Pre-1997 Pensions: Discretionary Increases
Debate between Luke Akehurst and Julian Lewis(3 weeks ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Luke Akehurst
I will give way to the right hon. Member for New Forest East (Sir Julian Lewis) first.
Sir Julian Lewis (New Forest East) (Con)
The hon. Gentleman is making an excellent presentation. Rather curiously, up until 2023, ExxonMobil pensioners got automatically indexed uplifts to their pensions, but for some reason from that date onwards, the company changed its policy and now they are not getting the discretionary uplift. The trustees there say that they have no power and that it is up to the company to decide whether this discretionary uplift occurs. Is one way forward perhaps to ask the Minister to give an undertaking that the trustees should have the power to award such discretionary uplifts linked to indexation?
Luke Akehurst
I thank the right hon. Gentleman for drawing attention to that particular anomaly.