August 2025: 15 years plus without adjustments (instead of the usual 5-to-7-year period).
What we have heard:
– Funds are not available (a fund correctly managed should progress slightly below inflation)
– We are monitoring the cost of living and inflation in the entire world (many countries have high inflation and the dollar has lost up to 14% against many currencies since January of this year)
– The long-term plan of the company has been realigned with new objectives (Nice way to put it, many politicians would not do better)
– 94% of the companies in the US do not adjust pensions (countries such as France and the UK adjust pensions almost every year and, in some cases, follow closely inflation)
– There may never any adjustments.
Many of us read Schlumberger is one of the best companies to work for. But, is it the best company to retire from? We had a different impression 35 years ago.
The company is not transparent. Is our life expectancy such that we are going to bankrupt the plan? Difficult to believe when many of my colleagues (many of whom not part of alliance) have not even reached the age of 75.
Will someone will have the gut to answer these once and for all:
– What is the average life expectancy of male and female retirees?
– How many retirees have passed away below the age of 75 in the last 15 years?
– What is the average life expectancy of widows? (i.e. the significant other receiving a reduced pension)
It would be reassuring to know our life expectancy is above average (79 for men in the developed world).
In the last 15 years, the US social security pension was upgraded by about 43%
In the last 15 years, even the French social security has been increased by almost 25%
These are my personal impressions.
C. Ingold
