You may have seen recent articles in UK newspapers reporting on the size of some British companies’ pension deficits including Royal Dutch Shell.
The figures the press quote are often taken from the published accounts for Royal Dutch Shell plc, these are sometimes misconstrued and may incorrectly use group data when referring to the UK Pension fund. The Royal Dutch Shell plc accounts quote the total accounting liability for all of Shell’s pension arrangements around the world. The majority of Shell’s pension schemes, including the SCPF, have assets supporting these liabilities. In addition, there are however some Shell pension arrangements that are unfunded as permitted under local legislation, so will show a shortfall for reporting purposes.
It is always important to remember that the SCPF’s assets are ring-fenced and are therefore separate from Shell’s other pension schemes as well as the Company. You can read about the details of SCPF's funding position in our annual newsletter the Source
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