Indexation policy

Indexation if you work and accrue pension and for certain benefit groups
If you accrue pension, your accrued pension will be unconditionally increased by 2.0% per year in 2022, 2023 and 2024. This is called indexation and occurs annually on 1 February. The employer will decide later whether to also apply this increase to 2025 and 2026. The unconditional indexation also applies to certain pension beneficiaries:

  • Partner’s pension
    Current partner’s pension will be increased by 2% per year. This increase applies until your former partner’s original retirement date.

  • Orphans’ pension
    Current orphans’ pension will be increased by 2% per year.

  • Invalidity pension
    The salary, on the basis of which we calculate your disability pension, will be unconditionally increased by 2% per year. The WAO / WIA deduction is based on the information we receive from UWV.

Until the end of 2021, the pension fund automatically allowed your accrued pension to grow each year at the same rate as the development of the majority of Shell Nederland’s salary scales.

In recent years, your pension has been indexed as follows

 Year  Indexation  Development of salary scales  Indexation based on
 2022  2.0%  0.0% Unconditional
indexation at 2.0%
 2021  0.0%  0.0% Development of
the majority of
Shell Nederland’s
salary scales
 2020  2.0%  2.0% Development of
the majority of
Shell Nederland’s
salary scales
 2019  1.0%  1.0% Development of
the majority of
Shell Nederland’s
salary scales
 2018  1.0%  1.0% Development of
the majority of
Shell Nederland’s
salary scales

Indexation if you receive a pension, or no longer work at Shell but do not yet receive pension
Every year, the pension fund tries to increase your pension in line with the rise in consumer prices. This is called indexation.

Indexation is not guaranteed. Indexation is possible only if the pension fund’s financial situation allows for it. The Board decides each year whether it is possible to index pensions.

In recent years, your pension has been indexed as follows

Year Indexation Catch-up indexation Ambition
 2022  5.0%  0.7% (over 2021)  5.0%
 2021  0.0%  0.0%  0.7%
 2020  1.6%  0.0%  1.6%
 2019  1.6%  0.0%  1.6%
 2018  1.5%  1.1% (over 2012)  1.5%

Read more about indexation in 2023