Ever-decreasing interest rates and financial turbulence on the stock exchanges (brought about by coronavirus, amongst other things) can leave pension funds with a low funding ratio.

On the one hand, the low interest rates are making the obligations that pension funds have vis-à-vis their members more expensive. This is because low interest rates force pension funds to maintain more reserves to achieve the same ultimate pension amount.

On the other hand, the investments that pension funds make are being devalued by the falling stock markets. Both of the above can affect the financial strength of pension funds. In comparison with a large number of other pension funds in the Netherlands, the financial health of SSPF (expressed in funding ratio) is still relatively good.

The government and its social partners are working hard to establish the specifics of the Pension Agreement. At this stage it is unclear what the changes will be, exactly what impact they will have and how the current financial situation will affect the Netherlands. Shell is monitoring developments closely to ensure that it is as well prepared as possible. Click here for more information about the Pension Agreement.

Do you already receive a pension benefit from us? In that case, nothing changes. Your pension will be paid as usual. Check the payment dates schedule.

If you became an employee before 1 July 2013, you will have accrued entitlements in the SSPF plan. Information about the impact of the current financial crisis on your pension follows below.

If you have any questions that we have not answered, please feel free to contact us. Despite the measures put in place to curb coronavirus, Shell Pensioen will continue to be on hand to assist you.

We would like to reassure you that SSPF is pursuing a sound financial policy. The investment results achieved as a result are reflected in a relatively good funding ratio and the fact that SSPF has been successful in granting all (catch-up) indexations in recent years. We will continue to commit ourselves to the pursuit of a sound investment policy, the proper implementation of this policy and to closely monitoring developments in the financial markets.

SSPF invests for the long-term, with an ‘investment horizon’ of up to several decades in the future. With this in mind, you should not be overly alarmed by short-term fluctuations in the financial markets. Even when confronted with difficult financial conditions in the past, SSPF has ensured that it has been in a position to meet its promises to members and that they were able to continue to rely on their pension entitlements. Check your pension entitlements via my-Shell pension.

A financial crisis plan has now come into force. On the one hand, this means that the process business continuity of both SSPF and the outsourcing parties by which it is supported (like Shell Pensioenbureau NL and Achmea Pensioenservices) is being monitored, to ensure that pensions are paid out on time and correctly, just as they always have been.

Added to the above, the SSPF Crisis Management Team (which is made up of the asset manager SAMCo, an independent investment consultant and the Risk & Investment Officer at SPN, amongst other parties) is closely monitoring the financial markets and assessing them on a very frequent basis.

SSPF is following all developments and immediately making any adjustments necessary. SSPF is also keeping in close contact with relevant fund stakeholders, such as the Supervisory Board, the employer and the Accountability Body.

As an employer, Shell is following developments in the pension sector and recent movements in the financial markets. SSPF has made a number of agreements with Shell. SSPF policy is to ensure that it is as independent of the employer as possible. Regular consultations about developments take place between the pension funds and Shell Nederland.

As a member of the SSPF plan, the current turbulent financial markets will not affect your pension. You can calculate your future pension amount via my-Flex planner at my-Shell pension.

The pension payments you currently receive from SSPF will not be affected; you will continue to receive them as normal. However, SSPF does try to increase the value of payable pensions every year by the same amount as the increase in the derived price index. This annual increase is only possible if SSPF is in a good, healthy financial situation. Current financial developments make the possibility of indexation less likely.

If you became an employee on or after 1 July 2013, or if you earn more than the tax limit, you will have accrued entitlements in the SNPS plan. Information about the impact of the current financial crisis on your pension follows below.

We would like to reassure you that SNPS is pursuing a sound financial policy. We will continue to commit ourselves to the pursuit of a sound investment policy that focuses on the long-term, the proper implementation of this policy and to closely monitoring developments in the financial markets.

As a member of the SNPS plan, you and your employer will pay a certain contribution every month. The contribution is certain, but the outcome is not, as we invest your contributions for the long-term. Although you should not be alarmed by fluctuations, there is a chance that your capital will decrease in value. It is important for you to realise that you are free to decide how much risk you want to take in relation to investment results and interest developments. Check your pension capital on a regular basis and take action if necessary. This could involve making changes to your risk profile in the Investment balance, obtaining external financial advice or saving more, amongst other things. Check your pension regularly on my-Shell pension.

A financial crisis plan is in force. The process business continuity of both SNPS and the outsourcing parties by which it is supported (like Shell Pensioenbureau NL and Achmea Pensioenservices) is being monitored, to ensure that pensions are paid out on time and correctly, just as they always have been. Added to the above, the executive directors, in collaboration with AIM, the asset manager at SNPS and the Risk & Investment Officer at SPN, are closely monitoring the financial markets and assessing them on a very frequent basis.

SNPS is following all developments and immediately making any adjustments necessary. SNPS is also keeping in close contact with relevant fund stakeholders, such as the employer and the Accountability Body.

Although, as a member of the SNPS plan, your contribution is guaranteed, the outcome of your pension capital will depend on investment results and interest rates. This means that there is a chance that your pension capital could decrease in value. Given this fact, it is important to monitor your pension capital and to take action, if necessary. This could involve making changes to your risk profile in the Investment balance, obtaining external financial advice or saving more, amongst other things. Check your pension regularly on my-Shell pension.

The capital you have accrued via the SNPS plan may have decreased in value, if affected by negative investment results and interest developments. Members of the SNPS plan are able to opt to receive a variable pension payment. If you have done this, your pension will be updated in line with your investment results once a year. To combat major fluctuations, results are spread over 5 years. This means that your pension amount will vary from one year to another and major changes, such as those currently being experienced, will be spread over a number of years. Calculate your future pension amount via my-Flex planner at my-Shell pension.

The investment results for your SNPS pension are spread over 5 years. Because of this, major fluctuations will be reflected in your variable pension payment.