At SNPS, you and your employer both contribute to your pension. Contributions are paid into your pension pot and invested for you. So, your pension pot could grow. There’s also a chance your pension could decrease in value.

Wondering how your pension is performing?
Take a look at your new value statement in the ‘My archive’ section on my-Shell pension. In this interview, Jeroen Roskam from Achmea Investment Management talks about the second quarter of 2025.

Check how your pension is doing

Developments in the world
"In April, the trade war escalated when President Trump announced high global import tariffs. The aim was to protect domestic production and put pressure on trading partners like China and Europe. The result? Political tensions throughout the world. In May, these tensions eased slightly when Trump decided to temporarily delay and soften some of the new tariffs. The US and China both lowered their mutual tariffs and the US struck a trade deal with the United Kingdom. A deal with the EU failed to materialise. In June, the outlook improved again after negotiations with China, which were more positive, and the partial easing of export restrictions. However, the same month saw geopolitical tensions flare up due to the conflict between Israel, the US and Iran."

Developments in the economy
"President Trump's high import tariffs caused a stir in the United States as well. The economy weakened and inflation rose. Global economic growth came under pressure too. The European Central Bank (ECB) responded in April by cutting the interest rate to 2.25%, while the Fed, America's central bank, kept the interest rate the same (despite political pressure to cut it). Later in the quarter, the ECB cut the interest rate again, this time to 2%. US credit rating agency Moody's downgraded the US credit rating from AAA to AA. Credit rating agencies S&P and Fitch had already done this before. This means that investors feel it’s slightly more likely the US will find it harder to pay its debts in the future. The country is still seen as financially strong but subject to slightly higher level of risk than before."

This happened in the financial markets
In April, the financial markets reacted strongly to the escalating trade war: share prices fell sharply, the market continued to be highly volatile and investors fled to safe havens en masse. The price of gold reached a record high as a result. At the same time, the US dollar weakened and government-bond interest rates fluctuated sharply. Later in the quarter, equity markets in particular recovered as trading tensions eased. The US dollar exchange rate (versus the euro) remained weak.

In short, there was considerable movement in the financial markets in the second quarter of 2025. It should be noted that our investment policy is geared towards the long term and our investment portfolios have a good spread.

Your pension pot has grown
"The second quarter was ultimately favourable for pension accrual in the Return portfolio. Most of the money in your pension pot is being invested in this portfolio. Its investments achieved a positive yield of more than 3.5% in the second quarter of this year. Stock markets recovered and currency hedging contributed to positive yields as well. The portfolio is partially protected against a depreciation of the US dollar against the euro; this 'insurance' increases in value when the US dollar depreciates, offsetting a significant percentage of the loss."

A little extra for participants in the Collective Variable Pension (CVP)
If you have retired, or are approaching retirement, and have chosen a variable pension, we invest for you via the Collective Variable Pension (CVP) portfolio. Approximately 50% is invested in the Return portfolio. The CVP portfolio also includes interest-rate investments that are intended to prevent your pension benefit from fluctuating too much. The combination of these investments yielded a positive return of more than 1%. Participants who have opted for a fixed pension benefit and are approaching retirement age invest part of their pension capital in the Matching portfolio. This portfolio achieved a small positive yield of almost 1%.

The pension you receive depends on how much pension capital you have accrued as well as the interest ratio
A higher capital does not necessarily mean that the pension benefit you receive will be higher as well. The opposite applies as well: a lower capital does not always lead to a lower pension benefit. This is because the interest rate determines how much pension benefit you can buy with your pension capital. If interest rates fall, you will be able to buy a lower pension benefit with the same capital.