bp is aware of the difficulties that the current cost of living is creating for many, including our current and former employees.
The BP Pension Fund awarded a 5% pension uplift (as its scheme’s rules permit). This is the maximum increase guaranteed under the scheme’s rules. bp's decision not to agree to the request from the Trustee for a discretionary additional increase was a difficult one that bp took after careful consideration.
This decision was based on bp’s need to balance the interests of our many stakeholders, including customers, employees, retirees and shareholders across the world. Importantly, many of bp’s retirees are outside the UK, and most are not in inflation-linked final salary pension schemes.