BP Pension Fund (BPF) Increases

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

Increasing pension and increasing AVC pensions
All members (except members of the Charringtons Pension Plan)
These pension elements are guaranteed to increase in line with the rise in the Retail Prices Index (RPI) each December, up to a maximum of 5% a year.

Members of the Charringtons Pension Plan
For members of the Charringtons Pension Plan, a guaranteed increase of 5% a year applies.

Pre 97 Combined Oil Distributors Pension Scheme (Dominion Oils Section)
For pensionable service before 6 April 1997, a guaranteed increase of 3% a year applies.

Post 97 Combined Oil Distributors Pension Scheme (Dominion Oils Section)
For pensionable service on or after 6 April 1997, a guaranteed increase in line with the rise in the Retail Prices Index (RPI) each December, up to a maximum of 5% a year applies.

Increasing third-party Additional Voluntary Contribution (AVC) annuity
Any increases applicable to AVC third-party annuity pensions are included in your total pension.

Non-increasing pension and non-increasing third-party Additional Voluntary Contribution (AVC) annuity
No increases are payable from the BP Pension 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.