Frequently Asked Questions

This section contains answers to frequently asked questions.

If there is anything you would like to see added here, please get in touch.

Website access

If you are an active employee based in the UK, you will have an NTID. If you are unsure of what it is, you can contact the BP helpdesk and they will guide you through the process of resetting your password. Once you know this you can log in with your NTID via the homepage of PensionLine.

If you are a current employee with UK benefits but working overseas, have left BP or retired, you will need to register for access. You will need some personal details in order to complete this process.

If you are a current employee with UK benefits but working overseas, your NTID will work again on your return to the UK.

BP employees working in the UK should click on the ‘Log in with your NTID’ box which will log you straight in if you are on a BP network (Single Sign-On). If you are not on a BP network then you should manually enter your NTID and password in the same box.

BP Employees on assignment overseas and individuals who have left BP should register via the ‘Register for a username and password’ box by following 4 easy steps. You will then log in via the ‘Log in with your username and password’ box.

I'm receiving my pension

Yes. Go to ‘My details’ and click on the green ‘Edit’ button next to ‘My bank account’. Follow the onscreen steps to submit a request to us to update your account.

No. This is a detailed document, so we will continue to post it each year towards the end of April.

Call HMRC on 0300 200 3300 (calls from the UK) or +44 135 535 9022 (calls from abroad) quoting tax reference 120/B50005 and your National Insurance number. The contact centre office hours are 8:00am to 8:00pm (Monday to Friday) and 8:00am to 4:00pm (Saturday).

When making payments to overseas bank accounts, the trustee uses an intermediary bank to make all the payments to individual accounts. PensionLine can only display the intermediary bank’s clearing account details.

You can find a summary of your monthly payslips on PensionLine for the last 2 years. The summary shows gross and net payments along with the amount of tax deducted and tax code used each month. To find your payslips:

  • Click on ‘My details’ on the green banner at the top of this page
  • On the next page click on the indented line under ‘My details’ in the left-hand menu with your scheme name
  • This opens ‘Membership details’ where you can find ‘My payslips’ on the right hand side of the page
This information is updated shortly before the payment is made each month.

No. This is a detailed document so we will continue to post it to you each year towards the end of April. However, the year to date (YTD) information found on your payslip against the April pension installment is the P60 details you will need to submit your tax return. Please note the April payment may show as a payment date on 30/31 March if 1 April was not a working day.

General information

Yes, but only if you have left BP. Go to ‘My details’ and click on the green ‘Edit’ button next to ‘My correspondence address’.

Active BP employees should visit My HR to change their address details.

Yes. Go to ‘My details’ and click on the orange ‘My expression of wishes’ button on the right-hand side of the page.

Click on ‘Forms and Help’ on the top menu bar and select the appropriate section to find your booklet. This section also includes other general information about your pension which might be of interest.

If you have AVCs within the BP Pension Fund, administered by Capita, you can log onto their website to obtain a current value.

Alternatively, please look at your annual AVC statement.

If you are an active member of the BP Pension Scheme, you’ll need to visit MyHR and log into your benefits, your way.

If you wish to opt out, you’ll need to visit My HR and log into your benefits, your way. Once you have selected to opt out, you will receive a confirmation email.

Follow the link to Computershare website, alternatively, you can call 0370 703 6207.

Transfer Value Quotations

A transfer value is an estimate of the value of the benefits you have built up in the Fund. It is calculated by multiplying your accrued pension benefit by a ‘transfer value factor’.

There are many assumptions necessary to calculate the transfer value factor. The key assumptions are: future expected investment returns, inflation and longevity, i.e. how long members are expected to live on average.

Your benefits in the Fund are defined and do not fluctuate with market movements. However, a transfer value is an alternative option to keeping your benefits in the Fund. Transfer values change each month based on market movements, specifically movements in yields on government bonds and changes in expected inflation.

Other assumptions used for calculating transfer values are reviewed and changed less frequently. There was some detailed analysis done in 2017 which resulted in changes to assumptions about how long members are expected to live, how benefits are expected to increase in future and how assets are expected to grow in future. These were reflected in the transfer value illustrations quoted on PensionLine, and the guaranteed values provided by the pensions team, with effect from 1 January.

Detailed analysis of the Fund’s longevity experience indicated that the life expectancy of Fund members is not rising as fast as previously assumed, which is true equally of the general UK population. Reflecting this experience in the assumptions used for transfer value factors means that benefits are not expected to be payable for as long on average.

A more technically accurate method for allowing for expected future benefit increases was also adopted. In current conditions, this reduced the rate at which benefits are expected to increase in future. This does not affect the rate at which benefits will actually increase in future, just the estimated value of those benefits now.

The trustee also increased the allowance made in the transfer value calculations for future investment returns, having considered the expected return on the Fund’s assets given its investment strategy. If the assets are assumed to grow at a higher rate in the future, less money is needed now to provide a given level of pension benefit.

The trustee made these changes, having taken advice from the Scheme Actuary. The company was consulted about the changes made and is supportive.

Transfer values quoted on PensionLine are illustrative only, and are intended to facilitate initial conversations with an Independent Financial Adviser (‘IFA’) if you are considering a transfer.

Once a guaranteed quote has been requested and issued, it is then guaranteed for three months. Further quotes cannot be requested during this three-month period.

Guaranteed quotes can expire if the trustee does not receive all the required documentation within the three-month period or if there are issues with the documents provided which cannot be resolved within that time.

If a guaranteed quote expires, a new guaranteed transfer value quotation can be requested. A fee of £300 is charged for providing an additional guaranteed quotation within twelve months of the last request.

Transfer value factors and the resulting transfer values will continue to change from month to month in line with market conditions.

The trustee regularly monitors the Fund’s longevity and other demographic experience and reserves the right to amend transfer value factors as it sees fit.

Transfer values are not guaranteed, unless a quote has been issued and remains within its three-month guarantee period.