SNPS (Shell Nederland Pensioenfonds Stichting) implements the 2 available Shell pension schemes for employees with the Netherlands as 'base country’. The gross pension scheme is for employees who started employment from 1 July 2013. Since 1 January 2015, there is also a Net Pension Scheme for Shell employees who are eligible for this scheme.
Objective of the policy
The Pension Fund aims to implement the SNPS pension schemes and, in connection with this, provide pensions or similar payments. The pension schemes that are implemented by SNPS are both defined contribution schemes. The employer makes a contribution available for the monthly accrual of pension capital. Participants also pay an age-independent fixed contribution of 2%. The contribution payments are invested individually at the expense and risk of the member or former member. The content of the pension schemes is determined in the employment conditions consultation between the employer and employees and is then recorded by the pension fund in the pension scheme rules.
The Board of the Pension Fund works according to a ‘one-tier board’ (reverse mixed board model) and comprises an independent chairman, 4 non-executive and 2 executive board members. The Executive Board members are employed at Shell Pensioenbureau Nederland (SPN). Internal supervision is safeguarded via the supervisory, non-executive Board members (including the independent Chairman). The Board of SNPS submits its annual accounts to the accountability body comprising representatives of both the employer (2 members) and employees (4 members).
External supervision of the pension fund is conducted by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM). SNPS also works with a certifying Actuary and an independent accountant.
Implementation of the pension scheme
The Actuarial and Business Memorandum (ABTN) forms the basis for the policy implemented by SNPS. The board adopts the ABTN. The starting point is to implement the pension scheme in the best possible way, based on a solid policy (with a balance between performance, risk and expenses).
Shell Pensioenbureau Nederland B.V. (SPN) is the statutory director of SNPS. SPN supports the Board and advises the Board on pension policy. SPN also supports the Board in the supervision of external service providers to whom pension control and asset management are contracted out. SPN also supports the Board in the area of risk management. The Board has end responsibility for controlled and honest business operations, also for the activities that are contracted out.
The administration and the asset management of the pension scheme is contracted out to Achmea Pensioenservices and Achmea Vermogensbeheer.
For more information, please see the latest annual report.