that the BP Scheme guarantees pension increases equivalent to the annual increase in the Retail Price 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 RPI wherever possible even when this exceeds 5%, so long as the BP Pension Fund has sufficient resources to permit this. In times of high inflation, this would be a valuable underpinning to the purchasing power of your pensions.
Benefits of scheme membership: Guaranteed increases to protect the value of your pension over the years of your retirement.