UPDATE FUTURE OF PENSIONS ACT

In our previous update we indicated that we had made great progress in the process to get to a new pension scheme.  Meanwhile we have reached the next stage in which the VOEKS (association of former employees of Royal Dutch Shell) Hearing Right Committee (‘VHC’) will exercise the so-called hearing right and will give its opinion on the proposal for a new pension scheme and the transition thereto. We expect to hear more from VOEKS early May.

After this the intended proposal as discussed with the Central Staff Council (COR) and with the VHC will be presented through a formal request for consent to the COR. This request for consent will be published by the COR and at that moment we also give more information on our intended new pension scheme and the transition measures.  Information sessions will again be organized at a number of the locations in The Netherlands. Also virtual sessions will be held, both in Dutch and in English. More information on these information sessions will be shared soon.

In addition to the hearing right of the VHC and the consultation of the COR, we will continue the preliminary discussions with the Boards of the pension funds (SNPS and SSPF). The Boards of the pension funds do have the duty to assess the new pension scheme amongst others on executability and it being balanced. We aim to implement the changes in the SNPS-scheme as per 1 January 2026. For the SSPF-scheme that will be 1 January 2027.

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