News relating to the SOCPF or pensions in general.
The 2017 edition of the SOCPF Source, the newsletter from Shell Trust Bermuda, is now available. To view it please click here.
This edition features a member survey - please take a moment to complete the survey on page 3! Your responses will help us to provide you with information and services that you find most useful.
September 2017
There are often articles in the press that talk about Shell having a large pension deficit. The figures frequently referred to, are taken from the Royal Dutch Shell plc accounts, and refer to the total accounting liability for all of Shell’s schemes across the globe. This includes schemes in other countries that are deliberately unfunded as permitted under local legislation, so will show a shortfall for accounting purposes.
The SOCPF is currently well funded, and its assets are ring-fenced from Shell’s other schemes, including the unfunded schemes mentioned above. You can read more about the SOCPF's funding in the upcoming Source.
September 2017
The Trustee Services Unit has become aware of unsolicited approaches and cold-calling to SOCPF members from companies offering financial advice and suggesting you transfer your pension from Shell to another pension scheme, often overseas.
These companies often quote inaccurate and misleading information about your benefits from the SOCPF and actions the Trustee or Company have taken (when they have not) or they claim to offer ‘guaranteed returns’ from their own investments.
Don’t be caught out! Read The Pensions Regulator’s five tips for protecting yourself from scammers, by clicking on this link website.
August 2017
In January 2017, we communicated on the SOCPF website that there would potentially be changes to the taxation of your SOCPF benefits from 6 April 2017 onwards if you are a UK tax resident.
Legislation was passed in the Finance Act 2017, which received Royal Assent on 28 April 2017, that more closely aligns the taxation of income from foreign pension schemes (such as the SOCPF) with that for UK based pension schemes, such as the SCPF. These changes take effect from 6 April 2017.
The effect on the UK taxation of SOCPF benefits for UK tax residents is as follows:
Please note that both pension income and cash lump sums are paid from the SOCPF gross, i.e. with no deduction for tax. It will be your responsibility to ensure that the correct amount of tax is paid to the relevant tax authority.
Beware of unsolicited emails and of pension scams. We are aware that some companies have contacted SOCPF members suggesting they can transfer their SOCPF and SCPF benefits to more tax efficient vehicles based offshore. Some have also said that the Company or Trustee are making the changes to the SOCPF. Neither the Company nor the Trustee are changing the benefits to either the SOCPF or SCPF, these changes are entirely because of a change to UK tax legislation. Before you make any decision on where your pension is invested we recommend you follow the UK Pension Regulator’s five steps to protect your pension. These steps can be found here.
May 2017
This section of the website contains information for members of the Pre-2009 Section of the SOCPF.
This section of the website contains information for members of the Post-2009 Section of the SOCPF.