Shell’s new pension scheme

Shell’s new pension scheme and transitional measures

On 1 July, Shell Nederland and the Central Staff Council (COR) submitted the transition plans for the SSPF pension scheme and the SNPS pension scheme(s) to the pension funds. This concludes the employment conditions consultation  and means that an important milestone has been achieved! The transition plans (in Dutch) can be found here. English versions will soon be available.

In recent months, Shell Netherlands and the Central Works Council (COR) have worked closely with the boards of the pension funds and with the association for pensioners/deferred members, Voeks, to arrive at a balanced and future-proof pension scheme and associated transition measures. In that context, Voeks, through the Voeks Hearing Rights Committee (the VHC), exercised the right to be heard. At the beginning of May, Shell Netherlands and the COR received Voeks’ opinion. You can read how that judgment was taken into account in the final decision-making process in this response from Shell Netherlands and the COR.

Through various information sessions, Shell Netherlands and the Central Works Council have informed employees over the past few weeks about the intended plans for the transition to a new pension scheme. It is good to see that employees generally respond positively to these plans. Now that the COR has agreed, the consultation has been completed and we are ready to enter the next phase. In this phase, more information (including an extra virtual information session) will be shared with former employees (dormants and pensioners) in which the new pension scheme and the transitional measures will be further explained. This group will shortly receive an email invitation to subscribe for the virtual information session.

What is important to know?

  • The new pension scheme is a good and flexible pension scheme with a higher contribution that contributes to a higher pension.
  • Shell Nederland requests SSPF to do a value transfer of the accrued and existing entitlements of all members, i.e. these entitlements will be converted to the new pension scheme. As a result of the release of buffers from the fund’s assets, all SSPF participants (active and inactive) will receive an increase in their pension at the time of the transition.
  • Changes in pension accrual are subject to favourable transitional measures for existing members with full compensation through salary or within the pension scheme.
  • Your surviving relative(s) or in case you become incapacitated for work will be well taken care of at a comparable or better level compared to current agreements.

What does this mean for you?

You are currently an active or inactive participant in one of our gross pension schemes. These pension schemes are administered by SSPF and SNPS.

If you were employed before 1 July 2013, you are a participant in the SSPF scheme.

  • Your pension agreement will change with effect from 1 January 2027.
  • This means that you will accrue pension in the new pension scheme from 1 January 2027.

If you were employed on or after 1 July 2013, you participate in the SNPS scheme.

  • Your pension agreement will change with effect from 1 January 2026.
  • From that date, you will accrue pension in the new pension scheme.

Both gross schemes apply to a maximum salary level. If your salary exceeds that maximum you may participate in the net pension scheme, which is administered by SNPS. In that scheme you accrue your pension from your net income. In that case, your pension agreement will also change for the net part with effect from 1 January 2026.

The amendment of the pension agreement is accompanied by excellent transition and compensation measures.

For participants in the SSPF scheme, it is important to know that the plan is to convert the pension entitlements that have already been accrued. At the time of the transition, all participants (active and inactive) will receive an increase in their pension as a result. This is ultimately decided by the SSPF board.

What’s next?

The transition plans for SNPS and SSPF were submitted to the pension funds on 1 July 2024. The pension funds now have some months to assess whether the transition (the new scheme, de transitional measures and the conversion of the accrued pension rights, including the distribution of the funds) is in its entirety balanced and executable. We expect a reaction in the course of 2024. We will of course keep you informed.

Information and communication

For the details of the decisions taken, such as the new pension scheme and the compensation and other measures, we refer to the transition plans that have now been posted on the website (ref above link). More information can also be found on the website, including the slides and recordings of the recently held information sessions. The pension fund will soon provide more information about the extra virtual sessions that is being planned for former employees and pensioners.   

We understand that you would like to know exactly what this means for you. There are several examples that give you an indication. You will receive more information about the exact consequences for your pension from the pension fund in due course.


Pensions and the transition of pension schemes are complex, but also important topics. Therefore, take the time to read or listen to more about it. Because we have financially healthy pension funds, this pension transition offers opportunities for all participants, active and inactive. In the interest of the participants, we have managed to take advantage of these opportunities. We are therefore proud of the new pension schemes and the transition and compensation measures that we, together with the COR, have designed for our employees and former employees.

Once again, we would like to thank the COR and Voeks for their constructive and thorough contribution in this complex dossier. 


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