What if I want to take my pension?
The main purpose of the SOCPF is to provide a pension for members when they retire. You can take your benefits at Pension Age, earlier (from age 55), or later if you continue in pensionable employment after Pension Age. If you satisfy the criteria for an incapacity pension and your Employing Company exercises its discretion to grant you such a pension, you can take an immediate pension at any age.
How much will my pension be?
How much will my pension be?
The amount of your pension will depend on your Pensionable Service, your Final Pensionable Salary and which section of the SOCPF you are a member.
If you joined the SOCPF on or before 31 December 2008 your pension is calculated as:
1/54 x Pensionable Service x Final Pensionable Salary = annual pension
If you joined the SOCPF after 1 January 2009 your 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 (up to 25% of the capital value of your pension) for a cash lump sum.
Please note that commutation factors are changing with effect from 1 October 2024 to reflect market conditions, such that the cost of converting pension to a lump sum at retirement will increase. The factors are used when a member chooses to convert some of their pension to a lump sum at retirement and are subject to change from time to time. The maximum lump sum to which you are entitled will depend on the factors in force as at the date of your retirement.
What if I have worked part-time?
What if I have worked part-time?
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.
What if I have worked in the UK and been a member of the SCPF?
What if I have worked in the UK and been a member of the SCPF?
You will have two separate pensions: a SOCPF pension and a SCPF pension, paid concurrently. Further information is available in the Linked Fund Membership and the Inter Fund Linking Rules (IFLR) factsheet.
What if I want to take my pension before Pension Age?
What if I want to take my pension before Pension Age?
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.
What if I continue working when I have reached Pension Age?
What if I continue working when I have reached Pension Age?
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 SOCPF explanatory booklet. You are recommended to take independent financial advice before deciding which option is best for you.
