Please find below the Statement of Investment Principles of SSPF.

Statement of Investment Principles

Investment categories

Examples of investment categories are equities (shares) and fixed-income investments (such as bonds). The investment categories are in turn subdivided into different regions of the world, such as Europe, the United States and Japan.

The Actuarial and Operating Memorandum (Actuariële en Bedrijfstechnische Nota, ABTN) sets out the guidelines for managing the investment risks.

Shell Asset Management Company B.V. (SAMCo) and external asset managers are responsible for implementing the investment policy on behalf of the Pension Fund. SAMCo appoints these external asset managers on behalf of the Pension Fund.

The strategic allocation as at end 2016 (in %)
Strategic
allocation
Listed equities + Alternative investments
- Listed equities
- Alternative investments (including private equity, real estate, hedge funds)

44

26

18

Fixed-income investments 52
Matching assets 4
Total 100

May 2017

Return on investment

In 2016 the Pension Fund realized a return on the equities portfolio of 10.2%. On fixed-income investments the return was 5.8%. Overall returns came to 6.9% over 2016. The Pension Fund benchmark for the total returns was 6.4%. The funding ratio (on the basis of the market rate of interest) was 122% as of end 2016.

May 2017

In the section funding you can find the most recent information about the funding ratio.

Annual report 2016 (Dutch only)

More in Policies

Funding policy / Policy funding ratio

The Pension Fund must ensure that the pension undertakings given by the employer can be paid both now and in the future. The funding ratio is used to measure this.

Responsible Investment

The policy of the Shell Pension Fund in the Netherlands (SSPF) in respect of responsible investment (also known as Environmental, Social and Governance (ESG) policy) is laid down in the Actuarial and Technical Business Report (ABTN).