Pension Increases

If you joined the SCPF before 1 January 2009, your pension in excess of any Guaranteed Minimum Pension (see below) will increase each year in line with increases in the December Retail Prices Index (RPI) measure up to 7%^*.

If you joined the SCPF on or after 1 January 2009, your pension will increase each year in line with increases in the December Retail Prices Index (RPI) measure up to 5%^*.

In the first year after leaving active service the increase will be pro-rated reflecting the fact that the pension being increased has been in payment for less than a full year.

^*If you are a member of the Moplefan or Enterprise Oil sections, please note that different rules apply.

From age 65 for a man and age 60 for a woman, rules require that the following increases are applied to the Guaranteed Minimum Pension (GMP) part of your SCPF pension: 

• no increase for GMPs built up before 6 April 1988
• for GMPs accrued between 6 April 1988 and 5 April 1997, the annual increase is at a statutory rate, set by the Government.

For further information, see the Guaranteed Minimum Pension (GMP) factsheet. The portion of your pension in excess of the GMP will continue to increase in line with increases in the RPI up to 7% or 5% each year.

An additional increase above the caps set out in the scheme rules can only be granted if requested by the Company (and would then be subject to Trustee agreement).

The Company will review this position each year.

Pension increases are reviewed on an annual basis, after the publication of inflation measures. For members who joined the Fund before 1 January 2009 pensions in excess of the Guaranteed Minimum Pension will increase each year in line with increases in the December Retail Prices Index (RPI) up to 7% (different increases apply for members of the Moplefan or Enterprise Oil sections). For members who joined the Fund on or after 1 January 2009, pensions will increase each year in line with increases in RPI up to 5%.

Whilst there are no set criteria on what could trigger a decision to award a discretionary pension increase above that to which members are entitled, the Company has stated that it takes a number of factors into account to inform its decision regarding pension increases. These include, but are not limited to, the health of the SCPF, the increase in cost of living and the future cost of providing an increase.

The Company considers the increases provided by the SCPF to be market leading when compared to other UK pension funds of other large companies.

The Shell Pensioner Programme (SPP) is a Shell-funded service for Shell Pensioner Association members in receipt of an SCPF or SOCPF pension, that provides information, guidance, and support on a range of issues affecting pensioners including those in financial need or hardship with access to benevolent assistance through Shell Pensioners Benevolent Association (SPBA).

The SPBA can help by giving one-off grants and interest-free loans where appropriate. Pensioners in need of support can call the SPP helpline on 0345 850 8944 on weekdays from 10am to 4pm except for bank holidays, or email shell-pensioner-programme@shell.com or for benevolence can contact Ken Sleat SPBA Treasurer on 020 7934 5131 or email ken.k.sleat@shell.com.

Enterprise Section

If you are a member of the Enterprise section of the SCPF your pension is increased annually in April.

For pensions in payment, the excess over GMP built up before 6 April 1997 will increase each year in line with increases in the January RPI measure up to 3%.

Pensions in payment built up after 5 April 1997 will increase each year in line with increases in the January RPI measure up to 5% pa.

Moplefan section

If you are a member of the Moplefan section of the SCPF your pension is increased annually in December.

For pensions in payment, the excess over GMP receives an increase each year in line with increases in the September RPI measure up to 5%. In addition, the total pension built up before 12 January 2001, including GMP, will increase by a minimum of 3% each year.