SSPF pension increase

Last year, a new indexation method with a fixed indexation rate of 2% was agreed for the SSPF pension scheme (it applies to employees who joined Shell before 1 July 2013).

Shell Netherlands is adjusting its indexation method to reflect the current economic climate
As we all know, the economic climate has changed dramatically since last year and inflation has increased significantly, amongst other things. The employer and the Central Works Council (COR) agreed that 2% was no longer an appropriate indexation rate This led to the re-evaluation of the indexation measure and the introduction of a new SSPF indexation method with effect from 1 February 2023.

Indexation rate on the basis of market-derived price indexation, subject to a maximum of 5%
The new indexation method arrives at an indexation rate on the basis of market-derived price indexation, as established by Statistics Netherlands (Centraal Bureau voor de Statistiek), subject to a maximum of 5%. The average of two years is taken when calculating this indexation rate, which means that the high inflation rate of 2022 will be used in calculations for two years. This is expected to have a positive effect on pension indexation next year too. The policy above will apply until Shell implements the new Pensions Act in the Netherlands (which will be by 1 January 2027 at the latest).

Indexation rate for 2023: 5% from 1 February 2023
This means that the indexation rate for the SSPF pension will be adjusted from 2% to 5% with retrospective effect in 2023. Your new pension amount will be specified in your Uniform Pension Overview (UPO), which you will receive in May 2023. It contains all your pension-related information.

For who will the new indexation method apply?
The new indexation method will apply for:

  • employees in active employment who joined Shell before 1 July 2013
  • any partner’s pension in payment, up to the original retirement date of your former partner
  • any orphan’s pensions in payment
  • disability pension (AOP)

The salary on the basis of which we calculate your pension is increased by the indexation rate on an annual basis. We redetermine the WAO/WIA reduction on the basis of data we receive from the Institute for Employee Benefit Schemes (Uitvoeringsinstituut Werknemersverzekeringen (UWV)).

See your Uniform Pension Overview for information about the indexation rate.

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Read more about SSPF’s indexation policy.