If you leave Shell before your retirement date, you will be entitled to a deferred pension. These are non-contributory entitlements to your accrued retirement pension, partner’s pension and orphan’s pension. The deferred pension enters effect on the retirement age. This is 67 as from 1st January 2014.
Entering pension into effect early/later
You may have your deferred pension enter into effect earlier than at the age of 67, from the age of 55. The earlier you have your pension enter into effect, the lower your annual pension income will be.
Alternatively, as long as you are in employment, you can opt to have your deferred pension enter into effect later than at the age of 67, up to the age of 70. If you are no longer in employment, your pension will enter into effect from the first day of the month following your 67th birthday at the latest.
Value transfer to a different pension fund
If you leave Shell service and start working elsewhere, you may transfer your Shell pension entitlements to your new employer’s pension scheme. Under the Pensions Act, a pension fund may not carry out value transfers if the assets are lower than the provision for pension liabilities. That is, if the funding ratio is below 100%. In that situation the value transfer must be suspended and will be resumed as soon as the financial position of the pension fund so permits.
More information about your pension entitlements after you have left service, and important events can be found under "You have left Shell employment".