Uniform Pension Overview (UPO)
Do you know how much pension you are entitled to? Every year, you receive a Uniform Pension overview (UPO) from us.
A clear overview of your pension
Your UPO gives you an overview of your pension with Shell. Your UPO is available on my-Shell pension, your personal portal.
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How is my pension estimated?
If you participate in the SNPS pension scheme, we invest the defined contribution for you. Each year you accrue a part of your pension capital with this contribution. The total value of the investments constitute your pension capital, and you use it to purchase a pension on your retirement date. It is uncertain how much pension you will receive. The value of the investments could change and the pension that you will be able to purchase depends on your total pension capital, the interest rate and life expectation upon your retirement.
Check how much pension you are expected to receive
Your Uniform Pension Overview shows you once a year how much pension capital you have accrued and how much pension you are expected to accrue. You also see an estimate of how much pension you are expected to receive from the pension fund in the future. The expected level of your pension in this UPO is based on scenarios from the Dutch Central Bank (DNB). The scenarios are based on a set of future economic expectations. The interest rates have increased significantly in the past months. Along with that, the expected future returns have increased and more pension can be purchased with the saved pension capital. As a result of this, your expected pension may also have increased compared to last year.
The amounts in your UPO and those at my-Shell pension are different
Your UPO always reflects the balance as at January 1st of that year. At my-Shell pension under “My pension with…” you can also see the expected level of your pension on your retirement date. At my-Shell pension you always see the most recent estimates. This explains the difference between the amounts on your UPO and at my-Shell pension.
On your UPO you also see how much risk you run
On the UPO you see what happens with your pension if economic circumstances are weak or strong. You see an estimate of your expected pension in those circumstances. When making this estimate, we also looked at possible increases or decreases in prices.
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The fiscal limit for participation in the Net Pension Scheme has changed with effect from 1 February 2023
You participate in the Shell Net Pension Scheme if your salary exceeds the fiscal limit. This limit has increased in 2023. This means that in the gross pension scheme your pension contribution will be higher while in the Net Pension Scheme it will be lower. This has not been processed in the 2023 UPO yet, but you will see this in the forecasts at my-Shell pension.
- Do you participate in the SSPF gross pension scheme (employed before 1 July 2013)? Then you will participate in the Net Pension Scheme in 2023 if you earn more than € 119,278,-.
- Do you participate in the SNPS gross pension scheme (employed on or after 1 July 2013)? Then you will participate in the Net Pension Scheme in 2023 if you earn more than € 113,995,-.
Calculate whether you can accrue extra pension in a tax-friendly way
Are you accruing pension in the Net pension scheme? Your UPO shows the net premiums paid for the calculation of your annual margin. This is based on the data we received from your employer. The annual margin is the amount that the government allows you to use to accrue extra pension in a tax-friendly way. In case you are accruing less pension than allowed by the government, you have annual scope to accrue extra pension. Would you like to calculate your annual margin? Then use the 'Rekenhulp Lijfrentepremie' for annuity premium on Belastingdienst.nl. Or ask a financial advisor to help you.
Differences UPO and mijnpensioenoverzicht.nl explained
The amounts on your Uniform Pension Overview (UPO) from Shell and the amounts in mijnpensioenoverzicht.nl (MPO) (only available in Dutch) are not entirely the same. That is because the basis for their calculation is different:
- UPO: shows gross amounts - MPO: shows net amounts.
- UPO: only uses data from the Shell pension plan - MPO: shows all pensions (except for net pension plans).
- UPO: uses the retirement age at Shell in the calculations - MPO - your pension is calculated as of the state retirement date ('AOW-datum').
- UPO: is issued once per year - MPO: is updated four times per year.