What if I want to take my pension?

The amount of your pension will depend on your Pensionable Service and your Final Pensionable Salary.

Your SOCPF 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 of your pension (up to 25% of the capital value) for a cash lump sum.

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.

Absence from work, including maternity, paternity and adoption leave, may have an effect on your pension. If this applies to you, please contact the Pensions Advisory Unit for further information.

You will have two separate pensions: an SOCPF pension and an SCPF pension, paid concurrently.

If you leave Shell employment you can take your pension early (at age 55 or later). It will be reduced to reflect the longer time it will be paid. The early retirement factor applied is currently 4% for each year you retire before Pension Age.

This factor is subject to periodic review by the Founding Companies and may change in the future. If you have paid Additional Voluntary Contributions (AVCs) whilst a member of the SCPF, see What if I have paid AVCs whilst a member of the SCPF?

You can continue to work but you will stop paying contributions and you will stop building up pension.

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.