Financial situation

Who makes the decisions at the Pension Fund? 

The Shell Pension Fund Foundation (Stichting Shell Pensioenfonds, SSPF) is an independent foundation. The Board, that consists of four employer representatives, two employee representatives and two representatives of pension beneficiaries, is the highest level of the foundation and bears ultimate responsibility for all decisions.

Shell Pensioenbureau Nederland B.V. is the manager (management company) of the Pension Fund and is responsible for administering the pension scheme. Shell Asset Management Company B.V. (SAMCo) is responsible for asset management.

Do pension beneficiaries have a voice in the Pension Fund? 

Yes. As of 2014 pension beneficiaries are represented in the Board. Pension beneficiaries also participate in the Accountability Council. Two pension beneficiary representatives sit on the Board. Eight pension beneficiary representatives sit on the Accountability Council. 

Does the Pension Fund publish data on its financial situation? 

Yes, and the Annual Report is published each year, in Dutch. In addition, a brochure is produced every year that gives a brief summary of events and the most important figures. Both are available from the publications  section of the website and can be retrieved and viewed in digital format.

'Year in brief'

Where can I find the funding ratio of the Pension Fund?

The funding ratio is the ratio of assets to pension liabilities. The funding ratio is published in the funding policy section at the end of each month.

Funding ratio

What is indexation and where can I find an overview of historic indexation percentages?

Indexation is the periodic adjustment of pensions in-payment and/or deferred pensions (non-contributory pension entitlements by a certain percentage.

The historic overview in 'Year in brief' shows indexation percentages for the last 10 years, via the link below. 

Year in brief

What is the difference between Pensionable salary, pension basis and pension contribution basis?

The Pensionable salary is the annual salary including the lump sum payments in April and December (excluding any pensionable bonus).

The pension basis is the amount used to calculate the pension. This includes a weighted pensionable bonus (such as shiftwork allowance) and the pensionable contribution under the life-cycle savings scheme.

The pension contribution basis is the amount used to calculate the pension contribution. This includes the pensionable bonus that you currently receive and the 3% pensionable contribution under the life-cycle savings scheme.

Other questions

How do the participants receive information they need?

Each year, they receive a personal pension statement relating to their own situation. Participants can also make pension calculations using the Pension Calculator.

How do pension beneficiaries receive information they need? 

Each year, pension beneficiaries receive information about their pension rights in writing. Furthermore, all pension beneficiaries receive Voeksnieuws, the magazine for Shell retirees, whether they are now members of VOEKS or not. The Pension Fund uses "Voeksnieuws" to publish general announcements to pension beneficiaries.

How do former participants receive information they need? 

Former participants are informed in writing about their pension entitlements in their pension overview every year. Former participants who have moved abroad without informing the Pension Fund of their change of address do not receive any information.

Who can I contact if I have individual questions about my pension scheme? 

Under Contact on this website you can find the various ways in which you can contact us with your questions or comments.

Who can I contact if I have questions about benefits under the General Old Age Pensions Act (AOW benefits)? 

You can contact the Social Insurance Bank (Sociale Verzekeringsbank, SVB) for more information about this. You can find the link to the website of the SVB on this site on the 'Links' overview page.

Social Insurance Bank

More in The Pension Fund - structure and organisation