What if I want to take my pension?

The amount of your pension will depend on your Pensionable Service and your Final Pensionable Salary.

Your SCPF pension is calculated as:

1/60 x Pensionable Service x Final Pensionable Salary = annual pension

You will also have the option to give up some of your pension (up to 25% of the capital value of your pension, including any AVCs) for a lump sum. This is called the Pension Commencement Lump Sum (PCLS).

If you work part-time or have periods of part-time and full-time employment, your pension will be adjusted to reflect the different periods of service you have. Further information is available in the Part-Time Working factsheet.

If you have paid Additional Voluntary Contributions (AVCs), you can take your AVC benefits at the same time as your main SCPF benefits or later, up to age 77.

You will have two separate pensions: an SCPF pension and an SOCPF pension, paid concurrently.

If you leave Shell employment you can take your pension early (at age 55 or later). It will be reduced to reflect the longer time it will be paid. The early retirement factor applied is currently 4% for each year you retire before Pension Age. This factor is subject to periodic review and may change in the future.

You can continue to work but you will stop paying contributions and you will stop building up pension.

When you leave Shell after Pension Age, you must start to take your pension immediately, if it is not already in payment.

More information is available in the SCPF explanatory booklet. You are recommended to take independent financial advice before deciding which option is best for you.