BG Pension Scheme

This section provides information for members of the BG Pension Scheme (BGPS) established with effect from 4 July 2001.

Can I join the BGPS?

No, the Scheme closed to future accrual of benefits on 31 December 2013.

Statement for BGPS members from the BGPS Trustee

Letters regarding a significant change to the investments in the BG Pension Scheme (“the Scheme”) have been sent to members on 16 September 2024 providing further details and containing the Barnett Waddingham and Trustee contact details so that, if, having read the letter, you have additional queries you will know who to contact.

As the Trustee of the Scheme, our main responsibility is to ensure that all benefits to you and your dependants are paid on time and in full, now and until all benefit commitments have been met.

The Trustee Board has, for many years, pursued a strategy to fund the Scheme to a level that minimises future reliance on the Shell companies who sponsor the Scheme (the Company). As part of this strategy, which was agreed with the sponsoring employer when the Scheme was closed to future accrual in 2013, the Company has made significant contributions to the Scheme and has supported the Trustee as it has materially reduced the investment risk over time. The agreed target for reaching this milestone was 2028. Following accelerated improvements in the funding position in recent years, which has improved the security of your benefits, the Scheme has reached its target level of funding ahead of time.

Improvements in the Scheme’s funding position in recent years have enabled the Trustee to take an important step in further improving the security of the benefits payable from the Scheme, by investing in an insurance policy with Legal & General Assurance Society Limited (“L&G”). This policy replaces the previous investments held to support the Scheme’s benefits. This means that the funding risks associated with the Scheme have been significantly reduced which will benefit all members.

If you are registered for Clarity from BW (formerly BWebstream), your letter will be available on-line. If you haven’t yet registered to use the member portal or have forgotten your login details, go to account.claritybw.co.uk and follow the online instructions for ‘Create an account or Trouble logging in’. If you are not registered for Clarity, or have requested paper copies of communications, your letter will be posted to you.

For the L&G privacy policy please go to https://www.legalandgeneral.com/institutional/pension-risk-transfer/privacy-policy/

September 2024

Where can I find further information?

You can view your own BGPS fund by using Barnett Waddingham’s online service for members,

Bweb stream. Alternatively, if you have a question about the benefits provided by the Scheme, or if you want specific information about your own personal circumstances, then you can contact the Scheme administrator:

BG Pension Scheme
Barnett Waddingham LLP
Decimal Place
Chiltern Avenue
Amersham, Buckinghamshire
HP6 5FG

Tel (UK): 0800 004 2009 or 03331 111222

Email: bgps@barnett-waddingham.co.uk

What if I have a complaint?

Most problems are straightforward and can easily be sorted out. If you have a complaint, you should in the first instance contact the Administration Team. They will try to resolve your problem in a timely manner.

If the problem is not resolved to your satisfaction, you may make a formal complaint to the Trustee under the Trustee’s Internal Dispute Resolution Procedure (IDRP) (PDF, 91 kB)

. If we are unable to resolve the complaint with you, then you can refer your complaint to The Pensions Ombudsman. The Pensions Ombudsman can be contacted at: Tel: 0800 917 4487 Email: Enquiries@pensions-ombudsman.org.uk Website: www.pensions-ombudsman.org.uk

What if I have transferred my pension out of the BGPS?

You may have received an email from SI-BGPS-Trustee@shell.com, relating to an exercise to review and equalise the Guaranteed Minimum Pension (GMP) benefit element of pension transferred out of the Scheme for former members who chose to transfer out and to ex-spouses of members who are in receipt of a Pension Sharing Order. The legal change about GMP only applies to GMP built up between 17 May 1990 and 5 April 1997. The Trustee would like to reassure you that this communication is genuine. Please do contact the Scheme’s administrators, Barnett Waddingham, using the details provided below so that we can obtain a correspondence address for you.