For Employees

The main purpose of the association is to lobby the Company on behalf of members to resolve pension issues. Apart from that we monitor pension legislation and developments, maintain contact with similar organisations and keep members informed via this site and a bi-annual newsletter.

Chevron UK Pensioners’ Association

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If you are or have been employed by Gulf, Texaco, Caltex, or Chevron and receive or will receive a Chevron pension in the UK, or you are a surviving spouse, you are eligible to join the Association.

We invite any Gulf, Texaco, Caltex UK, Caltex Overseas, or Chevron employee or ex employee or spouse of any of the former interested in the issues and topics we focus our efforts on to join. The more members we have the louder our voice.

Click here to complete and submit a membership application form

Once you retire you will lose all the leverage you presently have. Our Association is the only real voice for Pensioners with the Company. Currently the Company is enjoying improved profits and has fully financed the Pension Fund. We continue to press the Company to improve benefits – financial and otherwise - and are pleased to report that the periods between pension supplementation are indeed decreasing.

Additional pressure from current employees may encourage the Company to improve pensioner benefits; your assistance is vital and remember any improvements will be to your ultimate benefit.

If you hope to enjoy a reasonable standard of living in retirement then if possible, we would urge you to make additional private provisions to cover your later years. Remember - at State Pension age, the State Pension Offset is deducted from your Company Pension – and as a result, your Company pension will be reduced by roughly the amount of your state pension.

Widows / Widowers pensions are only 50% of the deceased pensioner’s pension and private provisions are essential to ensure a continued comfortable lifestyle.

1996, Sep 4.80% 19 months

1998, Sep 4.50% 24 months

2001, Apr 6.00% 31 months

2004, Apr 5.00% 36 months

2006, Jan 4.75% 21 months

2007, May 4.00% 16 months

2008, Dec 4.90% 19 months

2011, Feb 4.70%, 26 months

Retirement can last 30 years, are you prepared? Below is a summary of the maximum pension increases from the Company.

Chevron Heritage

Pension Supplementation

Despite operating in the UK for many years, the Company still has an imbedded USA culture - but without the entire employee benefits enjoyed by the USA employees. UK pensioners are dependant on the Company pension and supplementation of that pension, which is NOT the case in the USA. As a result, Chevron does not respond as a UK firm would. Also Chevron does not follow UK Custom and Practice in respect of UK pension increases.

Texaco

1996, Apr 4.25% 18 months 1997, Oct 4.00% 18 months

1999, Apr 4.75% 18 months

2000, May 1.20% 13 months

2001, Jul 2.50% 14 months

ChevronTexaco

2004, Apr 5.00% 33 months

Chevron

2006, Jan 4.75% 21 months

2007, May 4.00% 16 months

2008, Dec 4.90% 19 months

2011, Feb 4.70%, 26 months

Texaco Heritage

Company pension supplementation is based on only a percentage of the RPI indices issued by the government and covers a broad range of expenditure. Pensioners spending habits are different to those of people in employment and tend in the main to be affected by Council Tax, food, lighting and heating which is currently more than double RPI at 9.5% pa.

The Company has in recent times made substantial contributions to the pension fund. They have also improved the period between pension increases, but normally pay no more than 90% of RPI (the May 2007 increase was only 87% of RPI, the Dec 2008 will be 89% of RPI). For post April 1997 service the Company is obliged to increase pensions annually but increases are capped at RPI or a maximum of 5% pa and for post April 2005 service increases are capped at RPI or a maximum of 2.5% pa.

For 2011 & beyond the government has changed all previous legislation mentioning RPI to CPI, thus the announced 2011 GMP increases use CPI.

Pensioner Representation

Extra State Pension

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A message for current employees of Chevron

Pension supplementation vs. Retail Prices Index (RPI)

Below is a summary of the maximum pension increases from the Company in recent years:

Date	Increase	Time since last increase
2004, Apr	5.00%	33 months
2006, Jan	4.75%	21 months
2007, May	4.00%	16 months
2008, Dec	4.90%	19 months
2011, Feb	4.7%	26 months

For further information regarding pensions you may find these links interesting:

For the State Pension you will be entitlement go to The Pensions Service at www.direct.gov.uk where you can:

- Get a State Pension Forecast,

- Calculate your State Pension Age and

- Understand the basic State Pension

If you wish to know more about pensions regulation go to The Pensions Regulator at www.thepensionsregulator.gov.uk.

If you are worried about the future of the pension scheme an informative guide entitled ‘The Future of Final Salary Schemes’ can be downloaded from Hargreaves Lansdown at www.h-l.co.uk/free-guides/final-salary-schemes.

Retirement can last 30 years - are you prepared?

If you put off claiming your State Pension for at least five weeks you can earn an increase to your State Pension of 1 per cent for every five weeks you put off claiming. (This is equivalent to about 10.4 per cent extra for every year you put off claiming.)

The great news is that Chevron “it appears” is still committed to a final salary pension scheme and you can, for retirement planning, get a pension forecast from the Chevron UK Pensions web site. The increases however do not keep up with RPI and over the last 20 years have fallen behind considerably.

The graph below shows RPI (Top line) vs. Supplementation (Middle line) vs. CPI (Bottom line) for each £10,000 of pension. The loss in value is approximately £1,850, thus if you wish to maintain a comparable standard of living then this shortfall will have to come from your own investments.

The Government are now proposing the use of CPI , the loss vs RPI would have been, if applied, approximately £2, 850 and we don't know what percentage of CPI the company would have awarded. A substantial loss to your standard of living.

For 2011 & beyond the government has changed all previous legislation mentioning RPI to CPI, thus the announced 2011 GMP increases use CPI. We understand that only some Texaco deferreds will continue to have increases based on RPI until they take their pension because RPI was written into their scheme.

For current employees