Collective Variable Pension (CVP)

Are you participating in the SNPS pension scheme and/or the Shell Net Pension Scheme? If so, from the age of 58 you can make a preliminary choice for receiving a fixed or variable pension in the future. If you opt for a variable pension, you will start participating in the Collective Variable Pension (CVP) with SNPS. Do you prefer to receive a fixed pension? Then you can take your pension capital to an external pension administrator and purchase a pension benefit from them. On your retirement date, you will make a final choice for a variable or a fixed pension benefit.

You make a preliminary choice in the year that you become 58
In the year you turn 58, we will invite you to make a provisional choice for a fixed or a variable pension benefit. Did you opt for a variable benefit? Then we will gradually convert your pension capital into (variable) pension entitlements in the CVP. Your pension capital is invested in the CVP according to a fixed, collective investment mix. The advantage of this is that you can still benefit from the investment returns made, also after your retirement date. Against this, your pension benefits can also decrease if returns are disappointing. To prevent major fluctuations in the amount of your benefit, the returns made in the CVP are spread over 5 years. In addition, participants share risks of longevity and mortality with each other.

Would you rather receive a fixed pension in the future and do you not opt for the CVP? In that case you will continue accruing pension capital and investing according to your previously chosen Life cycle profile. You will then use your accrued pension capital to purchase a pension benefit from an external pension administrator on your retirement date. The amount of this benefit will then be fixed for the rest of your life.

You will make a final choice on your retirement date
On your retirement date you have the opportunity to change the choices you previously made. Are you opting for a fixed pension but would you like to still participate in the CVP? That is possible. In that case, we will convert your pension capital into a variable benefit at once. In that case, you will not use the spread purchase in the CVP. This is why the amount of your pension depends on the interest rate at that time.

You can then also make additional choices in your pension. Are you opting for a fixed benefit? The options will then depend on the pension administrator you have chosen.

Watch the video Conversion of capital below to learn more.

Learn more about provisional choices
Read more in the leaflet on the CVP (pdf). Also, we have included a brief summary (pdf) on which steps to take before making a provisional choice. Read for more information the presentation of the CVP webinar (pdf) including answers to the questions asked.

The following results were achieved in the CVP in the previous years
These results are incorporated in your pension benefit with effect from the 1st of July on a yearly basis. Each year you will receive a letter in July about the amount of your pension benefit in the following year.

The results of the SNPS gross pension scheme and the SNPS net pension scheme
Year SNPS gross pension scheme SNPS net pension scheme
2020 +0.96% +0.32%
2019 +3.02% +2.77%
2018  -2.30%  -2.50%
2017 +1.60% +1.30%

Watch the video Spreading of results below to learn more.

You can find the latest details we have for you at my-Shell pension
It is important that you know what you can expect, particularly when your pension amount may vary. The current status of your CVP entitlements is available in my-Shell pension

my-Shell pension