Uniform Pension Overview (UPO)
Do you know how much pension you are entitled to? Every year, you receive an Uniform Pension overview (UPO) from us. This shows an overview of your pension with Shell. Your UPO is available on my-Shell pension, your personal portal.
A clear overview of your pension
We have brought all your important pension information together on my-Shell pension, so you have online access to, for example, your personal pension statement.
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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. This estimate is based on scenarios of DNB (Dutch Central Bank), which use a set of future economic expectations, such as the interest rate, returns and the possible depreciation of money (inflation). Pension funds have to use these scenarios in their calculations.
DNB delivers new scenarios each year
The ones currently used were adjusted in February. Economic forecasts have become less positive. The interest rate continues to be low, which has made the estimate of your pension decrease even more. You see this when you compare the figures of this year’s UPO with last year’s overview.
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, whereas the estimate at my-Shell pension is based on the most recent data.
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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New in the UPO 2021
If you accrue pension in the Net pension scheme, your UPO also 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.