Around 1,500 people draw pensions from the Lloyd's Register Superannuation Fund Association, the staff scheme, on the understanding that the value of the pension they earned before 1997 would keep pace with inflation. 

For example, here's paragraph D7 of the LRSFA 1993 guide: 

Pension increases are not guaranteed. However the Committee of Management have agreed that, provided resources are available, they will consider future increases on a discretionary basis equal to the increase in the Retail Prices Index, where this is less than 5 per cent per annum, or a minimum of 5 per cent per annum if the Retail Prices Index exceeds 5 per cent per annum. Should inflation exceed this level the Committee would consider if any higher amount can be paid after taking advice from the Actuary.

The Committee consider the increase each year, using the Index figure for September and any increase would be payable from the following 1st April.

And more recently, here's what the LRSFA website said: Each year a member's pension is "reviewed to make sure" its value kept up with rising prices. 

In 2015 LR quietly stopped applying those increases. Tellingly, 2015 — the year it chose to freeze them — was a year when inflation stood at zero, so the decision cost nothing at the time. As prices then climbed steeply, the real value of those pensions was left to wither, year after year, with no end in sight. The reassuring language about reviews "to make sure" was later removed from the website altogether. 

Pensioners being squeezed more and more, just as they reach their most vulnerable old-age.