Stichting Shell Pensioenfonds (SSPF) takes care of the pension scheme for former and current Shell employees who became employed prior to 1 July 2013 and have the Netherlands as ‘base country’.
Objective of the policy
The pension fund aims to comply with pension entitlements and pension rights. In this, the pension fund aims to retain the value of the existing and non-contributory pension entitlements. The benchmark that applies for this is the ‘derived price-index figure for all expenditures’. The pension fund tries to achieve its objective with acceptable and stable contributions. The content of the pension scheme is determined in the employment conditions consultation between the employer and employees and is then recorded by the pension fund in the pension scheme.
The board of SSPF represents the employer, the employees and the pension beneficiaries . The Supervisory Board monitors the policy and general business of the pension fund. The Board accounts for the implemented policy to the accountability body. The Investment Committee advises the Board regarding the investment policy and risk management.
External supervision of the pension fund is conducted by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM). SSPF has also appointed a certifying actuary and an independent accountant.
Implementation of the pension scheme
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 administrative office of the pension fund. SPN has daily management of the pension fund, implements the pension scheme and supports and advises the board regarding governance, actuarial affairs, asset and risk management and pension strategy. The Board has end responsibility for controlled and honest business operations, also for the activities that are contracted out.
The administration of the pension scheme is contracted out to Achmea Pensioenservices. Shell Asset Management Company B.V. (SAMCo) manages the Pension Fund assets. SAMCo also advises the Board regarding the investment policy.
For more information, please see the latest annual report.
SSPF policy concerning revision of pension
The key task of SSPF is to administer the pension rights and payments correctly and to provide participants with sound information in this regard. However, inaccuracies may arise in the administration despite all of SSPF’ efforts. For this purpose, SSPF has a pension revision policy.