Ukraine and Russia
As the unprecedented events unfold in Ukraine, our thoughts are with those directly impacted by the act of aggression. We’re all living with increased uncertainty at the moment and we wanted to update you on the implications for the Fund.
1. Financial health of the Fund
The financial health of the Fund remains strong. At the time of writing, the estimated ‘funding level’ (the Fund’s assets as a percentage of its liabilities) is 124%.
Much of the Fund’s assets are invested such that their value moves in line with the value of the Fund’s liabilities. This means that the funding level has remained quite resilient to difficult market conditions.
2. Russian investments
The Fund has assets of approximately £30bn, of which a minimal amount (less than 0.02%) are Russian investments.
There is very little current opportunity to sell these investments but we expect they will be sold if appropriate opportunities arise.
We are closely monitoring the situation. We and our external investment managers will comply with all relevant sanctions.
Coronavirus
Office staff across bp have now adopted hybrid working, a combination of working from home and in the office as we adjust to a new normal. All communications channels remain open.
Please be assured that this does not affect your pension and if you are currently receiving one, we will continue paying it to you as normal.
Before contacting us with a query, please check if our
FAQs answers your question.
You can submit
queries securely by logging on to Pensionline or by email to pensions@bp.com – confirming you are
happy for us to send a response by email using document security encryption. You are welcome to phone us on 0345 602 1063 if you have an urgent query.
We can discuss the best way to help with your queries during this time, but as always to protect your personal data, we cannot disclose any personal information over the phone. We will look to send information securely by email if we have a verified email address for you. A verified email address is one which has been communicated to us after logging into Pensionline or sent to us with your signature.
The financial health of the Fund remains strong. At time of writing, the current estimated ‘funding level’ (the Fund’s assets as a percentage of its liabilities) is approximately 124%.
Updated March 2022
Be aware of pension scammers
The current situation with COVID-19 has sparked an increase in fraudulent activity, with pension scammers using the crisis to take advantage of people’s concerns and fears. If you are approached about or are considering transferring your pension benefits, please exercise extreme caution. You can find more information on how to identify potential pension scams here. The Financial Conduct Authority’s ScamSmart website includes general help around protecting yourself from potential scams, and specific guidance relating to COVID-19.
Updating Personal details and contacting us
If you are having problems logging into the website or you have a question, you can contact the Pensions Administration Team.
If you simply want to update some of your personal details, you can do this on PensionLine without having to write to us. If you are logged into PensionLine, follow these links to:
If you still need to contact us, you can do so by the following methods. Please have your employee number or pension membership number to hand to help us quickly find your details.
If you would like to write to the team, please send your letter to:
BP Pension Fund
Pensions Administration Team
Building C
Chertsey Road
Sunbury
Middlesex
TW16 7LN
