1. Apologies for absence 2. Minutes of Annual General Meeting held on 8th October 2025 3. Chairman’s Review of 2025/26 activities 4. Review of Accounts and Treasurer’s Report 5. Membership Report 6. Webmasters report 7. Election of new committee members 7a. Committee members term of office up for renewal :- TBC
8. Any other business
Members are invited to propose candidates, or themselves, for election to the Committee by completing the Nomination Form below and returning it to the secretary@cukpa.org.uk no later than 29th July 2026.
(Copy and paste the following into an email
Committee Nomination Form
Name (block capitals) …………………………………………………………………….. Address ………………………………………………………………………………………….. Is nominated to serve as a Committee member of the Association Proposer (block capitals) …………………………………………………….
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Letter from the Chairman – SPRING 2026
We all know there is no such thing as a free lunch, so we should have known that there would be a price to pay for the lovely summer last year! Here to the west of Aberdeen, firstly we were snowed in for 12 days from Hogmanay – and then it rained for about a month thereafter – and not just a little bit either! Our little stream was up and over the banks with widespread flooding everywhere across the Shire! But the daffodils are still coming up, so that is a definite plus!
We were very pleased to be awarded a pensions supplementation of 3% in December, backdated to 1 November 2025, very welcome indeed. However, from our estimates, we have been left some 12%+ behind all the inflation of last summer and autumn. Not good enough Chevron!
However, inflation in the UK continues around the 3% mark and we have already asked the Company for a further pension increase as soon as possible – the earliest would be after the appropriate Chevron Corporation Board Meeting on global pensions in September or October or even later in 2026. We feel this is necessary to keep abreast of the ‘cost of living’. crisis, that is still a major concern here to everyone.
Back in November, Neil Jones and I met with our new Professional Corporate Sole Trustee (PCST) for a cordial exchange of views, goals and objectives. We met with the principal and one of two team members assigned to the Chevron Trustee position. In response to their stated position of trying to obtain and work with information from as many sources as possible, we agreed to keep them advised on our future developments with the Company. Levels of communication under the new Trustee arrangement do remain an ongoing concern.
The Association has also been maintaining contact with Mr Ashley Sanders of Chevron in Canary Wharf, in London, our latest contact being a Zoom meeting in early March 2026. With the Aberdeen Chevron office now down to only about half a dozen people, some 250 people remain in the Westferry Circus office at Canary Wharf. The Association is doing its best to remain in touch with as many Chevron people as we can across the Company.
I would like to take this opportunity of sincerely thanking all those members who have written and continue to write to their MP on the pre- 1997 issue of discretionary payments, part of our consultation submission for the 2025 Pension Schemes Bill.
We have also raised the question of the Pension Plan surplus possibly being ‘stolen’ by the Company. There have been amendments raised on this Bill in both the House of Commons and the House of Lords, but to date, there seems little likelihood of bringing about a change to the blinkered view put forward by the ‘Pensions Minister’ and the ‘Secretary of State for Work & Pensions’. A number of MP’s are also bringing forward an amendment with regard to the ability of Trustees to stand up against employers or maintain their obligations to the pensioners in their particular pension plan. The Association has written to the leading pensions authorities and also to the Pensions Regulator on these same subjects, stressing the need for these amendments to be included in the Bill.
Meanwhile the CUKPA Committee is diligently working away on many different issues of interest to members. These include reviewing and updating the website, streamlining our IT processes, keeping up with our membership with first declining and then slightly-rising numbers, editing and producing our bi-annual newsletter, writing letters to the Company, answering queries from members and a myriad of other routine tasks, all very necessary to keep your Association doing what it says ‘on the tin’.
Incidentally, we need articles for the newsletters, please do not assume that somebody else will write the articles or nobody will. I might even have to write another article myself!
We have had a good year for meeting people and members. Back in the Autumn, I met with some 45 ex-Texaco heritage CUKPA members in Aberdeen and thank you to Alan Jones for organising this. I was able to share the latest pensions developments and answer questions. If you are an ex-Texaco heritage member, please do get in touch with Alan Jones (alanwjones36ATyahoo.co.uk), as he will be able to tell you when and where the next meeting will be. You could come along and join former colleagues for the morning.
(Email addresses have been altered to discourage ‘scraping’ by spam bots. SImply replace AT with the @ symbol. Ed)
At three monthly intervals I am indebted to Dave Armstrong for organising ex- Chevron heritage CUKPA members for meetings at the Justice Mill in Union Street, Aberdeen. Again, come along and meet up with some old friends. In mid-February, we had some 38 people join us for the afternoon. If you are interested, please do get in touch with Dave Armstrong (david.armstrong25ATgmail.com), for future dates. It is a really good and interesting afternoon and ANY Chevron pensioners would be made very welcome.
Three committee members also attended the London annual reunion in October, organised by Rod and Sue Pesch. This is always a most enjoyable networking event.
The date for our AGM is now fixed for 19 August at 11am at the Carpenters Arms, 12 Seymour Place, London, W1H 7NE. The Medical Society venue is unavailable during August. We are hoping that this will also be streamed online from wherever, so if you cannot join us in person, then do try to connect with us online. It will be from 1100 and will conclude before two o’clock.
We are also seeking any members out there who would be willing to help Andrew Nisbet with the computer side of our business. Andrew has a lot to do, with various projects in hand and the website to review and renew. If you have a little time to spare and can help, then please do get in touch on agnisbetATyahoo.co.uk This is definitely the computer side of the business, rather than writing pages for the website. (Primarily editing website pages according to instructions. Easy once you know how! Andrew)
I have left the worst topic until last! Membership Subscriptions! I regret to advise that we have found it necessary to increase our subscriptions to ensure we balance the books. As you will know only too well, the cost of everything has gone up over the last couple of years and our costs are no different. Even with more meetings online, the Committee do still need to convene periodically for strategic planning purposes. We have contained our costs at £15 pa and would ask your help in subscribing this amount for future membership costs.
Finally, thank you for your continuing support, we greatly appreciate it and will always do our best to be worthy of your confidence. Your committee is working extremely hard to ensure we keep our name to the forefront of Chevron’s mind, difficult though this is most of the time, as pensioners seem to be the last people on the Company’s totem pole, when it comes to ensuring their financial wellbeing. But we will keep on trying!
STOP PRESS Although the Government is still quoting 3% inflation for February/March, obviously the situation in the Middle East over the last month or so will have a huge effect on inflation. It will be into March and April, before these numbers make themselves fully known.
Peter Young continues his series of African Adventures
We all feel the pain when costs rise, even more so recently, so how can we find the best value for money? PetrolPrices is handy phone app and desktop site to help you find the cheapest fuel in your area.
Click Images for larger view
Top petrol price apps in the UK include PetrolPrices, CheckFuelPrices, Fuel Saver App, and Fuel Finder UK, all helping drivers find the cheapest fuel quickly and accurately.
From April 2026, the New State Pension increased by 4.8%, benefiting millions of pensioners with above-inflation payments. This boosts the full New State Pension to £241.30 weekly (£12,547.60 annually).
April 2027: New tax rates for property and savings income
From 6 April 2027, new tax rates will apply to savings income and profits from renting property. The rates are expected to be 2% above the main rates of income tax – so 22%, 42% and 47% in the basic, higher and additional rate tax bands respectively.
The London lunch will be held in the Sovereign Room at the RAF Club, Piccadilly, on October 23rd. Contact Rod Pesch 01442 249212 or 07831 397539 or rodpeschATaol.com
Why not organise a lunch for your area or old business unit friends? We will add it to our Events Page and can give advice and tips on organising.. Let us know through the Contacts Page and we will contact you.
Humour Spot
An old man and a 20-year-old are paired together at a golf tournament. They’re playing a long par 5 that dog legs around some tall trees. As the 20-year-old sets up his tee shot to hit onto the fairway the old man notes “when I was your age we used to hit over the trees – not around to the side.” So the 20-year-old readjusts and tries to hit over the trees – but can’t clear them and loses his ball. He tries again and loses that one too… Then the old man says “of course, when I was your age, the trees were only 6 foot tall.”
Membership fee increase to £15
We are having an increasing number of meetings with Chevron in London regarding the Single Professional Corporate Trustee, and with the Pension Bill Campaign team. Face to face meetings are the most effective for these but do incur travel expenses. You can be sure we are very careful with your money!
If you are over 80 you can reduce your subs to £5 but please try to pay a higher amount. When the payment reference is requested for your standing order, please use the following:- Your surname and initials You can use up to 18 characters for your reference. Please abbreviate long surnames as best you can but initials are very helpful to match the payment to your record.
You will require our bank details which are: Chevron UK Pensioners Association Sort Code: 20-17-92 (Barclays Bank) Account: 10181994
Many thanks for your support – Alan Higgins Chairman
The Last Page
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*What are diluted earnings? It’s a conservative (ie pessimistic) calculation used with complex capital (financing) structures and assumes that all un-issued shares, warrants, preferred shares and debt that can be converted to shares, etc., have been issued.
The next Insight Magazine will be published in the Autumn 2026
As you may well be aware the Pension Schemes Bill 2025 has now been passed in Parliament and as such it is now the Pensions Schemes Act 2026.
Our attempts to get something into it regarding regular annual increases for pre-1997 service were dismissed by the Government despite support from a lot of MPs. When it went to the House of Lords there was similar support for our cause but our proposed changes were dismissed by the Government when it came back to the Commons.
There was also some concern about the area of the Bill that has introduced an extended ability for Employers with Defined Benefit schemes such as our own to request that where a scheme was in surplus, this surplus could be returned to the Employer.
We have been very vocal about this and significant concerns remain about the distribution of fund surpluses and equitable treatment of all fund stakeholders’.
“A huge thank you to all of you who wrote letters. We ended up with the support of around 130 MPs and a number of very senior figures in the Lords.”
Through the Pension Alliance, we have made numerous objections and have met with the Pensions Minister (Torsten Bell). He claimed to understand our concerns but has stated that “ …if trustees wish to insist on discretionary pre-1997 indexation as a condition for surplus release, they will be entitled to do so ( TB 3 December 2025) .”
We would now like to hold him to this and propose to comment on secondary legislation that will shortly be drawn up to give full guidance on how the Surplus request process will work, following a Department for Work and Pension (DWP) consultation that is to be issued shortly.
The Pre-97 HPPA & Alliance Pension Justice (of which we are a member) intends to produce its own secondary legislation that will propose a number of steps that need to be considered before any surplus can be released and to attempt to put into practice what the Minister has publicly (including in the House of Commons) said. It is also going to be lobbying the DWP and the Pensions Regulator (TPR) both of whom will be responsible for administering how the surplus process will work in the real world.
So we may yet be asking you to write further letters to your MPs 👍
“Alongside colleagues, I have written to Ministers calling for them to support NC22, or similar legislation to address this injustice. The Bill is now with the House of Lords, where I hope similar amendments will be tabled. I understand that the Bill is completing its final stages, meaning the Government must act swiftly if it wishes to remedy this problem with this law.
Time is running out to correct this injustice. Most pension schemes are bought out with an insurer in the long-term, meaning trustee discretion is removed entirely. Without legislative reform, thousands of pensioners will lose even the faint hope of an increase to their pension to keep up with inflation.
Securing increases to Defined Benefit Scheme pensions wouldn’t just benefit the over one million pensioners affected. It would also mean greater tax receipts for the state, boosting public services and allowing for more investment in communities like the ones I represent. The only losers here would be the companies who are underpaying retired workers who dedicated their careers to hard work.”
In addition the whole argument that the surplus funds will be invested into British Industry is a complete fallacy, in particular for the oil industry which is banned from investing in offshore developments! Instead they will be funneled abroad or into dividends and executive bonuses. If the government wants these funds spent in the British economy give them to the pensioners!
We still have to import thousands of barrels of oil putting an immense burden on our balance of payments when we could provide it from our own resources with no net increase in global consumption.
It’s been a while since my last update in November but CUKPA has continued to be very active.
4 different letters have now been sent by a large number of you. I have been copied in on around 200 responses but hopefully there were a lot more sent on which I wasn’t copied on.
Many of your MP responses have indicated positive support whilst a number (generally from Labour members) got a response setting out the Government line.
Just under 50 individual MPs have been contacted with some receiving letters from a number of members. Lib Dems, Greens and SNP have been consistently supportive.
CUKPA has also written to the Pensions Minister (Torsten Bell) and his boss Pat McFadden and we have submitted a response to a Department of Work and Pensions consultation The Alliance has written to the Prime Minister and has also been very busy lobbying their MPs together with a face-to-face meeting with the Pensions Minister.
The Bill is currently in the Lords before it comes back to the Commons for the final stage. Lord Davies and a few colleagues have been particularly vocal about the faults with the Bill and that it is being rushed through when it is not legally fit for purpose.
Unfortunately, however, to date no significant amendments of the type we are after have been accepted.
But we haven’t given up yet. I hope to shortly send out another letter for you all to send to your MP, to line up with when the Bill comes back to the Commons. This will focus on our concerns about the proposals to allow scheme surpluses to be handed back to Employers which we feel has not been properly thought through at all and poses huge risks to Defined Benefit schemes like ours.
Thanks for all your help so far. Please continue to support us.
The Medical Society of London, Chandos Street, London W1G 9EB
11.00am 8 October 2025
MINUTES OF MEETING
After welcoming all attendees to the meeting, the Chairman (D Alan Higgins) commenced proceedings with a safety moment. As in the previous AGM, he stressed the need for care with the onset of Autumn when using garden machinery and to take extra care against slips, trips and falls with wet conditions underfoot.
The Chairman asked the meeting to remember those friends and colleagues we have lost during the last 12 months. A short moment of silence then followed.
AT THE VENUE:
DAH introduced the committee members in turn.
D Alan Higgins (DAH) Alan Dennison (AD) Andrew Nisbet (AGN) Grace Shacklady (GS)
Chris Simes (CS) Steve Wilson (SW) Steve Ladle (SL)
Mr. & Mrs. Malcolm Seedhouse
VIA ZOOM:
Peter Young (PY) Neil Jones (NJ) Doug Reoch Karen Petrie William Martin
David Low Stewart James Ted Williams Simon Humphries David Betts
Alex MacMaster Charles Abernethy Stewart Cusden Seamus O’Connor Alan Leiper
Jeremy Nelson Gordon Smith Anastasis Pittiarides Brian Spittlehouse
Fergal Hayes Ian MacDonald Jamie Newell Don Hogan
Peter Brockett Derek Smith
The minutes of the AGM held on 1 October 2024, summarised on the website and dated 26 August 2025 (PDF) were approved unanimously, proposed by SW seconded by AD. Subsequent to the meeting a hard copy has been signed for the record, by Vice-Chairman (NJ), as being a true account of that meeting .
MATTERS ARISING
There were 2 items of ‘other business’ still in progress at the time of the 2024 AGM. The status of these was discussed by NJ.
Firstly, the changes to the Constitution providing for online attendance and voting at an AGM have been completed and are recorded on the website.
Secondly, from an earlier question by Steve Wilson, it was reported that following the completion of the acquisition of Hess by Chevron, there has been no impact on the Chevron UK pension plan. The Hess UK pension arrangements have remained entirely separate.
The Chairman (DAH) gave the meeting a review of the high level of activity since the last AGM. He emphasised the independence of the Association (from the company) and outlined the increased level of contact made with Company personnel since the last AGM. DAH also outlined the contacts made directly with the Trustees and political and regulatory bodies.
3 online meetings have been held with Mr. Ashley Sanders. 2 meetings with representatives of the Trustees and letters written to MP’s, pensions lobby groups and the Pensions Regulator. The common themes have been the continued inequitable treatment of pre-97 pension payments and the role of Trustees, particularly under a move to a Professional Corporate Sole Trustee (PCST). These were the main discussion points with Ms. Harriet Wu, Chevron San Ramon, in mid July.
DAH reported that at one of the meetings with Trustee representatives, the ‘Living Standards and Wellbeing Survey’ was initiated. The response to this survey, conducted through the summer of this year was very encouraging. There were 1184 responses from pensioners, including Association members. It is hoped the results, when available, will provide strong support for future discretionary increases, particularly since there will be no such increase in 2025.
The company announced its intention to appoint a PCST in the spring of 2025. This came as a total surprise and immediately raised all manner of questions as to how this would operate. International Governance Group (IGG) have been appointed to be the PCST and 3 of their representatives are nominated as Trustees. The meeting was advised by Alan Dennison, a former Member Nominated Director, that the existing Trustee body has been de-commissioned. He also advised that 2 former Trustees will continue in their role, with IGG, until the Trust Deed Articles are amended. Committee representatives have met with company staff and now, former Trustees on this matter. Some level of reassurance of impartiality from IGG has been received, who appear to recognise they have responsibilities to all class of pensioners and stakeholders.
In addition to contacts with Ms. Harriet Wu, the Association wrote for the second time to Mr. Mike Wirth Chairman and CEO of Chevron. The point of this letter was to express the extreme disappointment, even anger, at the lack of a discretionary increase in 2024, as evident at the 2024 AGM. This at a time when the fund had a surplus of some £300 million and the company had announced a 50% contribution reduction for employees and a suspension of company contributions to the plan. A response to this letter was received from Ms. Anne Manha, General Manager Benefits, Houston, on behalf of Mr. Wirth. This response, although courteous, stated company justifications only and made no recognition of pensioner hardships or inequitable treatment.
DAH recognised the activities being undertaken by new committee member Steve Ladle in support of more equitable treatment of pre-97 pension payments. He has been working directly with pensions lobby groups, drafting letters to send to MP’s and attending meetings as the 2025 Pensions Bill passes through consultation phases.
DAH concluded his report by mentioning meetings with pensioner groups in Aberdeen, which has led to increased Association membership. He reviewed the roles of the individual committee members and expressed his appreciation to all meeting attendance for their participation and support.
He also mentioned the need to consider a small increase to subscriptions to cover principally increased travel costs. This to be discussed further under the Treasurer’s Report.
He emphasised that, although the present Committee is working well, new members are always needed and any volunteers would be most welcome – no experience or knowledge of pensions necessary!
Presented by AD on behalf of Treasurer Peter Young who had offered apologies and was available online to answer questions
The accounts, as at 30 June 2025 were reviewed and differences to prior year were noted.
Another successful year, financially. Healthy funds balance of £9,731.55
Expenses increased during the year due to a significant increase in activity and associated travel costs.
Income increased from prior years to £5,486.
Resultant net deficit of £1,395.10 for the year.
It was noted that due to cost increases in all areas and a stable level of income, a proposal was tabled to increase the annual subscriptions of those currently paying £10 per annum, to £15 per annum. Proposed CS, seconded SL and approved by the meeting.
Alan Dennison for Peter Young
The Accounts and Treasurer’s Report were unanimously approved (proposed CS; seconded SL)
Summary of report by Membership Secretary Chris Simes (CS)
There are 581 email subscribers on the database
There are currently 775 members on the database
There are 167 copies of Insight being delivered by post
There have been 37 new members in 2025. Many of these following meetings held by the Chairman in Aberdeen.
Other points to note:
All new members have selected to receive Insight by email.
Identified multiple entries on database for members and marked for deletion.
Several routine requests by family members for membership status.
Member email updates in progress.
A number of members have asked about their payment status.
Andrew Nisbet presented the recent activity related to the website and membership database, summarised as follows:
AN reviewed the history and content of the website with particular recognition of the huge contribution made by Dave Poulter. (Sadly deceased). The membership management system had become outdated, mailing requirements expensive and overall, an inefficient means of communicating with members.
An updated online membership system was created and implemented in 2022. Use of the new system identified a number of problems areas: correct current email addresses, payment of subscriptions, distribution of the Insight newsletter, accurate recording of deceased members.
The use of Mailchimp as an email management system, has greatly improved efficiency in communication with members, reducing surface mail costs, managing compliance and anti spamming requirements. Mailchimp also facilitates surveys and polls such as the recent survey concerning the recently announced move to a PCST.
A shared Zoom licence has resulted in reduced committee meeting costs and increased participation in the AGM, which reached a record 36 attendees this year, 24 online.
A ‘zoomy coffee morning’ was also held. It is planned to hold another such informal online chat between members in the near future
DAH was pleased to announce that a new committee member, Mr. Steve Ladle was stepping up for election. Steve has already been very active with the initiative of members writing to their MP’s, CUKPA re-joining the HPPA Alliance and with attending consultation meetings concerning the 2025 Pensions Bill. This in relation to fairer treatment of pre-97 pensioners which is completely aligned with CUKPA objectives. DAH expressed his appreciation for Steve’s leadership on this subject.
DAH formally proposed SL for committee membership, seconded by NJ. Unanimously approved.
Following the end of his previous 3 year appointment term, committee member Alan Dennison was offering himself for re-election. Unanimously approved by the AGM.
These actions result in there being 9 committee members for the forthcoming year.
1. Mr. Seamus O’Connor introduced himself as a recipient of an Irish Gulf pension. DAH expressed his appreciation for Mr. O’Connor’s attendance at the meeting. Mr. O’Connor, in response to earlier comments concerning inflationary increases to insurance company annuity payments, stated that former Irish Gulf pensions, now paid by an insurance company, were subject to small inflationary increases. On the death of the annuitant, an element of the payment went to the surviving spouse. Mr. O’Connor to pass further information to DAH.
2. Mr. Doug Reoch raised the matter of IGG as the company providing PCST services to the plan in future, particularly the ownership of this company. Doug expressed concerns that the ownership of IGG appeared vague and subject to frequent change. AD stated that he understood that the company had conducted its due diligence properly and had selected IGG from a list of some 10 potential providers. He re-stated his view that the 3 individuals assigned to the Chevron UK plan appeared to be professional, knowledgeable and bringing an equitable approach to the assignment.
3. Mr. Macdonald asked if the Trustee has the responsibility to recommend pension increases. AD responded that the Trustee can recommend increases, but it is not an obligation.
4.On the subject of pensions increases, particularly pre-97, Mr. Stewart Cusden referenced CUKPA’s letter to the Pensions Regulator and asked if there had been a response. He also asked if the committee had considered contacting the media about the matter. NJ provided comments as to the company’s reaction to this letter, which was one of annoyance. DAH stated that an acknowledgement had been received from the Regulator’s office. He also said that the committee had not considered contacting the media, but would do so in relation to other pensions matters currently in progress. SL stated that there were 12 companies in the HPPA Alliance, many of whose pensioners were in a much poorer situation than Chevron’s regarding discretionary pre-97 increases.
DAH called on members to consider submitting articles of interest for the newsletter and again, their candidacy as committee members.
The Chairman thanked all participants, in person and online, for attending the meeting in what was a record ‘turn out’ overall.
Our Campaign Manager, Steve Ladle, has some important updates that you can find on the Pensions In The News page, including some inciteful newspaper items, Scottish local government interventions and updates from the House of Lords
Around 60 people attended the event at the wonderful RAF Club in Piccadilly just a few steps from Hyde Park Corner and Green Park tube stations.
Although fewer than in previous years, there were representatives from all parts of the Chevron and Texaco companies, including Marketing, Comptrollers, Upstream, ITD and Texaco Tankships.
We convivial re-connections were made in the RAF Trafalgar Bar beforehand surrounded by portraits of illustrious air force leaders of the major conflicts of the last century and a very satisfying lunch in the similarly decked dining room.
A few continued the imbibing in the Rose & Crown just around the corner after the dinner ended at 4.30.
Neil Jones, CUKPA Vice Chair, took the opportunity to quickly brief the attendees on the activities of the Association and we have picked up a few new members since.
We wish to thank Rod ans Sue Pesch for their stalwart efforts in the organisation and they confirm that they will be organising another for next year.
You can be put on their email list by contacting Rod on rodpesch@aol.com.
If you would like to organise a meal for your area I am sure Rod would be pleased to give some advice.
Or if you did organise or attend a local lunch do let us know via the Contact Page
