There are few things that annoy me more in pensions than the behaviour of BP’s management in blocking the Trustee’s wish to distribute part of its substantial surplus to members.
BP pensioners will be out in force at BP’s AGM today with lots of questions for the new Chairman and new CEO.
Pensions disputes may not be the biggest problem for BP’s new leaders – but the attractions of getting hands on a £4 billion surplus may be irresistible with Government’s new Pension Schemes Bill about to become law.
Below is a press release from the BP Pensioner Group whose Website is https://bppensionergroup.org/
In the Parliamentary debate on the Pension Schemes Bill, in response to questions about sponsoring employers blocking or not granting discretionary increases (mainly in respect of pre 1997 benefits and Hewlett Packard was specifically mentioned), the Pensions Minister stated that he expected Trustees to “veto” any surplus return to employers [until constructive obligations created at time of service was honoured] (my interpretation).