Funding of the SCPF
There are often articles in the press that talk about Shell having a large pension deficit. The figures frequently referred to, are taken from the Royal Dutch Shell plc accounts, and refer to the total accounting liability for all of Shell’s schemes across the globe. This includes schemes in other countries that are deliberately unfunded as permitted under local legislation, so will show a shortfall for accounting purposes.
The SCPF is currently well funded, and its assets are ring-fenced from Shell’s other schemes, including the unfunded schemes mentioned above. You can read more about the SCPF's funding in the upcoming Source.
The Trustee Services Unit has become aware of unsolicited approaches and cold-calling to SCPF members from companies offering financial advice and suggesting you transfer your pension from Shell to another pension scheme, often overseas.
These companies often quote inaccurate and misleading information about your benefits from the SCPF and actions the Trustee or Company have taken (when they have not) or they claim to offer ‘guaranteed returns’ from their own investments.
Don’t be caught out! Read The Pensions Regulator’s five tips for protecting yourself from scammers, by clicking on this link website.
2017 MND Elections
The SCPF are looking for two pensioner members to join the Board of the Trustee Company. If you’re interested in becoming a Member Nominated Director (MND) read the “Introduction to Trusteeship” and the “Election Rules” available on the election website www.ersvotes.com/shellpensions before the nomination deadline of 31 August 2017.
Pensioner Liaison Representatives
We can now advise that the consultation with the Pensioner Liaison Representatives (PLR) has now been concluded and the decision to close the PLR network in June has been reconfirmed.
Discussions with the Shell Pensioners Benevolent Association (SPBA) about the future of benevolence beyond the lifetime of the PLR network are continuing and a potential new model is under investigation. Pensioners will be advised of the details of the new scheme as soon as we are able to do so.
Taxation Of Overseas Pension Schemes
In December 2016, the UK Government published draft legislation affecting how benefits paid from overseas pension schemes, such as the Shell Overseas Contributory Pension Fund (SOCPF), will be taxed from 6th April 2017. If you are a SCPF member who also has benefits in the SOCPF you can read further information on the SOCPF News page. If you haven’t already done so, you can register to receive updates by e-mail at www.sp.pensioncomms.info.