Explanation amounts UPO SNPS
The amounts of your UPO for this year may be lower than the amounts for last year. There is also a difference between your UPO and my-Shell pension.
How is my pension estimated?
If you participate in the SNPS pension scheme, we invest the defined contribution for you. Each year you accrue a part of your pension capital with this contribution. The total value of the investments constitute your pension capital, and you use it to purchase a pension on your retirement date. It is uncertain how much pension you will receive. The value of the investments could change and the pension that you will be able to purchase depends on your total pension capital, the interest rate and life expectation upon your retirement.
Check how much pension you are expected to receive
Your Uniform Pension Overview shows you once a year how much pension capital you have accrued and how much pension you are expected to accrue. You also see an estimate of how much pension you are expected to receive from the pension fund in the future. This estimate is based on scenarios of DNB (Dutch Central Bank), which use a set of future economic expectations, such as the interest rate, returns and the possible depreciation of money (inflation). Pension funds have to use these scenarios in their calculations.
DNB delivers new scenarios each year
The ones currently used were adjusted in February. Economic forecasts have become less positive. The interest rate continues to be low, which has made the estimate of your pension decrease even more. You see this when you compare the figures of this year’s UPO with last year’s overview.
The amounts in your UPO and those at my-Shell pension are different
Your UPO always reflects the balance as at January 1st of that year, whereas the estimate at my-Shell pension is based on the most recent data.