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:

1/54 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.

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 subject to an early retirement reduction to reflect the longer time it will be paid.

You have two options:

• You can continue to work and remain an active member, and choose not to take your pension at Pension Age. This means your pension will continue to increase at the same rate as before Pension Age reflecting your extra Pensionable Service

or

• You can continue to work and take your pension at the same time. Note that you will be treated as a Retired Member for death benefits.

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.