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The Pensions Act 1995 required occupational pension schemes to provide increases to pensions in payment in line with RPI to a maximum of 5% (known as Limited Price Indexation (LPI)). This provision for LPI only applies to benefits earned after 6 April 1997 (AVCs are exempt).
This requirement has now been amended, so that that part of the pension earned after 6 April 2005, only needs to be increased in line with RPI, up to a maximum of 2.5%.
However, for that part of the pension earned before 6 April 1997, while scheme rules
may grant annual increases, there is no legislation that requires schemes to increase
this pension unless the scheme was contracted-
The rules of contracting-
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We would stress however that these are only the minimum requirements, and it is normally possible for the rules of company pension schemes to provide for a higher level of pension increase.
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.
Final Salary Pension Schemes -
© 2010 Chevron UK Pensioners’ Association
All rights Reserved
Pensions Information
Thinking of retiring abroad?
If you are thinking of retiring abroad you should consider what will happen to your state
pension after the government won a European & previous UK court battles giving them
the green light to withhold annual increases to state pensions paid to overseas expats,
denying them the up-
Half a million UK pensioners living in 150 countries, including Canada and Australia, are paid a state pension because they contributed to National Insurance in this country during their working lives. But they receive no annual increases.
This means, for example, that a pensioner who paid UK National Insurance contributions throughout their working life but moved to Australia in retirement and took a pension from 1995 still only gets £59.20 per week, compared with the current basic state pension allowance of £95.25 per week.
These rules do not apply to those retired within the EU, in countries such as France and Spain, where the annual increases are paid and surprisingly the US.
Anyone planning on emigrating should give careful consideration to where they choose to go and how this will affect their financial position.
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New Plan Administrator for IRAP-
The plan administrator is now Buck Consultants, Toronto, Canada, but you MUST also contact directly the organisation which pays your pension if you which to change / query any details of the payment. Please see the attached letter.
New Plan Administrator for IRAP-
Pension Supplementation
As of 1st December 2011 there will have been 1706 days since the last increase for the ex Caltex (UK) Expatriate Pension Plan pensioners.
In February 2011 the Company gave UK Pensioners a 4.7% increase , unless you retired in the previous two years.
Most pensioners of the Chevron UK Pension Plan got the increase, unless they had recently retired or they took a large lump sum on retirement and are on GMP increases only or partly.
The GMP increases announced late April 2011 were based on the CPI not RPI and this will now continue until the legislation is changed.
New payslip system
As per recent announcements by letter and the Trustee Newsletter, payslips other than the P60in April are available on the Chevron UK Pension website, www.chevronukpension.co.uk You will only receive a payslip if you write to Aon requesting it and then only if it differs by over a £1 from the previous one.