{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"Jargon buster","text":"\u003Cp\u003EHere you will find explanations of the technical terms used on this website, ordered alphabetically.\u003C/p\u003E\n","links":[{"name":"Jargon buster","value":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info/jargon-buster.html"}],"image":{"src":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info/jargon-buster/_jcr_content/root/metadata.shellimg.jpeg/1725534214216/many-silverfish-swiming.jpeg","alt":"Large school of silver fish","width":3142,"height":1767}},"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/contentowner"},{"organism":"Container.Header","children":[{"organism":"Container.Raw","ref":"https://pensions.shell.co.uk/_jcr_content/root/header/inherited.model.json","id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/header/inherited","model":{}},{"organism":"Breadcrumb","model":{"links":[{"name":"Home","value":"https://pensions.shell.co.uk/"},{"name":"SOCPF","value":"https://pensions.shell.co.uk/socpf.html"},{"name":"Library, Forms and Helpful information","value":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info.html"},{"name":"Jargon buster","value":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info/jargon-buster.html"}]},"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"inherited","model":{"title":"Jargon buster","text":"\u003Cp\u003EHere you will find explanations of the technical terms used on this website, ordered alphabetically.\u003C/p\u003E\r\n","image":{"src":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info/jargon-buster/_jcr_content/root/main/section/page_header_copy.shellimg.jpeg/1725534257342/many-silverfish-swiming.jpeg","alt":"Large school of silver fish","width":3256,"height":813}},"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/main/section/page_header_copy"},{"organism":"Tabs","children":[{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/main/section/tabs/tab/text","model":{"text":"\u003Ch3\u003EA\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EACCRUAL RAT\u003C/b\u003EE is the fraction of Final Pensionable Salary that you will receive for each year of Pensionable Service in a defined benefit scheme such as the SOCPF. It is 1/54 for the Pre-2009 Section and 1/60 for the Post-2009 Section.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EACTIVE MEMBER\u003C/b\u003E is a member of an occupational pension scheme (such as the SOCPF) who is accruing benefits under that scheme in respect of current service.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EADULT DEPENDANT\u003C/b\u003E is a person who, in the opinion of the Founding Companies is financially dependent on or interdependent with you.\u003C/p\u003E\r\n\u003Ch3\u003EB\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EBASIC STATE PENSION (BSP)\u003C/b\u003E is the flat rate (not earnings related) State pension paid to all who have met the minimum National Insurance contribution requirements, their spouses, subject to certain conditions, and widow(er)s.\u003C/p\u003E\r\n\u003Ch3\u003EC\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003ECHILD \u003C/b\u003Eis any one of your unmarried children (legitimate, legitimated, illegitimate, lawfully adopted, or step) who:\u003C/p\u003E\r\n\u003Cp\u003E• has not yet reached 18 years; or\u003C/p\u003E\r\n\u003Cp\u003E• is under 23 years and in full-time education; or\u003C/p\u003E\r\n\u003Cp\u003E• has a disability that means they are dependent on you.\u003C/p\u003E\r\n\u003Cp\u003EChildren is used throughout this website accordingly.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ECOMMUTATION\u003C/b\u003E is exchanging some of your pension for a cash lump sum.\u003C/p\u003E\r\n\u003Ch3\u003ED\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EDEFERRED MEMBER\u003C/b\u003E is someone who has left the service of companies in the Shell Group or opted out of the SOCPF, not started to receive a pension and retains benefits in the SOCPF.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDEFINED BENEFIT (DB) SCHEME\u003C/b\u003E is a scheme in which the benefits are defined in the scheme rules and accrue independently of the contributions payable and investment returns. Benefits are based on pensionable earnings and the length of pensionable service on leaving the scheme, retiring or death, whichever comes first.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDEFINED CONTRIBUTION (DC) SCHEME\u003C/b\u003E is a scheme in which a member's benefits are determined by the value of the pension ‘pot’ at retirement. The ‘pot’, in turn, is determined by the contributions paid into it in respect of that member, and any investment returns. It is also known as a 'money purchase' scheme. Defined contribution schemes can be set up by employers for their employees or can be set up by an individual for him or herself.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDEFERRED PENSION\u003C/b\u003E is a benefit relating to the past service of a member of an occupational pension scheme who is no longer an active member but has not yet retired. The benefits are payable at retirement or, if earlier, death.\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/main/section/tabs/tab","model":{"title":"A-D"}},{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/forms-and-helpful-info/jargon-buster/jcr_content/root/main/section/tabs/tab_copy/text","model":{"text":"\u003Ch3\u003EE\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EEMPLOYING COMPANY\u003C/b\u003E is the participating Member Company that currently employs a member, or in the case of a Deferred Member or a Linked Fund Member, was the last participating Member Company to employ the member.\u003C/p\u003E\r\n\u003Ch3\u003EF\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EFINAL PENSIONABLE SALARY\u003C/b\u003E is the salary on which your pension is calculated at the date you leave your Employing Company’s service, leave the SOCPF or die, whichever is the earliest.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EIf you are a member of the Pre-2009 Section\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\nYour Final Pensionable Salary is your Pensionable Salary at the date you leave service or die, whichever is the earlier. If you have been in receipt of pensionable shift allowance at any time, please see the Pensionable Shift Allowance factsheet .\u003Cbr\u003E\r\n\u003Cbr\u003E\r\nPlease refer to the Linked Fund Membership and the Inter Fund Linking Rules (IFLR) factsheet if you are a Linked Fund Member.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EIf you are a member of the Post-2009 Section\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\nYour Final Pensionable Salary is your highest average annual Pensionable Salary in any 36 consecutive months in your last five years’ Pensionable Service immediately before you leave service or die, whichever is the earlier. If, when you leave, you have not completed three years’ Pensionable Service, your Final Pensionable Salary will be your average annual Pensionable Salary over that shorter period. If you have been in receipt of pensionable shift allowance at any time please read the Pensionable Shift Allowance factsheet (factsheet will be available shortly).\u003C/p\u003E\r\n\u003Cp\u003EPlease refer to the Linked Fund Membership and the Inter Fund Linking Rules (IFLR) factsheet if you are a Linked Fund Member.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EFOUNDING COMPANIES\u003C/b\u003E are The Shell Petroleum Company Limited and Shell Group Holdings Limited. Some discretionary powers under the SOCPF are vested in these companies.\u003C/p\u003E\r\n\u003Ch3\u003EI\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EINTER FUND LINKING RULES (IFLR)\u003C/b\u003E set out the position for members who accrue pensionable service in the SCPF and the SOCPF. 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It is a sterling amount based on the equivalent Pensionable Salary for your job group in the UK, including any pensionable shift allowance and is set by your Employing Company. Any salary sacrifice arrangement is not taken into account.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPENSIONABLE SERVICE\u003C/b\u003E is the total of your years and months of SOCPF membership whilst in the service of Member Companies, plus any years and months of additional service granted as a result of a transfer in from another pension scheme. Any part month of service will be rounded up or down to the nearest month.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPENSIONER\u003C/b\u003E means someone who is or has been employed by one of the Member Companies and joined the SOCPF during this period of employment, and has started to receive a pension from the SOCPF.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPROSPECTIVE PENSIONABLE SERVICE\u003C/b\u003E is the service you can build up until Pension Age.\u003C/p\u003E\r\n\u003Ch3\u003EQ\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003EQUALIFYING SPOUSE\u003C/b\u003E is someone you are legally married to or in a civil partnership with at the time of your death.\u003C/p\u003E\r\n\u003Ch3\u003ER\u003C/h3\u003E\r\n\u003Cp\u003E\u003Cb\u003ERETAIL PRICES INDEX (RPI)\u003C/b\u003E is the index of retail prices (for all items) published by the Office of National Statistics in the UK.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ERETIRED MEMBER \u003C/b\u003Eis someone who is receiving a pension from the SOCPF. 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