Income and expenditure
Here’s a summary of the key figures from our Annual Report and Financial Statements dated 31 December 2025.
| 2024 (£m) | 2025 (£m) | ||
| We started the year with a Fund value of: | 12,398 | 11,123 | |
| Income (amounts that increase the value of the Fund) |
|
||
| Member contributions |
|
- 8 |
- 15 |
| Employer contributions |
|
- 10 |
- 9 |
| Investment income | 77 | 87 | |
| Total income | 95 | 111 | |
| Expenditure (amounts that decrease the value of the Fund) | |||
| Benefits paid** | 603 | 624 | |
| Transfers out of the SCPF | 10 | 14 | |
| Administration and investment expenses | 35 | 35 | |
| Total expenditure | 648 | 673 | |
| Changes to investment market values | (722) | 190 | |
| We ended the year with a Fund value of: | 11,123 | 10,751*** |
*Members’ ordinary contributions are paid by Shell via a salary sacrifice arrangement.
**Including commutation lump sums on retirement and lump sum death benefits.
***Differs to asset total on the funding page as it includes Additional Voluntary Contributions (AVCs).
