Your deferred pension comprises the pension entitlements you accrued with the Pension Fund up to the date you left Shell employment. You ceased accruing pension entitlements as of that date, but you were also no longer required to make pension contributions to the Pension Fund. That is why your pension entitlements are also referred to as ‘non-contributory entitlements’.
You can read about pension indexation in the broad outlines of the indexation policy.
First and foremost you have a paid-up entitlement to retirement pension. The level of this pension depends on the number of pension years you have accrued and your salary on leaving Shell employment.
The retirement pension commences on your official retirement date (i.e. the date pursuant to the Regulations applicable to you). If your pension commences more than five years before your AOW age and you continue working, the combination of pension benefit and income from employment or other economic activity will have no tax implications. In other words: if you left Shell before January 1, 2006 and your Shell pension commences more than five years before your AOW age, you can continue working up to your current retirement age (usually 67) without any tax implications.
Read about the Tax Authority's position here (only available in Dutch).
You may also opt to have your deferred pension commence at an earlier date. In certain cases you may also postpone the commencement date of your paid-up entitlements.
If you left Shell employment after 1st July 1996, you may also make other choices shortly before your pension benefits commence.
Partner’s pension and orphan’s pension
If you have a partner, he may have a paid-up entitlement to a partner’s pension. And any children may have a paid-up entitlement to an orphan’s pension. These entitlements are important in the event of your predecease.
You will receive a personal pension summary in July of each year detailing your current pension entitlements. This also indicates whether there is an entitlement to a partner’s pension.
If you do not receive an annual summary of you pension entitlements, please contact the Pension Fund.