The new pension law contains the following new arrangements:
There is additional room to save leave. Previously, leave could be saved up to 2,000 hours, this has been extended to 4,000 hours. Saved leave can – amongst others – be used to retire earlier. This extension is possible as of 1 January 2021. Shell has already applied this extension in its policy; as from 1 January 2021 you can save 4,000 hours of leave.
One-off lump sum. In the future it will become possible to withdraw a one-off lump sum pension amount (up to 10%) from your accrued pension capital on – or around – your retirement date. Recently it has become known that this option will be implemented as per 1 July 2024.
Early Retirement Scheme (RVU). The new law temporarily waives the fiscal penalty that was applicable so far to specific schemes that enabled early retirement, the so-called RVU arrangements. We do not have such schemes at Shell. There are other possibilities at Shell to stop working earlier, such as starting your pension earlier (from the age of 55) and using saved leave. This amendment is therefore not relevant for Shell.