What changes did BP make to its original proposals as a result of employee consultation?
The main changes to BP’s original proposals are to extend the scope of the VERA transition arrangements and the similar practice for E&P offshore workers. BP has also extended VERA eligibility to non-BP heritage service and to BP service overseas, so as to put all UK employees on a similar footing regarding early retirement terms. In addition, BP has clarified the interaction between early retirement discounts and the two-thirds pension cap in the BP Pension Scheme.
