I work at Shell

Our pension is changing

The changes in short

What does this mean for you?

Our current pension

Questions & Answers

Currently you accrue a pension with at least one of Shell’s two pension funds. Shell has two different basic pension schemes:

  • SNPS pension scheme
    The premium scheme applies to employees who joined the company on or after 1 July 2013. In such a scheme, each participant builds up pension capital in his/her own pot. As long as you work, a monthly premium will be invested for you. That premium will generate a return and in that way you will accrue your own pension capital, which will evolve with the financial markets. This pension scheme is administrated by Shell Nederland Pensioenfonds Stichting. We therefore call this scheme the ‘SNPS scheme’.
  • SSPF pension scheme
    The defined benefit scheme is applicable to employees who were employed before 1 July 2013. This pension scheme is administrated by Stichting Shell Pensioenfonds. We call this scheme the ‘SSPF scheme’. Because pension must be accrued in a premium scheme in the future, it is no longer possible to continue to promise pension accrual in the future as we do now at SSPF. The current scheme at SSPF will therefore be closed as a result of the new law. For the future, everyone will accrue pension in a premium scheme.

  • The net scheme
    In addition there is a net pension scheme. The net scheme is the supplementary pension scheme for employees who earn more than approximately 115,000 euros per year. The net pension scheme is also a premium scheme and is administrated by SNPS.

The government, employers and employees have made agreements in the Pension Agreement of 2019 about what the new pension system in the Netherlands should look like.  The changes affect almost everyone. These agreements have been incorporated into a new law, the Future Pensions act.

The deadline for switching to a new pension scheme is 1 January 2028. That is why Shell is currently working together with the Central Works Council on a new pension scheme for Shell employees in the  Netherlands (Shell NL).  It is our intention to transfer the current employees in the SNPS scheme to the new pension scheme as of 1 January 2025. The changes for this group are limited as the SNPS scheme is already a premium scheme. The participants in the SSPF scheme will transfer a year later because more time is needed to transfer the employees in the SSPF pension scheme. Would you like to know more about why we have to switch to a new pension system? Then please read on.

The Future Pensions Act contains a number of agreements that should ensure that more people accrue a pension that maintains purchasing power. We explain the most important agreements:

  • A personal pension capital
    In the new pension scheme, you will accrue a pension that is based on the paid contributions and on the investment returns. There will only be one type of pension scheme: the premium scheme. In such a scheme, each employee builds up a pension capital in his/her own pension pot. The promise is a premium instead of a pension amount. The paid premium will be used to invest. The outcome of these investments therefore fluctuates with the financial markets.

    The new law defines two types of premium schemes: the flexible premium scheme and the solidarity premium scheme. The flexible premium scheme already exists and is administrated at Shell by SNPS. In the premium scheme at SNPS you can decide for yourself how much risk you want to take, but there is a good default if you do not want to make a choice. The solidarity premium scheme has more elements of collectivity and has less freedom of choice than the flexible premium scheme. Despite the fact that the current SNPS scheme is already a premium scheme, this scheme will need to change slightly as a result of the new law as it states that in the new pension system every employee should receive the same premium percentage instead of a premium percentage that is based on your age (as you currently receive). It is however possible, to continue to apply the age dependent contribution for existing employees.
  • Pension for your survivors (partner and any children)
    The Government still wants a good survivors’ pension scheme, but wants to modernise it and make it more consistent for all companies. A survivors’ pension can still be arranged in the new pension system. But there will be certain changes  compared to how it is arranged now. There will be a uniform definition of ‘partners’ to ensure that all pension funds in the Netherlands give the same interpretation to that concept. In addition, the survivors’ pension if you pass away before you retire will be arranged differently.

  • The state pension age will rise less rapidly
    It has been agreed that the state pension age will rise less rapidly. This has already come into force. The state pension age is fixed until 2028. This will result in the following state pension ages:
    2023 66 years and 10 months
    2024, 2025, 2026 and 2027 67 year
    2028 67 year and 3 months

    From 2029, the state pension age may continue to rise. This is because Dutch people are getting older on average. The state pension age is known 5 years in advance. You can calculate your personal AOW age here.

  • More flexibility
    Early 2021, a new law was passed. It involves the option of a one-off lump sum pension payment, saved leave, and special schemes to allow staff to retire earlier (“Wet bedrag ineens, RVU en verlofsparen”). This was an important step in the further elaboration of the Pension Agreement from 2019. For Shell, the measures for leave savings and the possibility of withdrawing a one-off lump sum are the most relevant. You can read more about that here. Would you like to know more about other changes in the new law? Then please read on.

The transition to the new pension scheme mainly affects employees who are currently accruing pension in the SSPF scheme. This is the scheme for employees who were employed before 1 July 2013. The other pension scheme, the SNPS scheme, is already a premium scheme. But that pension scheme will also need to change slightly as well. Please make your choice below.

At Shell, we have two types of pension schemes and, depending on when you joined the company. Read more on this below.

  • Employed on or after 1 July 2013: Your pension at SNPS
    You accrue a pension capital in a premium scheme. Together with Shell Netherlands, you pay a monthly pension premium with which you build up your own pension capital. Your own contribution is 2% of your pensionable salary and your employer pays the rest. At the moment, the level of the premium still depends on your age. The premium increases as you get older. However, your individual contribution remains the same. On your retirement date, your pension capital will be used to purchase an old-age pension. You will then receive a pension benefit from your retirement date. You will receive this benefit for as long as you live. If you have a partner on your retirement date, you can also use the pension capital to purchase a partner’s pension. Your partner will then receive a partner’s pension if you pass away. Do you want to know more about this? Then please visit the website of the pension fund. Also interactive pension regulations has been developed about the SNPS scheme. You can find this here.

  • Employed before 1 July 2013: Your pension at SSPF
    Your pension scheme is a defined benefit scheme. You accrue a part of your pension each year on your salary for that year. This means that you will later receive a pension benefit based on the average salary you earned during your employment at Shell. Together with Shell Netherlands, you pay a monthly pension contribution. You pay 2% of your pensionable salary and your employer pays the rest. The pension you have accrued is increased annually. This happens automatically. Since this year, the adjustment has been in line with the average derived price index over two years with a maximum of 5%. You also accrue a survivor’s pension. This is the pension for your partner after your death. In addition, there is an orphan’s pension for your possible children. If you become incapacitated for work, you will also continue to accrue pension and you will receive a disability pension through your pension scheme. Do you want to know more about this? Then please visit the website of the pension fund.

  • Net scheme In addition, there is a net pension scheme. This is the scheme that applies to all employees with a salary above the tax ceiling (currently from around EUR 115,000 per year).  Do you want to know more about this? Then please visit the website of the pension fund.

Questions & Answers

The Central Staff Council has a right to consent with respect to a proposed amendment to the pension agreement between the employer and the employee. As soon as there is a proposed decision the Central Staff Council will be asked for consent. The Central Staff Council has established a Pension Committee with specific knowledge on pensions.  

We believe that proper consultation is very important and therefore regularly consult both the Pension Committee and the Central Staff Council regarding the developments. In these discussions, we have shared a lot of knowledge and we looked at the changes that the WTP prescribes, the possibilities that exist and what that will mean for Shell.  

We expect the process of formal consultation with the Central Staff Council to start around the summer of 2023. Concrete proposals will be discussed. During this process, the VOEKS hearing rights committee will also be involved. They may give an opinion on the transition plan. All this will eventually lead to a proposed decision that will be submitted to the Central Staff Council for approval.

We are busy mapping out the consequences and analyzing the various possibilitiesThis will be the basis for the discussions with the Central Staff Council (COR) and VOEKS and of course also with the pension funds.  This will ultimately lead to a proposed decision which will be submitted to the COR for approval. It will describe the consequences for various age groupsThis decision then will be shared with the pension funds for further decision-making and implementation. In the case of the pension funds, the accountability body has a role in the decision-making processAlthough more and more is becoming clearit will not yet be known what the exact changes will be on an individual level. It will become more clear during the implementation process by the pension fund. Given the implementation period that the government has in mind (somewhere between 2023 and 2028), this may take some time.  We will keep you informed via the website.   

Pensions is, and will remain, an important condition of employment for Shell. We realise that our pension will have to change in line with developments in the Netherlands and that will have consequences for existing employees. In making the changes we will also look at possible improvements in the schemes. We think that offering choices to employees (including a good default if you do not want to make choices), clarity and transparency, are important features in developing the new pension scheme. Furthermore, we value good communication and providing opportunities to improve insight into your financial situation after retirement. 

That is not yet known. Under the new premium contribution scheme, a certain level of pension contribution will be paid on a monthly basis. The contribution will be subject to a fiscal maximum. 

Each company will have to set a defined pension contribution within the fiscal limits, and the level of employer and employee contributions and possible choices. This is part of the many aspects that will have to be discussed with the Central Staff Council.  

The longer you work, the more pension you accrue. Furthermore, the value of your accrued pension will, in principle, be retained. Even if this accrued value were to be converted into the new pension scheme, this would not only apply to the pension you have already accrued but also to all pensions in payment. Early retirement would not prevent that.  

There may also be other reasons for you to retire early. If you would like to discuss this option, please contact Achmea Pension Services.  

Good communication is important for the success of this transition.  “Winning hearts and minds” is our motto. Our aim is for people to trust  Shell’s good intentions and in the process we have gone through together. 

Therefore this  website has been developed: “The new pension at Shell”. Everyone (current and former employees) can go to this website for information. All the information provided is available to everyone. You will also see an interactive timeline on the platform, so that it is clear where we stand in the process. Now the new legislation has been approved by the Senate, a process of decision-making and consultation by Shell NL, the Central Staff Council and the Pension Funds will follow. It will take a while before the individual consequences will be known exactly. Nevertheless, we would like to keep you informed of the developments via the website.  

In June, July and September information sessions have taken  place in which we have discussed the changes, the most important choices we have to make and where we stand in the process. 

Pension is a complex subject and that makes communication about it a challenge. By using various tools, we want to explain the changes and the process to you in a simple manner. We will also consider the information access of the various participants. The primary information channel is the website, but in addition, information sessions will also be organized, and we will use info graphics, videos, and other media channels. As soon as the individual consequences are known, you will be informed individually by the pension fund. If you want to know more about your current pension, you can visit the website of the pension fund (www.shellpensioen.nl). You can also view your own pension online via www.shellpensioen.nl/my pension. Log in with your DigiD. 

Questions about your current pension?

You can contact the project group via this contact form. However, we can not answer individual questions about what exactly the changes mean for your pension at this moment. After the consultation with the COR has been completed and a new pension scheme has been agreed, the pension fund will inform you at any point about what it will mean for your own pension. Do you still have questions for the project team? If so, please fill in the contact form.  

If you have any questions about your current pension or pension benefit, you can ask the Pension Fund. The Pension Fund can be reached on working days from 8.30 a.m. to 5 p.m. at +31 (0)88 462 34 56.

Questions about the change?

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