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This is a message for current employees of Chevron.

Chevron UK Pensioners' Association

Retirement can last 30 years - are you prepared ?

 

Below is a summary of the maximum pension increases from the Company.

         

Texaco Heritage                                      Chevron Heritage

1996, Apr             4.25% 18 months        1996, Sep       4.80% 19 months

1997, Oct             4.00% 18 months        1998, Sep       4.50%  24 months

1999, Apr             4.75% 18 months

2000, May            1.20% 13 months                       

2001, Jul               2.50% 14 months        2001, Apr        6.00% 31 months

 

Chevron and prior to it ChevronTexaco

2004, Apr            5.00% 33 months        2004, Apr         5.00% 36 months

                             2006, Jan            4.75%     21 months     

                             2007, May           4.00%     16 months  

                             2008, Dec           4.90%     19 months 89% of RPI  over the reference period.  

Despite operating in the UK for many years, the Company still has an imbedded USA culture - but without the entire employee benefits enjoyed by the USA employees. UK pensioners are dependant on the Company pension and supplementation of that pension, which is NOT the case in the USA. As a result, Chevron does not respond as a UK firm would. Also Chevron does not follow UK Custom and Practice in respect of UK pension increases.

 

Company pension supplementation is based on only a percentage of the RPI indices issued by the government and covers a broad range of expenditure. Pensioners spending habits are different to those of people in employment and tend in the main to be affected by Council Tax, food, lighting and heating which is currently more than double RPI at 9.5% pa.

 

The Company has in recent times made substantial contributions to the pension fund. They have also improved the period between pension increases, but normally pay no more than 90% of RPI (the May 2007 increase was only 87% of RPI, the Dec 2008 will be 89% of RPI). For post April 1997 service the Company is obliged to increase pensions annually but increases are capped at RPI or a maximum of 5% pa and for post April 2005 service increases are capped at RPI or a maximum of 2.5% pa.

 

Once you retire you will lose all the leverage you presently have. Our Association is the only real voice for Pensioners with the Company. Currently the Company is enjoying improved profits and has fully financed the Pension Fund. We continue to press the Company to improve benefits – financial and otherwise - and are pleased to report that the periods between pension supplementation are indeed decreasing.

 

Additional pressure from current employees may encourage the Company to improve pensioner benefits; your assistance is vital and remember any improvements will be to your ultimate benefit.

 

If you hope to enjoy a reasonable standard of living in retirement then if possible, we would urge you to make additional private provisions to cover your later years. Remember -  at State Pension age,  the State Pension Offset is deducted from your Company Pension – and as a result, your Company pension will be reduced by roughly the amount of your state pension.

 

Widows / Widowers pensions are only 50% of the deceased pensioner’s pension and private provisions are essential to ensure a continued comfortable lifestyle.

Extra State Pension

If you put off claiming your State Pension for at least five weeks you can earn an increase to your State Pension of 1 per cent for every five weeks you put off claiming. (This is equivalent to about 10.4 per cent extra for every year you put off claiming.)

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The Chevron UK Pensioners’ Association is not a subsidiary of Chevron United Kingdom Ltd,

but an independent organisation of pensioner members of the Chevron UK Pension Plan or

UK nationals entitled to a pension from another Chevron pension plan being retired employees

or surviving dependants of Chevron, Gulf, Texaco, Caltex, and other predecessor companies