1. Understand the various savings options available to you.

It’s helpful to understand the differences and benefits of these options, so you can take full advantage of these opportunities, regardless of your age.

As a BP employee, your saving options include:

• The BP 401(k) plan — The BP Employee Savings Plan (ESP)

• The BP Retirement Accumulation Plan (RAP)

• Non-qualified plans:

  • Excess Benefits Plans (EBP)

  • Excess Compensation Plans (ECP)

  • Deferred Compensation Plans (DCP and DCP II)

  • Supplemental Executive Retirement Benefit Plan (SERB)

  • Others
    

• BP Share Value Plans, including:

  • Share Value Plan (SVP)

  • Group Share Value Plan (GSVP)

  • Individual Share Value Plan (ISVP)

  • Leave for option for benefit retention after leaving BP 
    

2. Save more by maxing out your 401(k) contributions.

Ensure you’re maxing out pre- and after-tax contributions in the BP ESP.

• If you’re under 50, you can contribute up to $24,500 (2026) between pre-tax and Roth contributions.

• If you’re over 50, you’re allowed to contribute an additional catch-up amount of $8,000, for a total contribution option of $32,500 (2026).

• You can also contribute an additional $22,300  in non-Roth after-tax savings (2026).

• For employees aged 60-63, the catch-up contribution increases to $11,250, for a total contribution of $35,750 (2026). 

• Along with your personal contributions, BP matches up to 7 percent of your compensation in the ESP. 

3. Choose your contributions wisely.

You have the option of making pre-tax, after-tax, or Roth contributions to your 401(k). Each of these contributions has its benefits, and the best choice for you will depend on your personal goals and financial plans. Learn more about these options, as well as these other savings strategies:

• Annually convert after-tax money from your fund to a Roth IRA for tax-free contributions and growth.

• Coordinate annual backdoor Roth contributions in addition to your workplace savings. This can add $7,500 - $8,600 to your Roth IRA every year, depending on your age.

• Max out your 401(k) contributions before earning $360,000 of income, at which point excess company contributions will be added to your Excess Compensation Plan.

If you're not getting $88,250 into retirement savings, you're missing out. Learn more here.

4. Use tax planning to time your financial decisions.

It’s imperative to time major financial decisions in accordance with a strategic tax plan. There are many BP benefits and other retirement-related considerations that can either save or cost you substantial amounts based on their timing.

For many BP employees, these include:

• The BP ESP

• BP Excess Compensation Savings Plan & Post-2004 BP Excess Compensation Pension Payout

• Making elections and income benefits (lump sum vs. annuity) for the BP RAP pension

• Applying Net Unrealized Appreciation (NUA) from BP stock

• Comprehensive tax strategy

• Bonus and vacation payout

• Setting up a consulting practice

5. Know your pension/retirement date calculation.

The pension election date, your pension crediting,  and the prevailing interest rates at the time can all affect the pension lump sum. The retirement date determines when benefits begin, while the lump sum calculation is based on the interest rates in effect at the time of the election. Reviewing election timing and interest rate conditions may help inform decision-making.

6. Start saving as early as possible.

It’s important to start saving in the BP 401(k) and Share Value plans as early as possible, so you can use time and market returns to your advantage. When you consider the value of compounded growth of these accounts and the potential that even just a few years can add to the bottom line, it’s never too early to begin putting together your retirement strategy and preparing for the future. 

The decision to retire may be a simple one, but the other choices you’ll encounter as you approach retirement may be more complex. Our advisors can walk you through the process to better understand your specific offerings and create a plan to optimize your earnings. To discover what's available to you and how you can leverage it to support your goals,  submit the form below to start the conversation with our team of BP-specialized financial advisors.