Message from Clive Mather
After 10 years as Chairman of the Shell Pensions Trust, the time has come to hand over. I can think of no better person than Tim Morrison as my successor. The SCPF has always been one of the top schemes in the UK and I know it will be in safe hands.
I would like to thank all of my fellow Directors and the Trustee Services Unit team for their support over the last decade. Together we haveweathered many challenges; market crashes, quantitative easing, ever increasing regulatory pressures and latterly all the uncertainty following the Brexit referendum.
Throughout all these testing times the commitment of the Company to the Fund has never wavered and that is fundamental to the long term health of the SCPF. With a diversified portfolio of quality investments and a strong sponsor, the Fund is well placed to cope with whatever new problems the future holds, and as importantly to seize new opportunities.
It has been a privilege to Chair the SCPF and I do wish Tim every success as he now takes the helm.
New Privacy Notice
The Green Finance Inquiry
The Environmental Audit Committee has written to the top 25 pension funds in the UK, to ask how they are considering environmental risks such as climate change. The letter contains nine questions on pension fund investment and climate change-related risks. You can read a copy of the letter from the Environmental Audit Committee to the SCPF and read our response here.
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
The General Data Protection Regulation, better known as “GDPR” is a new EU regulation which comes into force in May 2018. The new regulation has been designed to update the existing Data Protection rules and give people more control over how their personal information is collected, stored, shared and used. We will be contacting all members before May to explain how we use and protect your data.