Pre-1997 non-indexed company pensions

This House notes that over 500,000 former employees of 3M and other businesses including American Express, Hewlett-Packard, Chevron and Wood Group face massively-reduced pensions from their pre-1997 contributions, as current legislation only index-links contributions from 1997; further notes that, according to the Bank of England, between 2008 and 2023, former employees’ pensions have reduced in real terms by 56%; and calls on the Government to put pressure on the companies concerned to make good the indexation of former employees’ pensions for their pension contributions prior to 1997 and to consider retrospective legislation to encourage those companies who have not provided a significant discretionary uplift to former employee pensions, to help to mitigate value erosion from inflation to their company pensions.