BCF Increases

Notes:

Increasing pension capped at 3%
Pension increasing in payment with CPI up to a maximum of 3% over the year to 30 September.

Increasing pension and increasing supplementary pension
These pension elements are guaranteed to increase in line with the rise in the Retail Prices Index (RPI) each January, up to a maximum of 5% a year, if you are a member of one of the following schemes: Foseco, Fosroc leavers before 1 January 1995, Foseco Seniors, or Midland Oil Refinery.

For all other schemes, these pension elements increase by the lower of the rise in the RPI, or 5% a year (compound rise worked out on a cumulative basis, between the date you left active service and the increase date). In most cases, the increase will be in line with the rise in the RPI each February.

Increasing AVC pension
Any pension bought with an AVC will increase at the rate shown above.

Non-increasing pension and non-increasing AVC pension
No increases are payable from the Fund. This means that your pension will continue to be paid at its current level.

Negative RPI or CPI
If RPI or CPI is negative at the end of December or September respectively, pension elements whose increases are based on RPI or CPI will not be reduced and will continue to be paid at the same rate. The ‘increase’ column will show 0% if no increase applies.

Discretionary increases
The Trustee considers each year whether to grant any additional discretionary increases. Any such increases require the consent of BP p.l.c.

Rounding
We may have rounded your pension figure so that we can pay it in equal instalments.