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 Retail Prices Index over the review period; or
• 80% of the rise in the Retail Prices Index over the review period.

The increase in RPI over the review period to 30 September 2021 was 4.9%. In accordance with the Rules, an increase of 3.9%, being 80% of the rise in RPI over the review period was awarded as from 1 April 2022.

This increase was to the whole pension if you're below State Pension Age, and to the pension in excess of the Guaranteed Minimum Pension (which is increased partly by the DWP and partly by the Scheme) if you're over State Pension Age. The increase also applied if you're a deferred former PONL member who has left the Company but you haven't yet started to take your pension.

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

The increase in RPI over the review period to 31 December 2021 was 7.5%. In accordance with the Rules, the increases awarded as from 1 April 2022 were as follows:

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 2018 if you’re a former MONS member: