{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"SOCPF News","text":"News relating to the SOCPF or pensions in general.","links":[{"name":"SOCPF News","value":"https://pensions.shell.co.uk/socpf/news.html"}],"image":{"src":"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/metadata.shellimg.jpeg/1725547587406/close-up-yellow-saxony-summer-wheat-field.jpeg","alt":"close up yellow saxony summer wheat field","width":5094,"height":2871}},"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/socpf/news/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/news/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":"SOCPF News","value":"https://pensions.shell.co.uk/socpf/news.html"}]},"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"inherited","model":{"title":"SOCPF News","text":"\u003Cp\u003ENews relating to the SOCPF or pensions in general.\u003C/p\u003E\r\n","image":{"src":"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/main/section/page_header_copy.shellimg.jpeg/1725541002752/close-up-yellow-saxony-summer-wheat-field.jpeg","alt":"close up yellow saxony summer wheat field","width":5106,"height":1276}},"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/page_header_copy"},{"organism":"PromoSimple.Text","color":"brand2","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/text_1338746881","model":{"title":"The 2025 SOCPF Source","text":"\u003Cp\u003EWe’re pleased to let you know that the new look online edition of the Source is now available to view.\u003C/p\u003E\r\n\u003Cp\u003EThis refreshed edition brings you key updates and insights on the Fund, including:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003EImportant news about changes to the Fund’s Asset Manager\u003C/li\u003E\r\n\u003Cli\u003EChanges to the Trustee Board\u003C/li\u003E\r\n\u003Cli\u003EPlus, other updates and features we hope you’ll find informative and engaging\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EWe hope you enjoy the new format and welcome any feedback you may have.\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"https://pensions.shell.co.uk/source.html\"\u003E2025 SOCPF Source\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EOctober 2025\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/text","model":{"title":"2024 SOCPF Source","text":"\u003Cp\u003EWe are delighted to announce that this year’s annual newsletter, The Source, is now available for you to read.\u003C/p\u003E\r\n\u003Cp\u003EHighlights in this year’s edition include:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003EAn introduction from Ian Robertson, President of the Board\u003C/li\u003E\r\n\u003Cli\u003ENews on the triennial Actuarial Valuation of the Fund\u003C/li\u003E\r\n\u003Cli\u003EChanges to the Board\u003C/li\u003E\r\n\u003Cli\u003EAnd much more\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EWe hope you find this edition both informative and engaging.\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"https://www.socpfsource.com/\" target=\"_blank\"\u003E2024 SOCPF Source\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESeptember 2024\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1606298841","model":{"title":"2023 News","text":"\u003Ch2\u003EChanges to the SOCPF Founding Company\u003C/h2\u003E\r\n\u003Cp\u003EWe want to update you on changes that have been made within the Shell Group corporate structure and explain how they affect the SOCPF.\u003C/p\u003E\r\n\u003Ch3\u003EIn Summary\u003C/h3\u003E\r\n\u003Cp\u003EShell Petroleum N.V. (SPNV) has been replaced as a “Founding Company” by Shell Group Holdings Limited (SGH).\u003C/p\u003E\r\n\u003Cp\u003EBy way of reminder, Founding Companies hold some discretionary powers in relation to the SCPF but importantly also represent a source of ultimate financial support to the Fund.\u003C/p\u003E\r\n\u003Ch3\u003EBackground\u003C/h3\u003E\r\n\u003Cp\u003EIn October 2023, the Shell Group made changes to its holding company structure. The changes followed the move of Shell plc’s tax residence from the Netherlands to the UK at the end of 2021.\u003C/p\u003E\r\n\u003Cp\u003EOne of the key changes is that a new holding company, SGH has been established, sitting directly beneath Shell plc, the Group’s top company. As a result, SGH now occupies the position that in the previous structure was largely occupied by SPNV.\u003C/p\u003E\r\n\u003Ch3\u003EWhy is this relevant to the SOCPF?\u003C/h3\u003E\r\n\u003Cp\u003EAlthough these organisational changes were made for simplification reasons unrelated to the SOCPF, they had implications for SPNV which has long been an important company for the SOCPF and the Trustee. Therefore, the Company engaged with the Trustee and its advisers early in the process and the Company and Trustee worked together collaboratively and productively to ensure that the covenant supporting the Fund (that is, the strength of the legally binding promise to support the Fund) remains as strong after the change as it was before. Following these discussions, SPNV (now called Shell Petroleum B.V.) was replaced as a Founding Company by SGH at the same time as the changes to the corporate structure became effective, ensuring that the Trustee’s legally binding access to Group assets is maintained throughout.\u003C/p\u003E\r\n\u003Cp\u003EAs a consequence, the Founding Companies of the SOCPF are now SGH and The Shell Petroleum Company Limited.\u003C/p\u003E\r\n\u003Cp\u003EWe understand that these changes might seem complex but we are pleased to report that the Trustee is satisfied that the strength of the employer covenant provided to the SOCPF has been maintained following the reorganisation. The success of the process is also a demonstration of the value of the collaborative working relationship between the Shell Group and the Trustee.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDecember 2023\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EThe 2023 SOCPF Source\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EWe are pleased to announce that the 2023 edition of the Shell Contributory Overseas Pension Fund (SOCPF) Newsletter the \u003Ca href=\"https://www.socpfsource.com/\" target=\"_blank\"\u003ESource\u003C/a\u003E is now available for you to view. In this edition, we have packed in a wealth of information and updates, here's a preview of what you can expect:\u003C/p\u003E\r\n\u003Cp\u003E• \u003Cb\u003EScheme Funding Update:\u003C/b\u003E An update on the financial health of the SOCPF.\u003C/p\u003E\r\n\u003Cp\u003E• \u003Cb\u003EJoin the Member Experience Panel:\u003C/b\u003E We are excited to introduce a new opportunity for our members to get involved with the SOCPF. Join our Member Experience Panel and have a say in shaping future communications like the Source.\u003C/p\u003E\r\n\u003Cp\u003EYour feedback and engagement are important, so please don't hesitate to contact us if you have any questions, suggestions, or comments. You can contact us at \u003Ca href=\"mailto:SI-STB-Trustee@shell.com\"\u003ESI-STB-Trustee@shell.com\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EOctober 2023\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item","model":{"title":"2022 News","text":"\u003Cp\u003E\u003Cb\u003EThe SOCPF remains secure\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EYou may have recently seen articles in the press concerning a potential funding crisis for defined benefit pension schemes invested in UK assets. This led to the Bank of England intervening in bond markets on 28 September 2022, in an effort to stabilise the market and relieve pressure on defined benefit pension schemes. We understand these reports may be a cause of concern for some pension fund members. We would like to reassure members of the SOCPF that the Fund is fully funded and maintains adequate liquidity for all of its investments.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESeptember 2022\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy","model":{"title":"2021 News","text":"\u003Cp\u003E\u003Cb\u003EValuation: the SOCPF is 99% funded\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EEvery three years we carry out a detailed actuarial valuation of the Fund. We work closely with the Actuary to carry out an in-depth analysis of future benefit payments from the Fund – the liabilities - which are then compared with the assets to check the Fund is properly financed. This tells us if we have enough money to pay the pensions that have already been promised or if the Company needs to make further contributions to the Fund. This full actuarial valuation was completed as at 31 December 2020.\u003C/p\u003E\r\n\u003Cp\u003EYou may remember from the Source last year that the funding level of the Fund as at 30 September 2020 was 87% with a shortfall of £708m. We are pleased to announce that the results of the full actuarial valuation showed that the funding level recovered well from the lower position experienced earlier in 2020. As at 31 December 2020 the SOCPF was 99% funded, equating to a shortfall of £47 million. This improvement in the funding level is due to a combination of increases in the value of the Fund’s assets, changes to forecasts for inflation, interest rates and salary growth and latest indications of member behaviour and longevity.\u003C/p\u003E\r\n\u003Cp\u003EAhead of finalising the actuarial valuation, from January 2021 the Company increased what it pays into the Fund from 30% of members’ pensionable salaries to 55% of members’ pensionable salaries. This increased contribution rate, together with expected investment returns on the Fund’s assets, shows the Company’s commitment to provide security for your pension now and in the future and means that the Fund is very well placed to deliver the benefits promised to members.\u003C/p\u003E\r\n\u003Cp\u003EMore information on the three yearly actuarial valuation will be reported in the Source later in 2021.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EAugust 2021\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_614268780","model":{"title":"2020 News","text":"\u003Cp\u003E\u003Cb\u003EDon’t be caught out! Your retirement is at risk from scammers.\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe Trustee Services Unit has become aware of unsolicited approaches and cold-calling to members of Shell pension schemesfrom companies offering financial advice and suggesting you transfer your pension from Shell to another pension scheme, often overseas.\u003C/p\u003E\r\n\u003Cp\u003EThese companies often apply intense, high pressured sales techniques to convince you to invest and will quote inaccurate and misleading information about your benefits from the Shell pension and actions the Trustee or Company have taken (when they have not) or they claim to offer ‘guaranteed returns’ from their own investments.\u003C/p\u003E\r\n\u003Cp\u003EThese companies are becoming increasingly sophisticated with credible websites and supporting materials. Some companies have said that they have been engaged by the Trustee to provide financial advice to members. This is not true – the Trustee and the Company will never give your details to other organisations without your permission. These companies use LinkedIn and similar sites to gather contact information.\u003C/p\u003E\r\n\u003Cp\u003EDon’t be caught out! Thoroughly check out the firm or person that you are dealing with to ensure that they are reputable and ensure that any provider or scheme you are considering is genuine. To help you avoid pension scams and check if a firm is genuine visit the FCAs website \u003Ca href=\"https://www.fca.org.uk/scamsmart\" target=\"_blank\"\u003EScam smart\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDecember 2020\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EThe 2020 Source\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 2020 edition of the SOCPF Source, the newsletter from Shell Trust Bermuda, is now available to view \u003Ca href=\"https://socpfsource.com/\" target=\"_blank\"\u003Ehere\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003EThis edition features details of the SOCPF funding, how the SOCPF’s investments have performed, The impact of COVID-19 and how to avoid pension scams.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ENovember 2020\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EMessage from the Trustee on COVID-19\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EIn these unsettling times, as we all change the way we go about our lives in order to control the spread of COVID-19, we would like to reassure you that the Pensions Administration Team is maintaining normal service while following Shell and Government advice for keeping our staff safe, including working from home as far as possible. Pension payments will be made as normal on the first working day of each month.\u003C/p\u003E\r\n\u003Cp\u003ESome of you may need to contact us in relation to your Shell pension (for example, an address change) and you can continue to do so in the usual way: email to \u003Ca href=\"mailto:UK-PensionsAdmin@shell.com\"\u003EUK-PensionsAdmin@shell.com\u003C/a\u003E or call on +44 (0)20 7934 1190 (if you cannot get through straight away, please leave a message and we will call you back within 48 hours).\u003C/p\u003E\r\n\u003Cp\u003EDue to possible delays with the post, if you have to mail anything to us you may experience a delay in our response to you. Where possible, we would encourage you to email the Pensions Administration Team rather than using mail. We will accept scanned versions of documents or photographs of documents over email. To help, please add your pension number to the email.\u003C/p\u003E\r\n\u003Cp\u003EAs a guide, the turnaround for most cases is approximately 10-15 working days.\u003C/p\u003E\r\n\u003Cp\u003EWhilst we continue to operate as normal at the current time, we will update this note should anything change.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EMarch 2020\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1501958548","model":{"title":"2019 News","text":"\u003Cp\u003E\u003Cb\u003EThe 2019 Source\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EChanges to the Trustee Board\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EIn September 2019 we welcomed Sharon A. Beesley to the Board. Sharon is a co-founder of the BeesMont Group and CEO of BeesMont Law Limited. Sharon will replace James Hallett who is stepping down from his role as Trustee Director at the end of 2019. Finally, Peter Borland who has been Secretary to Shell Trust Bermuda since August 2002, is retiring in December 2019.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EOctober 2019\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_788460779","model":{"title":"2018 News","text":"\u003Cp\u003E\u003Cb\u003EThe 2018 Source\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EWe are pleased to announce the new-look \u003Ca href=\"https://www.socpfsource.com/\" target=\"_blank\"\u003E2018 SOCPF Source\u003C/a\u003E is ready to view, which, along with the usual information on investments and the Trustee Board, also includes the results of the 2017 actuarial valuation.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ENovember 2018\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ENew Privacy Notice\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EAs the General Data Protection Regulation takes effect on the 25th May, we have made some important changes and improvements to our Privacy Policy. Please have a look at our updated \u003Ca href=\"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/main/section/list/list_item_copy_788460779.multi.stream/1725541572002/8a081bb9093d855435bfaf474bb21c2925936005/socpf-gdpr-privacy-notice-2018.pdf\" target=\"_blank\"\u003EPrivacy Notice\u003C/a\u003E to see how we handle your data and how we protect it.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EMay 2018\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1322531632","model":{"title":"2017 News","text":"\u003Cp\u003E\u003Cb\u003E2017 Source\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 2017 edition of the SOCPF Source, the newsletter from Shell Trust Bermuda, is now available. To view it please click \u003Ca href=\"https://www.socpfsource.com/\" target=\"_blank\"\u003Ehere\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003EThis edition features a member \u003Cb\u003Esurvey -\u003C/b\u003E 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.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESeptember 2017\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EFunding of the SOCPF\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThere 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.\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESeptember 2017\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPension Scams\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003EThese 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.\u003C/p\u003E\r\n\u003Cp\u003EDon’t be caught out! Read The Pensions Regulator’s five tips for protecting yourself from scammers, by clicking on this link \u003Ca href=\"http://www.thepensionsregulator.gov.uk/pension-scams.aspx?ed2f26df2d9c416fbddddd2330a778c6=omioxvtp-oauoaauxt\" target=\"_blank\"\u003Ewebsite\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EAugust 2017\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ETaxation Of SOCPF Benefits\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EIn 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.\u003C/p\u003E\r\n\u003Cp\u003ELegislation 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.\u003C/p\u003E\r\n\u003Cp\u003EThe effect on the UK taxation of SOCPF benefits for UK tax residents is as follows:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003EPension income: Up to 5 April 2017 only 90% of pension income paid from the SOCPF was subject to income tax. With effect from 6 April 2017, 100% of pension income, irrespective of when it was accrued, will be subject to tax. This aligns with the tax treatment of pension income paid from the SCPF.\u003C/li\u003E\r\n\u003Cli\u003ELump sum: On retirement, members can choose to exchange 25% of the value of their pension income for a cash lump sum. Up to 5 April 2017 this lump sum was tax-free (provided you were not a UK tax resident during the period of accrual) which aligned with the SCPF. With effect from 6 April 2017 lump sums in respect of benefits accrued after that date will be subject to income tax at an individual’s marginal rate. Tax relief will remain available for lump-sums accrued before 6 April 2017 (subject to being non-resident in the period of accrual).\u003C/li\u003E\r\n\u003Cli\u003EPlease note, the Company and Trustee are still working with advisors to understand the practical implications of these changes (for example, how to separate benefits accrued both pre-and-post 6 April 2017 for the purposes of establishing amounts eligible for tax relief). You should ensure that you take the appropriate tax advice and understand the tax consequences of any decisions you make regarding the form of your benefits.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EPlease 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.\u003C/p\u003E\r\n\u003Cp\u003EBeware 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. \u003Ca href=\"https://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams\" target=\"_blank\"\u003EThese steps can be found here\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EMay 2017\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_111421596","model":{"title":"2016 News","text":"\u003Cp\u003E2016 Source\u003C/p\u003E\r\n\u003Cp\u003EThe 2016 edition of the \u003Ca href=\"https://pensions.shell.co.uk/socpf/forms-and-helpful-info.html\" target=\"_self\"\u003ESOCPF Source\u003C/a\u003E will be issued to all members this month (September). This year we are including a \u003Ca href=\"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/main/section/list/list_item_copy_111421596.multi.stream/1725541876609/799d4d52f066e93153d9b0f182e37aa757d21712/shell-source-carrier-letter-2016-v6.pdf\" target=\"_blank\"\u003Eletter\u003C/a\u003E requesting your email address so that we can start to communicate electronically with those who are happy to move away from paper. It’s easy to register:\u003C/p\u003E\r\n\u003Col\u003E\r\n\u003Cli\u003EVisit the website at sp.pensioncomms.info\u003C/li\u003E\r\n\u003Cli\u003EEnter your surname as printed on the letter and insert the unique PIN\u003C/li\u003E\r\n\u003Cli\u003EFinally enter your personal email address\u003C/li\u003E\r\n\u003C/ol\u003E\r\n\u003Cp\u003EOnce you’ve registered you’ll receive emails letting you know when the Source and other non-personalised communications are available to view online, giving you instant access to important information and resources. We very much hope you will take this opportunity to help us to help you.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESeptember 2016\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1261325146","model":{"title":"2015 News","text":"\u003Cp\u003E\u003Cb\u003ESTB Board\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003ESTB Board said thank you and goodbye to Bob Stewart who retired after 40 years as a Trustee Director in March 2015. We welcome his replacement on the Trustee Board, James Hallett.\u003C/p\u003E\r\n\u003Cp\u003ESeptember 2015\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1782247359","model":{"title":"2014 News","text":"\u003Cp\u003E\u003Cb\u003ESTB Board\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EShell Trust Bermuda welcomed two new Trustee Directors to the Board, Pablo Gamero as Vice President and Michael Clark who joined in August 2014.\u003C/p\u003E\r\n\u003Cp\u003ESeptember 2014\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_2065796429","model":{"title":"2013 News","text":"\u003Cp\u003E\u003Cb\u003E2013 Annual Benefit Statements – Active members\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003ESOCPF Active Members\u003C/p\u003E\r\n\u003Cp\u003EAs in previous years, SOCPF Active members can request their benefit statement(s) (including their AVC statement, if applicable) by e-mail. SOCPF active members should send an e-mail to\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"mailto:Pensions-SOCPF-Benefit-Statements@shell.com\"\u003EPensions-SOCPF-Benefit-Statements@shell.com\u003C/a\u003E including their Pension number (if known) and their date of birth. Please do NOT send the e-mail marked as Private.\u003C/p\u003E\r\n\u003Cp\u003EJuly 2013\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_1286426635","model":{"title":"2012 News","text":"\u003Cp\u003E\u003Cb\u003E2012 Annual Benefit Statements\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESOCPF Active Members\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 2012 SOCPF and SCPF (if applicable) annual benefit statements are now available. As in previous years, these statements are available \u003Cb\u003Eon request\u003C/b\u003E and will be sent as a pdf attachment by e-mail. Should you wish to receive your statement(s) please e-mail your request to the mailbox address below, including \u003Cb\u003Eyour full name and date of birth\u003C/b\u003E to enable easier identification. If you contributed towards the Additional Voluntary Contributions (AVC) Arrangement whilst an active member of the SCPF the 2011/2012 AVC statements are also available by request using the same mail box:\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"mailto:Pensions-SOCPF-Benefit-Statements@shell.com\"\u003EPensions-SOCPF-Benefit-Statements@shell.com\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003EJuly 2012\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list/list_item_copy_903382608","model":{"title":"2011 News","text":"\u003Cp\u003E\u003Cb\u003E2011 UK Retirement Benefits Review\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003ECurrent 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.\u003C/p\u003E\r\n\u003Cp\u003E9 December 2011\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ESOCPF Benefit Statements\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003EUnfortunately, 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:\u003C/p\u003E\r\n\u003Cp\u003E\u003Ca href=\"mailto:Pensions-SOCPF-Benefit-Statements@shell.com\"\u003EPensions-SOCPF-Benefit-Statements@shell.com\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003EPlease include your full name and date of birth to ensure you are correctly identified. \u003Cb\u003EPlease note that if you also have benefits in the SCPF, you will receive two separate statements covering your benefits in each fund.\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EPlease check your statement carefully on receipt. If you have any queries regarding your statement, please contact the Pensions Advisory Unit at \u003Ca href=\"mailto:pensions-advisory-unit@shell.com\"\u003Epensions-advisory-unit@shell.com\u003C/a\u003E\u003C/p\u003E\r\n\u003Cp\u003ENovember 2011\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ENew Pensions Administration System - Important Information for All Members\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EOn 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.\u003C/p\u003E\r\n\u003Cp\u003EPensioners 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.\u003C/p\u003E\r\n\u003Cp\u003EImportant Information for Pensioners\u003C/p\u003E\r\n\u003Cp\u003EActive 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. \u003C/p\u003E\r\n\u003Cp\u003EWe 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.\u003C/p\u003E\r\n\u003Cp\u003EAll 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.\u003C/p\u003E\r\n\u003Cp\u003EJune 2011\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003ECommutation Factor Review November 2010\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EWhen 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.\u003C/p\u003E\r\n\u003Cp\u003EThe Founding Companies review and set the commutation factors in the SCPF and the SOCPF, after consultation with the Actuary.\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003EAs 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.\u003C/p\u003E\r\n\u003Cp\u003EIf 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: \u003Ca href=\"mailto:pensions-advisory-unit@shell.com\"\u003Epensions-advisory-unit@shell.com\u003C/a\u003Eif you are an active member. If you are a deferred member, please email: \u003Ca href=\"mailto:pensions-administration-london-l@shell.com\"\u003Epensions-administration-london-l@shell.com\u003C/a\u003E.\u003C/p\u003E\r\n\u003Cp\u003EMarch 2011\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPension Increases - RPI History\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EIn 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.\u003C/p\u003E\r\n\u003Cp\u003EThe 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.\u003C/p\u003E\r\n\u003Cp\u003EMarch 2011\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EPension Increases - RPI/CPI\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EYou 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.\u003C/p\u003E\r\n\u003Cp\u003EMarch 2011\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section/list","model":{}}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section","model":{}},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section_846242270_co/promo_copy_656469879","model":{"title":"I work at Shell","text":"\u003Cp\u003EThis section of the website contains information for members of the SOCPF.\u003Cbr\u003E\r\n\u003C/p\u003E\r\n","links":[{"value":"https://pensions.shell.co.uk/socpf/i-work-at-shell.html"}],"image":{"src":"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/main/section_846242270_co/promo_copy_656469879.shellimg.jpeg/1725537466056/wet-grass.jpeg","alt":"Close up of grass blades dripping with dew","width":4898,"height":2757}}},{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section_846242270_co/promo_copy_210928418_953911566","model":{"title":"I have left Shell","text":"\u003Cp\u003EThis section gives pension information for ex-employees of Shell, not yet in receipt of their pension.\u003Cbr\u003E\r\n\u003C/p\u003E\r\n\r\n\r\n\r\n\r\n\r\n\r\n","links":[{"value":"https://pensions.shell.co.uk/socpf/left-shell.html"}],"image":{"src":"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/main/section_846242270_co/promo_copy_210928418_953911566.shellimg.jpeg/1725537647211/landscape.jpeg","alt":"Lake with snow topped mountain in the distance","width":1900,"height":1069}}},{"organism":"PromoSimple.LinkList","color":"brand1","colspan":4,"colstart":9,"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section_846242270_co/link_list","model":{"links":[{"name":"I am a Shell Pensioner","value":"https://pensions.shell.co.uk/scpf/shell-pensioner.html"},{"name":"How the shell scheme is managed","value":"https://pensions.shell.co.uk/scpf/how-the-scheme-is-managed.html"},{"name":"Forms & Helpful info","value":"https://pensions.shell.co.uk/socpf/forms-and-helpful-info.html"},{"name":"Contact us","value":"https://pensions.shell.co.uk/socpf/contact.html"}]}}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main/section_846242270_co","model":{"title":"More in Shell Overseas Contributory Pension Fund"}}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/main","model":{}},{"organism":"Container.Footer","children":[{"organism":"Breadcrumb.Large","model":{"links":[{"name":"Home","value":"https://pensions.shell.co.uk/"},{"name":"SOCPF","value":"https://pensions.shell.co.uk/socpf.html"},{"name":"SOCPF News","value":"https://pensions.shell.co.uk/socpf/news.html"}]},"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/footer/breadcrumb"},{"organism":"Container.Raw","ref":"https://pensions.shell.co.uk/_jcr_content/root/footer/inherited.model.json","id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/footer/inherited","model":{}}],"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content/root/footer","model":{}}],"id":"/conf/shell/settings/wcm/templates/base/structure/jcr_content/root","model":{}}],"model":{"title":"SOCPF News","text":"News relating to the SOCPF or pensions in general.","links":[{"name":"canonical","value":"https://pensions.shell.co.uk/socpf/news.html"},{"name":"errorUrl","value":"https://pensions.shell.co.uk/error.html"},{"name":"hierarchy","value":"en_gb/socpf/news"},{"name":"homeTitle","value":"Shell Pensions in the UK"},{"name":"homeUrl","value":"https://pensions.shell.co.uk/"},{"name":"locale","value":"en-GB"},{"name":"title","value":"SOCPF News | Shell Pensions in the UK"},{"name":"textDirection","value":"ltr"},{"name":"template","value":"base"},{"name":"contentPath","value":"/content/shell/business/pensions/en_gb/socpf/news"},{"name":"externalDisclaimerText","value":"Shell plc Legal Disclaimer\r\nYou are now leaving the Shell global website.\r\nThe link you have selected will direct you to a website that is not controlled by Shell plc or any member of the Shell Group. Accordingly, neither Shell plc nor any member of the Shell Group endorses, adopts, certifies or otherwise validates the information and material contained on the linked website. This includes its sponsor and any policies, activities or services offered on the site, by any advertiser on the site or linked to the site.\r\nThank you for visiting the Shell global website."},{"name":"themeMode"},{"name":"lastModified","value":"2025-10-03T15:21:08.116Z"},{"name":"themeName","value":"base"},{"name":"themePath","value":"/etc.clientlibs/amidala/clientlibs/theme-base"},{"name":"themeCss","value":"/etc.clientlibs/amidala/clientlibs/theme-base.ACSHASHb291465fc8d3c7bcefde74d34044b698.css"}],"image":{"src":"https://pensions.shell.co.uk/socpf/news/_jcr_content/root/metadata.shellimg.jpeg/1725547587406/close-up-yellow-saxony-summer-wheat-field.jpeg","alt":"close up yellow saxony summer wheat field","width":5094,"height":2871}},"id":"/content/shell/business/pensions/en_gb/socpf/news/jcr_content"}