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 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 increase in April 2025 to pensions in payment in line with the rise in RPI over the period to the previous September. The increase in RPI to the previous September 2024 was 2.7%. Consequently, the increase to pensions in payment at April 2025 was 2.7%. This increase was applied to the whole pension if you are below State Pension Age (SPA), and to the pension in excess if the Guaranteed Minimum Pension for those over SPA. The increase applied to deferred member pensions at April 2025 was 2.7%.

The table below shows pension increases from 2020 for PONL members:

If you are a Maersk Oil member

If you are a 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 service before 6 April 1997, 3% or if less the percentage increase in RPI 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 RPI over the review period.
• For pensions relating to scheme service after 5 April 2006, 2.5% or if less the increase in RPI 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%. The rise in RPI to 31 December 2024 was 3.5%.

These increases apply to pensions 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 2020 for MO members:

*Enhanced pension increases were granted in 2023 and 2024 being 80% of the increase in RPI over the period to the previous 30 September.