Pension increases
During the course of payment your pension will increase each year, unless there is no increase in the Retail Prices Index (RPI) and the Founding Companies do not ask the Trustee to approve paying a pension increase.
How does my pension increase?
How does my pension increase?
If you joined the SOCPF before 1 January 2009, your pension will increase each year in line with increases in the December Retail Prices Index (RPI) measure up to 7%.
If you joined the SOCPF 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.
What happens if the increase in RPI is above 7% or 5%?
What happens if the increase in RPI is above 7% or 5%?
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.
The Company and Pension Increases
The Company and Pension Increases
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 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 an increase above the relevant cap (7% or 5%); the Company takes into account a number of factors to inform its decision regarding pension increases. These include, but are not limited to, the health of the SOCPF, the increase in cost of living and the future cost of providing an increase.
I am experiencing financial hardship, what support is available?
I am experiencing financial hardship, what support is available?
The Shell Pensioner Programme (SPP) is a Shell-funded service for Shell Pensioner Association members who live in the UK and are 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.
