2011 UK Retirement Benefits Review
The Company announced today that it is proposing to develop a UK defined contribution pension plan for new hires to Shell to reflect market trends in the UK. Timing is proposed to be Quarter 1 2013. The plan will be designed to ensure that the reward package in the UK for new hires remains strongly competitive.
Current active members, deferred members and pensioners of the Shell Contributory Pension Fund (SCPF) and the Shell Overseas Contributory Pension Fund (SOCPF) are not impacted by this proposal. Active members of the SCPF and SOCPF will continue to accrue pension benefits within those plans on the same basis as now. The Company has confirmed that its commitment to funding the SCPF and SOCPF remains unchanged. Further details of the proposed pension plan for new hires will be made available as the design is progressed.
9 December 2011
SOCPF Benefit Statements
The Shell Overseas Contributory Pension Fund (SOCPF) Benefit Statements are usually made available for all active members of the SOCPF to request in late June each year. We decided to delay the statements this year as we had introduced a new and upgraded pensions administration system (Compendia). We advised active members, in late June, that we expected to be able to make the statements available during October 2011.
Unfortunately, there is a further delay while final checks are made, for which we apologise. Your SOCPF Benefit Statement will be available for you to request from 11 November 2011. Please e-mail your request to the mailbox below and we will aim to issue your statement within 4 weeks from the date of your request:
Pensions-SOCPF-Benefit-Statements@shell.com
Please include your full name and date of birth to ensure you are correctly identified. Please note that if you also have benefits in the SCPF, you will receive two separate statements covering your benefits in each fund.
Please check your statement carefully on receipt. If you have any queries regarding your statement, please contact the Pensions Advisory Unit at pensions-advisory-unit@shell.com
November 2011
New Pensions Administration System - Important Information for All Members
On 31 May 2011, the Trustee Services Unit implemented a new Pensions Administration and Payroll System, called Compendia. This will enable us to improve our service to members.
Pensioners should note that there are some minor but important changes which affect them - the article below explains the new pension numbers and the new pension payment advice slip layout.
Important Information for Pensioners
Active members should note that Benefit Statements are usually available for all active members of the Fund in late June each year. Earlier in the year the Trustee Services Unit made a decision to produce the Benefit Statements for the year to 31 March 2011 using Compendia rather than the previous pensions administration system. Having implemented Compendia on 31 May 2011 we now need a period of stability before we prepare the Benefit Statements. It is likely that Benefit Statements will be available at the earliest during October 2011. We apologise for this delay and any inconvenience caused.
We will update you on the expected timing of availability of Benefit Statements later in the year. In the meantime, should you require an update of the information for a specific purpose e.g. you are approaching your Normal Pension date or are thinking about early retirement, you may request this information from the Pensions Advisory Unit.
All members should note that the Trustee Services Unit has not been in a position to respond to queries from members as quickly as usual during the period when we switched over from our previous administration system to Compendia. We aim to return to our normal response times as soon as possible. Thank you for your patience in the meantime.
June 2011
Commutation Factor Review November 2010
When you first take your pension you can exchange some of your pension for a pension commencement lump sum. Commutation factors are used to calculate how much pension you would give up.
The Founding Companies review and set the commutation factors in the SCPF and the SOCPF, after consultation with the Actuary.
The most recent review and consultation took place in November 2010 and as a result the commutation factors were increased from 1 January 2011. The Trustees of the SCPF and SOCPF approved the necessary amendment to the Trust Deed and Regulations at their Trustee meetings in November and December 2010.
As commutation factors are subject to review, you will receive an estimate of the maximum pension commencement lump sum available to you when you take your pension.
If you would like further information about the change in commutation factors please go to HR Online/My Benefits/My Pension or contact the Pensions Advisory Unit FTT/21 email: pensions-advisory-unit@shell.comif you are an active member. If you are a deferred member, please email: pensions-administration-london-l@shell.com.
March 2011
Pension Increases - RPI History
In February 2011 the Bank of England made a comment that one component of inflation (clothing) may have been understated by the Office of National Statistics (ONS) in their inflation calculations.
The ONS has stated that it regularly updates its methodology and that there has been no change to the published inflation index (RPI). The latter is what is referenced in the Trust Deeds to calculate pension increases for the Shell Contributory Pension Fund and the Shell Overseas Contributory Pension Fund. As there are no changes to the published RPI, pensions will continue to be uplifted by the published RPI and no changes will be made to the historic pension increases for both funds.
March 2011
Pension Increases - RPI/CPI
You may have heard or read about the Government's plans to look at whether pensions should be increased by the Consumer Prices Index (CPI) or the Retail Prices Index (RPI). The Government's consultation process is due to end in March 2011. We await the conclusion of the consultation but at this stage we are not anticipating that we will need to amend the rules in the Trust Deed and Regulations which give RPI as the basis for the annual review of pensions.
March 2011
