Consequences for the Shell pension
How much things will change for you depends on:
• the pension plan you currently have
• whether you are still working for Shell, no longer in service or retired
Are you still working for Shell?
There is an information page about the Pension Agreement especially for Shell employees on the employer website. If you would like a better insight into your current pension, read the page Insight in your pension.
Do you no longer work for Shell?
The basic principle of the Pension Agreement is that the value of accrued or commenced pensions is also to be transferred to the new pension plan. This is called ‘entry’. In this case, the value of your pension will be transferred to the new pension plan. However, the draft pension legislation offers the opportunity to deviate from this and to not transfer the accrued or commenced pensions. The existing rules would then still apply to these pensions. In order to use this exception, it must be possible to show that ‘entry’ would lead to a disproportionate disadvantage for those involved. A decision needs to be made regarding entry or non-entry as part of the complete decision making by Shell, the Central Works Council and the pension funds. When making this decision, the various interests will be taken into account in a balanced manner.
If you want to keep up to date with developments in the future, review your current details via my-Shell pension. Make sure we have your email address and mobile phone number now.