SSPF: preparing for the amended pension scheme
In summer 2024, Shell Netherlands and the COR (Central Employee Council) reached an agreement about the implementation of the Dutch Future Pensions Act (Wtp) with SSPF. The Association of Shell Pensioners and Former Employees (Voeks) was also heard in this process. Shell Netherlands and the COR also submitted a transition plan (pdf) to the board of SSPF on the basis of this agreement. The plan instructed the board to implement the proposed changes to the pension scheme as of 1 January 2027. The SSPF board accepted this mandate, as the changes comply with the applicable law and regulations, are feasible to implement and were assessed to be well-balanced overall. Specifically regarding the proposal to also transfer accrued pensions and pensions in payment to the new pension system ('conversion'), a positive opinion was given by the Accountability Body and approval was granted by the Board of Supervisors.
Following acceptance of the mandate, an implementation plan was prepared and submitted to the Dutch Central Bank (De Nederlandsche Bank (DNB)) for approval. At the same time, a communication plan was submitted to the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten (AFM)).
What does this mean?
Under the Wtp, pension capital will be allocated to individual participants. This will give participants a clearer picture of how much pension they have accrued. During the accrual phase, the age-related contribution will be replaced by a fixed contribution that is the same for all ages.
Shell Netherlands and the COR have asked SSPF in the transition plan to transfer accrued pensions and pensions in payment to the new pension scheme as this is expected to lead to better pension outcomes for all participants (whether still employed, no longer employed or already retired).
As requested by Shell Netherlands and the COR, SSPF aims to implement the amended pension scheme as of 1 January 2027.
Read more about what this means for your situation.
We expect to switch to the new pension scheme on 1 January 2027. Your pension will then be converted to the new pension scheme. This means you have to make a choice. Read the outline below:
- You will opt for a fixed or variable pension later.
When switching to the new scheme, you will make a one-off choice in 2027 for a variable pension with SSPF or a fixed benefit with an external pension insurance company.
If you choose for a variable pension, your benefit will not be fixed in advance.
A variable pension is invested further by the pension fund, which means you can benefit directly from positive investment results. On average, a variable pension is expected to result in a higher pension than a fixed pension. However, in less favourable times, there is a risk that your pension payments may be lower. Each year, we review the investment results and adjust the payments accordingly. To avoid large reductions in your pension benefits as much as possible, we will maintain a buffer. In addition, the results of investments are spread over five years. This prevents large fluctuations.
What happens if you choose a fixed benefit?
Then you buy a fixed benefit with your pension capital from an external pension insurance company. The amount of the fixed benefit to be purchased depends on the interest rate at the time and the terms of the pension insurance company chosen. SSPF is exploring the possibilities of collaborating with an external pension insurance company in order to offer attractive (collective) purchase rates to retirees who want a fixed benefit.
You are also free to consider other pension insurance companies for a fixed benefit if you wish.
You do not have to make a final decision on whether to opt for a variable or fixed benefit until 2027. By then, you will have received comprehensive information and support from SSPF to make an informed decision.
- We maintain a buffer to avoid reductions to pensions as much as possible. Any remaining assets are allocated to all participants.
Since the risk of the investments lies with you after the transition, there is no need for SSPF to maintain large buffers. However, we do maintain a buffer (reserve for pension beneficiaries) to avoid reductions in benefits as much as possible. In addition to a few other limited (statutory) buffers, the rest of the fund assets is allocated to participants in the form of personal capital for retirement.
At the end of 2025, we will organise webinars to update you on the changes. You can indicate your interest in joining now. You can also submit the questions you want answered. Indicate your interest in joining and submit your questions.
We expect to switch to the new pension scheme on 1 January 2027. You will continue to accrue pension, but from that point onwards, you will do so within your own personal pension pot. Any pension you have accrued already will be converted into the new scheme. This amount will be added to your individual pension pot. Read the outline below:
- You will accrue a personal pension pot that fluctuates in line with investment results.
You and your employer pay a contribution every month. These contributions are invested for you. Your pension pot may increase if investments do well but could also decrease if they do less well. This means that the amount you receive each month when you retire will not be fixed in advance.
SSPF is investing for the long term. This strategy helps us limit risks and increase the chance of a positive yield.
- You can decide for yourself how much risk we take when investing on your behalf.
We can invest your pension pot based on one of the following three risk profiles: less risk (defensive), neutral or more risk (offensive). On your personal portal, you will be able to decide which profile suits you best. If you don't choose a profile, we will invest your pension pot based on the risk profile neutral.
- The employer's 21% contribution is the same every year.
This can be advantageous or disadvantageous compared to your current contribution. If you are disadvantaged, you will receive compensation for this from SSPF.
The premium percentage that Shell contributes as of 1 January 2027 will be the same for all ages. For each year of birth, it is defined within the transition plan as to whether and how much compensation you will receive in your pension pot.
- You will be able to choose how much you want to contribute to your pension.
You will contribute a minimum of 2% of your gross salary. Under the new pension scheme, you will have the flexibility to contribute more if you wish. You can choose to contribute up to an additional 7% on top of the 2%. By default, your contribution is set at 7% (2% mandatory + 5% flexible). You can submit your choice via Workday starting in 2027.
- The partner’s and orphan’s pension are going to change.
Your partner will receive a lifelong partner's pension only if you pass away while in service. This also applies to participants who are incapacitated for work but have non-contributory continuation of pension accrual with SSPF. Your partner will also receive the partner's pension already accrued under the old scheme.
If you pass away while still employed, your children will be entitled to an orphan’s pension. This also applies to participants who are incapacitated for work but have non-contributory continuation of pension accrual with SSPF. The orphan’s pension is paid until your children reach the age of 25.
- The disability pension will be arranged through your employer.
This pension, which you will receive if you become incapacitated for work before your retirement date, will supplement Shell Netherlands' existing sickness and reintegration policy.
- You will provisionally opt for a fixed or variable pension yourself.
If you are 58 or older, you will make a preliminary choice: you will opt for a variable pension with SSPF or a fixed benefit via an external pension insurance company. A variable pension is expected to pay out more than a fixed pension. However, when times are tough, a variable pension could pay out less. You will let your final choice know at retirement.
- Extra capital in your pension pot.
Since the risk of the investments lies with you after the transition, SSPF can maintain fewer reserves. However, we do maintain a buffer to avoid fluctuations in benefits as much as possible. In addition to a few other limited (statutory) buffers, the rest of the fund assets is allocated to participants in the form of personal capital for retirement.
At the end of 2025, we will organise webinars to update you on the changes. You can indicate your interest in joining now. You can also submit the questions you want answered. Indicate your interest in joining and submit your questions.
We expect to switch to the new pension scheme on 1 January 2027. Your accrued pension will be converted into a personal pension pot. This pension pot will be invested. Your pension is not fixed in advance. Read the outline below:
- You will receive a personal pension pot that fluctuates in line with investment results.
Your pension will be invested for you. So, your pension pot may increase if investments do well but could also decrease if they do less well. This means that the amount you receive each month when you retire will not be fixed in advance.
- You can decide for yourself how much risk we take when investing on your behalf.
We can invest your pension pot based on one of the following three risk profiles: less risk (defensive), neutral or more risk (offensive). On your personal portal, you will be able to decide which profile suits you best. If you don't choose a profile, we will invest your pension pot based on the risk profile neutral.
- You will provisionally opt for a fixed or variable pension yourself.
If you are 58 or older, you will make a preliminary choice: you will opt for a variable pension with SNPS or a fixed benefit via an external pension insurance company. A variable pension is expected to pay out more than a fixed pension. However, when times are tough, a variable pension could pay out less. You will let your final choice know at retirement.
- You will maintain your already accrued partner’s and orphan’s pension.
The partner's pension you have already accrued up to the transition to the new pension is transferred to the new scheme. The value of the accrued partner’s pension will go into a separate pension pot. In the event of your death, your partner will receive the partner's pension already accrued and your children the orphan's pension accrued.
- Extra capital in your pension pot.
Since the risk of the investments lies with you after the transition, there is no need for SSPF to maintain large buffers. However, we do maintain a buffer to avoid fluctuations in benefits as much as possible. In addition to a few other limited (statutory) buffers, the rest of the fund assets is allocated to participants in the form of personal capital for retirement.
At the end of 2025, we will organise webinars to update you on the changes. You can indicate your interest in joining now. You can also submit the questions you want answered. Indicate your interest in joining and submit your questions.
Navigating towards your new pension together
We want to make sure we give you the guidance you need during the transition to the amended pension scheme. To help you through the transition, we have launched our Shell Pension CARE programme (Comfort and Retirement Ease). It will guide you step by step to your new pension, with information via e-mails, webinars, participant meetings and even personal guidance if you need it. In the programme, we will share information in a way that suits you. So, make sure we are able to contact you! Please leave your e-mail address and mobile phone number on my-Shell pension and set your preferred communication method to digital.
Innovative Communication Plan
The communication plan is based on our standard communication policy and strategy. The plan shows how we will guide participants through the upcoming changes resulting from the Wtp and how we keep them informed about the changes of the pension scheme. The aim is to inform participants and make them aware of the amended pension scheme. We also want to maintain trust and activate participants to play an active role in their future pension. We will achieve this by building on the experience we have gained with our other SNPS pension fund since 2013. The principle is and will continue to be that participants themselves will explore, consider and make their pension choices themselves.
Read the abridged communication plan here (pdf).
Basic principles and process
The decision to implement a new scheme as of 1 January 2027, including the intention to convert accrued pensions and pensions in payment to this new scheme, has been a careful process involving a number of different parties. You can read more about this in the Key Points of the Decision (pdf).
SSPF has sound project and risk management in place and we are working closely with Shell Netherlands, Achmea Pension Services (APS), and Blackrock to make the transition to the amended pension scheme in the upcoming period seamless.
APS recently issued a notice announcing that their services will eventually be phased out following the transition. The implications for SSPF’s transition are currently being further examined. No decisions have (yet) been made at this stage.
If, prior to the transition, exceptional deteriorating conditions in the financial markets cause the funding ratio to fall below 125%, and there is no prospect of recovery, the decision to convert accrued pensions and pensions in payment to the new scheme may be reconsidered.
Follow-up steps
Your personal situation will determine how much will change for you. What this means for you exactly will be communicated to you shortly before the intended transition (end of 2026), when you will receive the provisional calculation.
FAQ new pension scheme for SSPF
The final decision for the new pension scheme was taken by Shell Netherlands and the COR (Central Employee Council) and is set out in the transition plan (pdf). They instructed the SSPF board to implement the new pension scheme, after which the board reviewed the request by the COR and Shell Netherlands carefully.
The board assessed to whether the transition to the new scheme would be balanced for all participants, whether it complies with laws and regulations, and whether it is feasible to implement. In this process, advice was sought from the Accountability Body (AB) as well as approval from the Board of Supervisors (BoS).
The SSPF board has now accepted the assignment from Shell Netherlands and the COR and will start the preparatory work for implementing the new scheme with effect from 1 January 2027. Currently, the implementation plan and communication plan have been submitted to the supervisory authorities DNB and AFM. DNB and AFM still need to approve how SSPF intends to implement the transition arrangements.
* Part of this process for the SSPF pension scheme was that the draft transition plan was submitted by Shell Netherlands and the COR to the Voeks (Association of Former Shell Employees) committee for the right to be heard (VHC). Shell and the COR have factored this vision from the VHC into their final design. If you have any questions about the VHC, you can send an e-mail to Voeks.
You joined Shell before 1 July 2013 (SSPF)
Your already accrued pension will be converted to the new scheme. The accrued pensions then become part of your personal pension pot.
When all accrued pensions are converted, the pension reserves (buffers) held with the pension fund are also released. These buffers are distributed among all participants. The majority of the buffers will be allocated to individual pension pots, while a smaller portion is set aside to cover certain risks.
If you joined Shell on or after 1 July 2013 (SNPS)
The SNPS pension scheme already largely complies with the Future Pensions Act (Wtp). Pensions already accrued are transferred one-to-one to the new scheme. Read here more on SNPS.
No, you will continue to receive a lifelong pension. Your partner’s pension will also remain well-arranged.
With the transition to the new pension system, pension reserves (the buffers) will be released. These are distributed in three ways:
1. Mandatory reserve after the transition
A small portion of the money will remain with the pension fund. This is required by law. The fund will use this money for example to meet unforeseen expenses.
2. Reserves with a special purpose
• Reserve for pension beneficiaries (€500 million)
This reserve is intended to prevent pensions that are already in payment, and which were increased due to the transition, from being unexpectedly reduced. The aim is to keep the likelihood of a reduction within the first 15 years after the transition to the new system below 5%.
• Reserve for compensation (€400 million)
This reserve is intended for people still accruing pension. Due to the new regulations, some will receive less premium after the transition than at present. This reserve provides compensation for this adverse effect.
3. Distribution among participants
The remainder of the buffers is distributed among the personal pension capitals of all participants.
The SSPF board believes the money is distributed in a balanced way. The calculations done by SSPF on the effects show that no participant group will be at an unbalanced disadvantage due to the transition. Additional fund resources have been reserved for these groups that may suffer financially due to the transition. This concerns the following groups:
• Pension beneficiaries
If increased pensions do have to be reduced unexpectedly after the transition, the pension beneficiaries will be affected most. That is why there is an additional reserve especially for them: the risk-sharing reserve. This reserve is designed to narrow the risk of reducing their pension (less than 5% chance in the first 15 years after the transition).
• Participants still accruing pension
Currently, the employer pays more contributions as you get older. That will stop in the new system, resulting in some working people receiving less premium. To compensate for this, there is an additional reserve. This ensures that the affected participants receive additional pension premiums spread over the next 10 years.
SSPF is obligated to conduct its business in a controlled and ethical manner. The board first examined the risks involved in the transition to the new pension system. It then took measures to eliminate or minimise those risks as much as possible. The pension fund uses a special system to identify risks in time and to manage them properly. This system helps make plans and check that everything runs smoothly. The board also ensures that the transition is done safely and properly, so that participants can be confident that their pensions will continue to be well managed.
SSPF recently started working with BlackRock, partly with a view to implementing the new pension law (Wtp) as of 1 January 2027. After careful selection, SSPF chose BlackRock as its new asset management company. In July 2025, pension assets management was transferred from SAMCo to BlackRock. This partnership allows SSPF to leverage BlackRock's global knowledge and technology, particularly in investment and risk management.
If you pass away, there is still a pension for your dependants. You will keep the partner's pension you have already accrued in the existing scheme. It will also be transferred to the new pension scheme. In the event of your death, your partner will then receive a partner's pension consisting out of 2 parts. 1) the partner's pension accrued under the old scheme and 2) the insured partner's pension under the new scheme.
Even if you are no longer employed but have accrued partner's pension in the past, this accrued partner's pension will also be transferred to the new scheme.
With the transition to the new pension scheme, the government has determined that it is not possible for individuals to object to the transition to the new pension. Current employees, former employees and pension beneficiaries are represented in this process by the COR (Central Employee Council). The COR considers the interests of all the different participant groups and the employer as part of the consultation process. The interests of former employees and pension beneficiaries in SSPF are also represented by the Voeks ('Association of Former Shell Employees') committee for the right to be heard ('VHC'). The VHC has shared its views on the draft transition plan in which the proposal for the changes is set out. Shell Netherlands and the COR have factored these views into their deliberations. If you have any questions about the VHC, you can send an e-mail to Voeks.
The decision for the new pension scheme was taken by Shell Netherlands and the COR. They have entrusted the SSPF board with the task of implementing this decision. The board considered the request from Shell Netherlands and the COR. To reach an informed decision, the interests of all participant groups have been weighed up. In this process, advice was sought from the Accountability Body (AB) as well as approval from the Board of Supervisors (BoS).
Your personal situation will determine how much will change for you. What this means for you exactly will be communicated to you shortly before the intended transition (end of 2026), when you will receive the provisional calculation.
We want to guide you to the new pension scheme as best we can. SSPF has therefore developed the CARE programme, where you can take in the information in the way that suits you.
It is expected that SSPF will change over to the new scheme as of 1 January 2027. Of course, we will be sure to keep you informed through e-mails, webinars, participant meetings and, if needed personal guidance. So, make sure we can reach you! Then we can keep you informed. Leave your email address, if you haven't already done so, at my-Shell Pension and set your communication preference to digital.
We like to keep you informed and we use channels that best suit your preferences.
- Newsletters by email, with updates on your situation
- Post, if we do not have your email address or you have indicated this as your preference.
- CARE programme, through care-shellpensioen.nl, with tailored guidance (also for personal interviews and calculation modules)
- my-Shellpensioen.nl, with your personal pension information
- Viva Engage, if you are still working with Shell
- LinkedIn, online short posts on various topics
- Voeks, for pension beneficiaries and former employees, via a magazine and meetings
- Webinars, videos and e-learnings, if you prefer watching over reading.
- Are you thinking of retiring? Go to Prikkel and see if you qualify for a personal interview now.