The next steps

Now that there is a Pension Agreement, the cabinet will make a proposal to change the legislation.  If the House of Representatives and the Senate agree to this, the new legislation will come into force as of 1 January 2023.

Following this, Shell and the Central Works Council will make agreements that will be presented to the Shell pension funds. The funds will assess among other things the practicality of the new plans and verify whether all interests have been equally served in the proposal.

Next the funds will have to implement the new pension plan. The administrative and other systems will have to be modified for this. The transition to a new pension system must be implemented with due care. Enough time must be allowed for Shell, COR and the pension funds to liaise and make agreements.

The latest possible implementation date for the new plan is therefore 1 January 2027.

 

timeline Pension Agreement