I’ve been outing poor practice at the BP DB scheme. It may just have become too big for the insurers but it hasn’t woken up to the advantage of running on.
Now the champion Beverly Ord has brought to my attention something going on at BP’s rival Shell.
The real-term value of pensions provided by several other well-known companies have devalued by a lot more than BP and Shell. These companies have granted ZERO discretionary increases to pre-97 pensions for nearly 20 years. Members of these schemes have now come together to form the Pre-97 Alliance, campaigning for government intervention to stop this practice and deliver better outcomes for pre-97 pensions. I can provide further information if you are interested in understanding more about the Pre-97 Alliance, which includes pensioners across the pensions schemes of Hewlett Packard Enterprise, Amex, John Wood Group, 3M, Pfizer, AIG, ATOS/Sema. You may have read the articles by Patrick Hosking at The Times, reporting on these companies, as well as similar behaviour by KPMG and Goldman Sachs.
I would like any publishable information you have on pre 97 pensions paid without inflation proofing. I can be reached at henry@agewage.com. Thanks for your comment David/
Thank you Henry – I will send you information over next couple of days.
I would also like this information. Thank you