Pension increases

If you joined the SOCPF before 1 January 2009, your pension will increase each year in line with increases in the December Retail Prices Index (RPI) measure up to 7%.

If you joined the SOCPF on or after 1 January 2009, your pension will increase each year in line with increases in the December Retail Prices Index (RPI) measure up to 5%.

In the first year after leaving active service the increase will be pro-rated reflecting the fact that the pension being increased has been in payment for less than a full year.

An additional increase above the caps set out in the scheme rules can only be granted if requested by the Company (and would then be subject to Trustee agreement).

The Company will review this position each year.

Pension increases are reviewed on an annual basis, after the publication of inflation measures. For members who joined the Fund before 1 January 2009 pensions will increase each year in line with increases in the December Retail Prices Index (RPI) up to 7% (different increases apply for members of the Moplefan or Enterprise Oil sections). For members who joined the Fund on or after 1 January 2009, pensions will increase each year in line with increases in RPI up to 5%.

Whilst there are no set criteria on what could trigger a decision to award an increase above the relevant cap (7% or 5%); the Company takes into account a number of factors to inform its decision regarding pension increases. These include, but are not limited to, the health of the SOCPF, the increase in cost of living and the future cost of providing an increase.