BP Plc declined to boost defined benefit payments to retired UK workers by an extra 2% this year, saying that its pension payouts have already been outpacing inflation over the past decade.
A group of pensioners have issued legal letters to BP pension trustees and management over its decision not to grant requests for additional disbursements earlier this year.
A group representing BP pensioners has called for an investigation into whether former chief executive Bernard Looney breached the company’s “conduct and values” when dealing with the fund.
A shareholder campaign group has said pension funds who have invested in BP and Shell are exposed due to the oil majors’ inaction on the low-carbon transition.
