What is the SIPF?
The Shell International Pension Fund (SIPF) was established on 1 January 1984, to accommodate Shell international staff who could not be members of their own base country pension schemes. The Fund is a Bermudian Trust and subject to the laws of Bermuda.
What benefit does the SIPF provide?
The SIPF provides benefits for members, their families and dependants after they cease working for a member company for whatever reason.
The SIPF is a ‘Defined Benefit’ scheme. This means that your pension is based on your length of pensionable service and your pensionable salary at date of leaving.
Can I join the SIPF?
No, the Fund closed to new joiners on 1 January 2009.
The Fund is non contributory for members. The Company contributes an amount determined by the Fund’s Actuary, to ensure the solvency of the Fund. Details are published annually in the Trustee Report and Accounts.
When can I take my pension?
Pension age for men and women is, in most circumstances, 60.
In certain circumstances, you may be able to retire from employment early and receive a pension payable either immediately (but not earlier than age 50) or at some future date not later than your normal retiring date.
What happens if I die?
When you die, your spouse and any eligible children will be entitled to a pension from the Fund from the first day of the month following your death. If you die without leaving a spouse, an adult dependant’s pension may be payable in certain circumstances. In addition, there may be a lump sum payable. Details of the benefits differ according to when you die.
Where can I find further information?
New booklet (to follow shortly).