Indexing RTAPP pensions according to inflation

Whereas retirees and beneficiaries of the RTAPP have not obtained indexation of their pension for ten years and have suffered a loss of purchasing power of more than 20% in certain cases.

Whereas inflation is accelerating to levels not seen in decades and endangering the financial security of retirees and beneficiaries.

Whereas the increase in pensions planned for 2022 will be well below current inflation.

Whereas the letters of credit still present in the assets of the RTAPP have yielded nothing for nine years, thus depriving retirees and beneficiaries of a possible increase in pensions in 2019 and 2020 and of an improvement in the increase provided for in 2022.

Whereas the upcoming reimbursement of letters of credit which will be done with the surplus of the plan of retirees and beneficiaries is legal but perceived as immoral.

Whereas Rio Tinto has been perceived to be insensitive to the loss of purchasing power of retirees over the past 20 years.

Whereas despite the access to natural and human resources within our communities, the social involvement of Rio Tinto and the return of the wealth created by its activities are deemed insufficient.

Whereas Rio Tinto posted record financial results and profits of $2.5 billion for the aluminum division (RTA).

Whereas Rio Tinto distributed record dividends of $15.4 billion to shareholders in 2021.

We, the retirees and beneficiaries of the RTAPP, demand:

- full indexation of our pensions equivalent to current annual inflatio 

and

- additional increase corresponding to the loss of return on letters of credit present in the plan's assets

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