Burmah Castrol Pension Fund (BCF) Increases

Increasing pension capped at 3%
Your pension will increase by the rise in the Consumer Prices Index (CPI), up to a maximum of 3% over the year to 30 September.

Increasing pension and increasing supplementary pension
Members of Foseco, Fosroc leavers before 1 January 1995, Foseco Seniors, or Midland Oil Refinery
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.

Members of all other schemes
These pension elements increase by the lower of the rise in the Retail Prices Index (RPI), or 5% a year. The 5% a year cap is applied on a cumulative basis, over the period from when 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 Additional Voluntary Contribution (AVC) pension
Any pension bought with an AVC will increase at the rate shown above.

Non-increasing pension and non-increasing Additional Voluntary Contribution (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
Any pension elements whose increases are based on RPI or CPI will not be reduced if either are negative. The pension elements will continue to be paid at the same rate. The ‘increase’ column will show 0% if no increase applies.

The relevant figures are the RPI at the end of December, or the CPI at the end of September.

Discretionary increases
The Trustee considers each year whether to grant any additional discretionary increases. Any such increases need BP p.l.c.’s consent.

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