“Although BP have yet again refused a discretionary increase, the fight goes on. We are waiting for a Pensions Ombudsman ruling, but fully expect it to take several more months. Who knows what the outcome will be, but we are keeping our fingers crossed”. – Murray C Mclaren
BP can afford to pay discretionary increases including payments to those who get no increases. My question to BP is
“should the members of DB pension schemes have a say in the spending of any surplus that their pension scheme distributes?”
Murray and 3,000 others would like to know.
and finally
an article in IPE in which Robert Hulme, ESG manager at West Yorkshire Pension Fund, said:
“BP must publicly explain why they have chosen to trample on shareholders’ rights, or lose the faith of institutional investors.”
I doubt he is alone, either among investors or members.
Hi Henry, thanks for your considerable support for the BP Pensions Group for the last couple of years. We are obviously very disappointed that BP has again refused the Discretionary Increase requested by the BP Pensions Group Fund, despite the arrival of a new Chairman and CEO. Our very convincing case is with the Pensions Ombudsman for determination. Would you mind posting your comments about Murray McC’s Magnificent one man Social Media campaign on Linkedin so that more BPPG members will see it. Best Wishes, Mike S