Pension increases

Your pension increases each year according to the Scheme you are a member of and the attributing factors.

If you were a P&O Nedlloyd Limited Scheme member

If you are a former P&O Nedlloyd Limited (PONL) Scheme member (which includes all pension schemes that were incorporated into the PONL Scheme), the amount your pension will increase each April is based on the increase in RPI to the previous 30 September as follows:

The increase granted is the greater of:

• 3% or if less the percentage increase in the RPI over the review period; or
• 80% of the rise in the RPI over the review period.

The Trustee granted an enhanced pension increase in April 2023 and April 2024 to pensions in payment in line with the rise in the RPI over the period to the previous September. The increase in RPI to the previous September 2022 was 12.6% and to September 2023 was 8.9%. Consequently, the increase to pensions in payment to April 2023 was 12.6% and to April 2024 was 8.9%. This increase was applied to whole pension if you are below State Pension Age (SPA), and to the pension in excess of Guaranteed Minimum Pension for those over SPA. The increase applied to deferred member pensions at April 2023 and April 2024 was in accordance with the Rules at 80% of the rise in RPI over the period to the previous September being 10.1% at April 2023 and 7.1% at April 2024.

The table below shows pension increases from 2018 if you're a former PONL member:

If you were a Maersk Oil member

If you are a former Maersk Oil (MO) Scheme member, the amount your pension will increase each April is based on the increase in RPI to the previous 31 December as follows:

• For pensions relating to scheme service before 6 April 1997, 3% or if less the percentage increase in the Retail Prices Index over the review period
• For pensions relating to scheme service between 6 April 1997 and 5 April 2006, 5% or if less the percentage increase in the Retail Prices Index over the review period
• For pensions relating to scheme service after 5 April 2006, 2.5% or if less the percentage increase in the Retail Prices Index over the review period

An enhanced pension increase was granted at April 2023 and April 2024 to the pensions in payment of Maersk Oil members. The enhanced pension increase was 80% of the rise in the RPI over the period to the previous September. The rise in RPI to September 2022 was 12.6% and the increase granted at 1 April 2023 was 10.1%. The rise in RPI to 30 September 2023 was 8.9% and increase granted at 1 April 2024 was 7.1%.

These increases apply in payment to pension in excess of any Guaranteed Minimum Pension.

For deferred members, any pension in excess of Guaranteed Minimum Pension is increased in line with statutory provisions.

The table below shows pension increases from 2019 if you’re a former MONS member: