In the future, there will be a new system with only one type of pension scheme: the premium scheme. In such a scheme, each participant builds up pension capital in his/her own pot. The promise is a premium, instead of a certain pension result on your retirement date. At the moment the premium you pay into such a scheme increases as you get older. Under the new system, the premium percentage will be the same for everyone, regardless of age.
Your pension premium will be invested for you. This means that your individual pension pot will keep pace with investment results. Your pension capital will go up when the economy is doing well and down when the economy is deteriorating. However, there are many possibilities to reduce the risk in such a premium scheme. How the new premium scheme will look like at Shell and what choices you will have in the new scheme, are yet to be decided. Shell is discussing this with the Central Works Council. We aim to introduce the new pension scheme for current SSPF members as of 1 January 2026.
In principle, the new pension law applies to everyone, including pensioners and former colleagues. The new law is based on the principle that both the accrued pension entitlements and the pensions of the pensioners are to be converted into the new system. The new law offers an opportunity to deviate from this principle. This is possible if the conversion is disproportionately unfavourable for (some of) the stakeholders. The stakeholders include current employees, pensioners, former colleagues (deferred members) and the employer. If the exception can be used, the accrued pensions will remain in the existing pension scheme.
The new pension scheme will then only apply to the future. Whether or not the accrued pensions in the SSPF-scheme will be converted into the new scheme is part of the discussions that Shell has with the Central Works Council and the pension fund about the future of the pension. Also VOEKS (the association of former Shell employees) plays a role. On the basis of the new law, VOEKS is entitled, with a view to representing the interests of deferred members and pensioners, to give its view on the decisions that need to be taken. This is the socalled ‘hearing right’.
In the video on the right we explain the options on how we can deal with the pensions in the SSPF-scheme.
Survivors’ pension
There are also changes with respect to the survivors’ pension. The survivors’ pension if you pass away before you retire will be arranged differently. As long as you work (and for a certain period afterwards), a survivors’ pension is insured. At the moment, the amount of that survivors’ pension is based on the amount of the old-age pension. In the new system, the amount of the survivors’ pension is based on the salary of the employee (the new law mentions a maximum survivors’ pension of 50% of the employee’s salary) If you leave Shell, you can (temporarily) continue the insurance (at your own expense).