About my pension

How is my pension calculated?

Your pension is calculated on your retirement date according to the formula:

number of pension years x pension basis x accrual formula = pension

Is my partner eligible for a pension?

Your partner is entitled to partner’s pension in the event of your predecease. This is the case if you are married or have entered into a legally registered partnership. If you are cohabiting with your partner and have registered a cohabitation agreement before a civil-law notary, showing that you have designated your partner as beneficiary of the partner's pension, you may enrol your partner with SSPF for a partner’s pension. The form 'application for partner's pension arrangement' is available to that end.

Form 'Application for partner's pension arrangement'

If you are accruing pension under the pension scheme at the time of your predecease, the pension years you would otherwise have accrued until your retirement date will be taken into account when calculating the partner’s pension. If your partner has not reached the AOW age at the time of your predecease, he/she will receive a partner’s supplementary pension until he/she has reached the AOW age, or at the latest on your pension date according to the regulations.

Are my children eligible for a pension?

If you have children at the time of your decease, they will receive an orphan’s pension until they reach the age of 18 years. As long as your child is attending a course of study, he will receive this pension until the end of the month of August following his 24th birthday. The orphan’s pension is 14 per cent of the sum total of partner’s pension and partner’s supplementary pension. Orphans both of whose parents have died receive double this amount.

How do I know how much pension I have accrued?

Your personal pension summary indicates the amount of pension entitlements you have accrued. Participants receive this summary in February of each year.

You can also view your pension entitlements with the Pension Calculator.

Can I make extra pension contributions?

No. You yourself cannot deposit funds in the Pension Fund in order to realize a higher pension but you are free to make your own saving arrangements.

When can I retire?

According to the Regulations, you officially retire when you reach the age of 67. But you can choose to retire between the ages of 55 and 67. If you wish to retire at a different age than 67, you must inform the Pension Fund and your employing company of your decision no later than 6 months in advance and no earlier than 12 months in advance by means of the form 'early retirement'.

In consultation with your employing company, you can also continue working after you turn 67, up to no later than 70 years of age. The earlier you retire, the lower your pension payment will be. Conversely: the later you retire, the higher your pension will be.

If you wish you may, by arrangement with your employing company, take part-time retirement at any time as from the age of 55: part-time retirement.

At what age will my state pension start?

Follow this link to find out your state retirement age:http://www.checkuwaowleeftijd.nl/

(available in Dutch only)

What will happen if...?

....I start working part-time?

If you start working part-time, you will accrue a proportional number of pension years during the period that you work part-time.

If you work part-time (50%) for a 4-year period, you will accrue 50% x 4 = 2 pension years in that period.

.... I work abroad for Shell?

If you are employed by Shell abroad, you can remain a Pension Fund participant in most cases. In many cases, it is not possible to continue accruing a Dutch State Pension under the General Old Age Pensions Act (AOW) while living abroad. For every year you spend abroad, you accrue 2 per cent less AOW. You yourself can take out extra insurance or make additional savings in order to compensate for this.

.... I fall ill?

Nothing will happen if you happen to fall ill for a couple of days. If you are ill for a prolonged period, this will not alter your pension situation, provided you remain in employment.

If you are completely or partially disabled for more than two years, you will be eligible for a (partial) disability pension. The Pension Fund decides on the existence of such disability. This decision is made by a Shell company physician designated to that end. While the disability pension is being paid, your retirement pension continues to accrue until you turn 67. If you are eligible for benefits under the WAO (Disablement Insurance Act) and you retire before your 67th birthday, these benefits will be deducted from your retirement pension.

....I start working again after retirement?

If you opt for early retirement and you intend to take up employment (elsewhere) thereafter, the combination of receiving pension income and other income from employment or other economic activity may have fiscal consequences.

This is also the case when you opt for part-time retirement and you intend to take up employment (elsewhere) for the ‘freed working time’ thereafter.

....I take leave?

If you take a period of unpaid or parental leave, your pension accrual will be discontinued during that period. Your employing company pays contributions to insure against the risk of your predecease or disability during your period of leave. Consequently, in such cases the pension years that you would otherwise accrue until your official retirement age will continue to be taken into account when calculating a partner’s pension or a disability pension.

During Life Cycle leave, you accrue pension on your Life Cycle payout for a maximum of six months over your entire period of employment with Shell. During periods of leave in which no pension is accrued, you are insured against disability and predecease on a risk basis.

....I am getting divorced: how would the partner's pension be affected?

The Pension Fund does not distinguish between the termination of a marriage, a legally registered partnership or a relationship with an enrolled partner. If you and your partner separate, your former partner becomes entitled to part of the partner’s pension, this is termed the special partner’s pension. However, partners may exclude each other from the right to special partner’s pension, or they may waive their right to this entitlement.

In the case of divorce or termination of a registered partnership, your former partner is entitled by law to half of the retirement pension accrued while you were married or in a registered partnership. This is referred to as settlement of the retirement pension. However, the partners can also agree some other apportionment. You are required to notify the Pension Fund about whether and how the retirement pension is to be apportioned.

If your relationship with your enrolled partner is terminated, your former partner has no statutory right to a part of the retirement pension.

If there is a settlement of the retirement pension, your former partner receives his/her portion of the retirement pension from the moment your pension is in payment.

....am approaching retirement?

You can make a number of choices as you approach retirement. When you retire, you receive a statement of your accrued pension entitlements from the Pension Fund, for more details see under 'retirement'.

Where can I find information?

How do I as participant receive information?

Each year you receive a personal pension summary relating to your specific pension situation. You can carry out pension calculations with the Pension Calculator.

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

On this website’s contact page you will 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)?

You can contact the Social Insurance Bank (Sociale Verzekeringsbank) for more information about this.

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