Welcome to the Source

Title: Meet Alan McLean

Duration: 08:09 minutes

Description:

A video introducing Alan McLean, Chair of the SCPF Trustee Board, providing insights into the Board’s responsibilities, the Scheme’s financial health, and the opportunity to apply as a Trustee in Summer 2025.

‘Meet Alan McLean’ Transcript

{Background music: Inspirational music fades in}

[Text displays:]

Meet Alan McLean

[Video footage:]

Alan McLean sits down in profile view and smiles at the camera. Behind the scenes side profile-view of clapper board being clapped in front of Alan.

{Music fades out but continues in background}

[Alan McLean voiceover:]

“Hello. I’m Alan McLean.”

[Alan McLean in profile-view vision:]

[Text caption displays: Alan McLean. Chair of the SCPF Trustee Board]

“I took up my role as Chair of the Board of Trustees of the SCPF on the 1st of October, 2024.

Prior to that, I worked with Shell for over 30 years in a number of different roles across Finance, often in Tax. And, I finished my career as the Head of Tax for Shell as well as a group controller.

And as part of my role as group controller, of course, I saw the pensions world

from the company's perspective.”

{Continued background music fades in}

[Section subheader title: What did you enjoy most about your career?]

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[Alan McLean in vision:]

“I enjoyed many things about my career in Shell, not least, being part of a company that really mattered to people, that made a difference in people's lives …”

[Alan McLean voiceover:]

“…brought energy and other products that they used.

I loved the breadth of Shell.”

[Video footage:]

Aerial view, pan along multiple solar panels on a green field, followed by a close-up shot of gas stove burner being ignited. Camera then pans across a wind turbine in a grass field.

[Alan McLean in vision]:

“You know, I worked across the upstream, across the downstream…”

[Alan McLean voiceover]:

“…trading and shipping and supply.”

[Video footage:]

Aerial view, container ship sailing forward in blue sea, followed by side view of same container ship sailing in the sea.

[Alan Mclean in vision:]

“As well as spending quite some time in the corporate centre.

And in tax, in particular, what I enjoyed was, was just being reminded on a daily basis of, of that other way in which the company gave back to the communities and the countries in which we operated through the taxes that we paid and that customers paid on the products we bought.

And of course…”

[Alan McLean voiceover:]

“…I couldn't not mention the wonderful people that I've met and worked with across Shell during…”

[Video footage:]

Five colleagues engaged in discussion around a meeting room table during a meeting.

[Alan McLean in vision]

“…my career.”

{Continued background music fades in}

[Section subheader title: Why did you want to become a Trustee Director?]

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[Alan McLean in vision:]

“As group controller, I'd seen many aspects of pensions from the company's perspective, and of course, it's an enormous liability for the company and a very long-term liability, and an area of real fascination for me when I was working.

And of course, when I became a pensioner, I was really interested to make sure that the Fund was was being well managed, and interested to understand better how that was being done.

So when I had the opportunity, to actually become one of the Trustee Directors, it was a very exciting opportunity and something where I knew I could continue to learn.”

{Continued background music fades in}

[Section subheader title: What skills and experience will you bring to the role?]

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[Alan McLean in vision:]

“I think a number of things that I've learned over the years, working in Shell and working in some of these other organisations that I've been part of.

First and foremost, some financial skills of course, those are…”

[Alan McLean voiceover:]

“…really important. There's a lot of detail, in the world of of pensions.

But also I think I've learned how to see…”

[Video footage]

Camera pans across a tablet from left to right, displaying reports, as Alan McLean's hand interacts with the screen. The shot transitions to a profile view of Alan using the tablet.

[Alan McLean in vision:]

“As well as that detail, to see the big picture and the longer term picture. And of course, when you're working in, in pensions, we have to have a very long-term view, and to step back from time to time from some of those detailed operational, matters.”

[Alan McLean voiceover:]

“I've also always tried to to listen to people and to bring in other perspectives

whenever I've been in the team, and particularly when…”

[Video footage]

A profile shot of Alan McLean using the tablet, smiling at the screen as he interacts with it.

[Alan McLean in vision:]

“…I’ve been leading a team. So I hope I'll be able to bring that, and to, to bring all of that to bear so that we can make the best decisions, for the benefit of all our pensioners.”

{Continued background music fades in}

[Section subheader title: What do you enjoy outside of work?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“Lots of things. I really like to travel. I've travelled…”

[Alan McLean voiceover:]

“…a lot, of course, during my working life. It's nice now to be able to travel and not think about what meeting I'm going to be going to, but rather…”

[Video footage]

Aerial view panning along Dubai’s Palm Jumeirah, Rome’s Vatican City, and Paris with the Eiffel Tower in shot.

[Alan McLean in vision:]

“…what, what I'm going to do to make the most of these wonderful places.

I run a lot…”

[Alan McLean voiceover:]

“…to try to keep fit. I used to do marathons. I'm not sure I'm still going to be…”

[Video footage]

A low-angle shot of a man running, focusing on his torso and arm in motion against a bright sky with a lamp post in the background. The shot transitions to a low-angle view of a group of runners' legs in motion, showcasing colourful trainers on a sunlit pathway with a railing and scenic background.

[Alan McLean in vision]

“…doing any more marathons in my retirement, but I'm going to sort of start building, my stamina back up again, over the next few years.

And beyond that, I'm really enjoying music. I play the cello…”

[Alan McLean voiceover:]

“…and I love to go to the opera.”

[Video footage]

A side-angle shot of an opera performer on stage with arms outstretched, lit by warm light, against a hazy background.

{Continued background music fades in}

[Section subheader title: How does the Trustee make sure it can pay members’ pensions?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“Paying members’ pensions is our number one priority, and making sure that we pay them on time and in full.

That means that we need to ensure that the Fund has enough money to pay all of its obligations, all of the pensions, as they fall due over time.

And given the long-term nature of the Fund, that means that we have to focus not only on making sure that we have money to pay pensions today, but also that we have sufficient money to pay pensions in the future.

And I'm pleased to say that the Fund is very well placed to do that.

The Fund is on a journey towards self-sufficiency, and that means reaching a position where all of the future payments can be met from the Fund's own resources, without us having to ask Shell for any more money.

Of course, Shell is always there and will always continue to contribute if money is needed, but we feel confident that we are on a journey where we won't have to ask Shell for any more money in future.

This is what we call our journey plan.

To get to this position we will continue to de-risk the Fund's investments, and that means that we're going to invest in assets that will produce income, that will match the expected future payments of benefits to our members.

This is a low-risk strategy, and of course, we will continue to maintain a buffer just in case anything unexpected happens in the future.”

{Continued background fades in}

[Section subheader title: How has the funding level changed since the last valuation?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“We just finished the 2023 valuation.

[Split screen transition: Alan McLean in vision on left side. A bar chart on the right, comparing Scheme’s ‘Assets’ (green bar) at £12,340m and ‘Liabilities’ (red bar) at £11,468m for the valuation year 2023, with the labels and bars clearly marked.]

“And that shows that the funding position has improved since the previous valuation.”

[Split screen transition: Alan McLean remains in vision on the left side. On the right, the bar chart updates to compare the same 2023 valuation figures to 2020 results. The 2020 figures, shown on the left side of the chart, display ‘Assets’ (green bar) at £16,940m and ‘Liabilities’ (red bar) at £16,461m, with a surplus of £479m. Below, a blue box indicates a 103% funding level for 2020. For 2023, shown on the right side, the chart updates to highlight a surplus of £872m, with a funding level of 108%.]

“We've gone from a funding level of 103% to a funding level of 108%. So that surplus or buffer of 8%, provides us with some cushion against future uncertainties. And that could either be in the form of market volatility or unexpected increases in, in our liabilities.

You'll also seen that the, the total value of of the assets has reduced, since the last valuation. But that's nothing to be worried about because so also has the future value of our liabilities or the current value of those future liabilities as we measure them for the purposes of the valuation.”

[Alan McLean solely in vision:]

“And that's just a factor of interest rates changing, so we expect to have more income in the future to pay those liabilities.

And since that 2023 valuation, the funding level has remained stable.”

{Continued background fades in}

[Section subheader title: Who can become a Trustee Director?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“Any member of the Fund, whether you're an active member, a deferred member or a pensioner member can apply to become a member nominated director.

Two of our member nominated directors will reach the end of their term at the end of 2025.”

[Split screen: Alan McLean in vision on the left-hand side. On the right, a communication piece is displayed featuring the Shell logo and the text "Could you help run the Fund?" along with details encouraging members to apply as a Trustee Director. The image includes smiling individuals in a professional setting.]

“So we'll be inviting you to apply if you'd like to become a new member nominated director…”

[Alan McLean solely in vision:]

“...over the summer of 2025.”

{Continued background fades in}

[Section subheader title: What do you look for in a Trustee Director?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“Well, we mainly look to ensure that we've got the widest range of expertise and perspectives, backgrounds and skills in the Board as a whole.

So as two of our member nominated directors reach the end of their term, we'll be looking to see if there are any particular skills gaps or experience gaps that we need, looking at the skills mix of our remaining directors, and that will help to inform our decision about the selection of the new member nominated directors.

You don't need to be an expert on pensions or have any previous experience. What we're looking for are people who are happy to learn, keen to learn, keen to contribute, and all necessary training will be provided.”

{Continued background fades in}

[Section subheader title: And finally, what are your priorities as the new Chair?]

{Music fades out but continues in background}

[Alan McLean in vision:]

“My priority as Chair is to ensure that the Fund will continue to provide that long-term security for all of our members so that they feel confident that they will get the pension payments when they fall due.

This is a great Fund, and I'm delighted…”

[Video footage]

Camera pans from left to right, showing Alan McLean seated in a well-lit, professional setting with a bookshelf and lamp in the background.

[Alan McLean voiceover:]

“to be the new Chair of the Board of Trustees.”

[Alan McLean in vision:]

Thank you for watching.

{Music ends}

[End transition]

Shell logo animation with jingle background music.