{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"SCPF funding position","text":"View the SCPF’s funding position: assets vs liabilities, funding level, surplus and updates on valuation.","links":[{"name":"SCPF funding position","value":"https://pensions.shell.co.uk/source/scpf/funding-news/scpf-funding-position.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/funding-news/scpf-funding-position/_jcr_content/root/metadata.shellimg.jpeg/1760537267812/a-group-of-men-in-hard-hats.jpeg","alt":"Green Canyon 19 platform, USA, 2024","width":3840,"height":2160}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/contentowner"},{"organism":"Container.Header","children":[{"organism":"Topbar.Left","color":"brand1-subtle","model":{"links":[{"name":"SCPF news website","value":"https://pensions.shell.co.uk/source/scpf.html"},{"name":"SOCPF news website","value":"https://pensions.shell.co.uk/source/socpf.html"},{},{"name":"Jargon","value":"https://pensions.shell.co.uk/source/scpf/jargon.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/header/topbar_copy_copy_923080523"},{"organism":"Navigation","color":"inherited","model":{"links":[{"value":"https://pensions.shell.co.uk/"},{},{"name":"Home","value":"https://pensions.shell.co.uk/source/scpf.html"},{"name":"Funding","value":"https://pensions.shell.co.uk/source/scpf/funding-news.html"},{"name":"Investments","value":"https://pensions.shell.co.uk/source/scpf/scpf-investments.html"},{"name":"Financials","value":"https://pensions.shell.co.uk/source/scpf/financials-news.html"},{"name":"Trustee news","value":"https://pensions.shell.co.uk/source/scpf/trustee-news.html"},{"name":"Pension news","value":"https://pensions.shell.co.uk/source/scpf/pension-news.html"},{},{"name":"Who can help?","value":"https://pensions.shell.co.uk/source/scpf/scpf-who-can-help.html","icon":"/content/dam/shell/icons/global/status/question-mark-circle.svg"},{"name":"Calendar","value":"https://pensions.shell.co.uk/source/scpf/calendar.html","icon":"/content/dam/shell/icons/global/time/calendar.svg"},{"name":"Search","value":"https://pensions.shell.co.uk/search.html","icon":"/content/dam/shell/icons/global/operations/search.svg"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/header/navigation_copy_1125202561"},{"organism":"Breadcrumb","model":{"links":[{"name":"Home","value":"https://pensions.shell.co.uk/"},{"name":"Welcome to the Source","value":"https://pensions.shell.co.uk/source.html"},{"name":"SCPF","value":"https://pensions.shell.co.uk/source/scpf.html"},{"name":"Funding news","value":"https://pensions.shell.co.uk/source/scpf/funding-news.html"},{"name":"SCPF funding position","value":"https://pensions.shell.co.uk/source/scpf/funding-news/scpf-funding-position.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"inherited","model":{"title":"SCPF funding position","image":{"src":"https://pensions.shell.co.uk/source/scpf/funding-news/scpf-funding-position/_jcr_content/root/main/section/page_header.shellimg.jpeg/1760536864963/a-group-of-men-in-hard-hats.jpeg","alt":"Green Canyon 19 platform, USA, 2024","width":3837,"height":960}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/page_header"},{"organism":"Container","colspan":6,"children":[{"organism":"PromoSimple.Text","color":"inherited","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/simple/text","model":{"text":"\u003Cp\u003EOur priority as Trustee is to make sure that all members’ benefits are paid in full and on time throughout the life of the Fund.\u003C/p\u003E\r\n\u003Cp\u003ETo help us do this, every three years the Scheme Actuary carries out a statutory valuation. In the years between valuations, our advisers give us an update on the Fund, in the annual Actuarial Report.\u003C/p\u003E\r\n\u003Cp\u003EThe Actuary compares:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003E\u003Cb\u003EThe Fund’s assets\u003C/b\u003E – the value of the investments held\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EThe Fund’s liabilities\u003C/b\u003E – the estimated amount needed to pay all future benefits\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003ETo help explain some of the technical terms used in this section, we’ve included a \u003Cb\u003E\u003Ca href=\"https://pensions.shell.co.uk/source/scpf/jargon.html\"\u003Ejargon buster\u003C/a\u003E\u003C/b\u003E.\u003C/p\u003E\r\n\u003Cp\u003EThe table shows the statutory funding position as at 31 December 2024 compared with the previous actuarial valuation as at 31 December 2023. At each date, the assets were greater than the liabilities. This means the Company didn’t need to make any extra contributions to the Fund.\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"brand1-solid","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/simple/text_copy","model":{"title":"Latest update","text":"\u003Cp\u003EAs at 30 June 2025, the funding level remained unchanged at 108%. The next valuation will take place as at 31 December 2026.\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/simple","model":{}},{"organism":"Container","colspan":6,"children":[{"organism":"PromoSimple.Text","color":"inherited","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/simple_copy/text_1239722158","model":{"text":"\u003Ctable cellpadding=\"1\" cellspacing=\"0\" border=\"1\" width=\"200\" height=\"100\"\u003E\r\n\u003Ctbody\u003E\u003Ctr\u003E\u003Cth scope=\"col\"\u003E \u003C/th\u003E\r\n\u003Cth scope=\"col\"\u003E2024 \u003Cbr\u003E\r\nFunding position 31 Dec 2024\u003C/th\u003E\r\n\u003Cth scope=\"col\"\u003E2023 \u003Cbr\u003E\r\nValuation 31 Dec 2023\u003C/th\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EAssets\u003C/td\u003E\r\n\u003Ctd\u003E£11,040m\u003C/td\u003E\r\n\u003Ctd\u003E£12,340m\u003C/td\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003ELiabilities\u003C/td\u003E\r\n\u003Ctd\u003E£10,190m\u003C/td\u003E\r\n\u003Ctd\u003E£11,468m\u003C/td\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EFunding level\u003C/td\u003E\r\n\u003Ctd\u003E108%\u003C/td\u003E\r\n\u003Ctd\u003E108%\u003C/td\u003E\r\n\u003C/tr\u003E\u003C/tbody\u003E\u003C/table\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section/simple_copy","model":{}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section","model":{}},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoSimple.Text","color":"brand1","id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_1528749750/text_705845326","model":{"text":"\u003Cp\u003EThe Fund’s Statutory Funding Objective aims for 100% funding. The table above shows that the Fund was 108% funded at 31 December 2024. 
Since the last valuation as at 31 December 2023, the Fund’s funding level has stayed about the same.\u003C/p\u003E\r\n\u003Cp\u003EWhile the total value of the Fund’s assets has gone down, particularly the government bonds, the amount needed now to meet expected future payments (liabilities) has also gone down. This is because we are invested in liability matching assets.\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EValuation as at 31 December 2023\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EFunding level - 108%\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EEstimate as at 31 December 2024\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003EFunding level - 108%\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_1528749750","model":{"title":"Change in funding position since the last edition"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"brand1-subtle","id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_43471469/text_copy","model":{"text":"\u003Cp\u003EBy law, we must also give you an estimate of the Fund’s solvency level. We do this by calculating the liabilities if we had bought an insurance policy to cover their cost, then using this figure to work out its ratio against the value of the Fund’s assets.\u003C/p\u003E\r\n\u003Cp\u003EThe estimated solvency level as at 31 December 2023 (the most recent actuarial valuation) was 93%.\u003C/p\u003E\r\n\u003Cp\u003EPension regulations mean we need to confirm that the Company has not taken any money out of the SCPF this year. We are happy to confirm this. We must also tell you whether The Pensions Regulator has exercised its powers in relation to the SCPF, including the power to:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003Echange the rate at which pensions in the SCPF build up\u003C/li\u003E\r\n\u003Cli\u003Edirect how the SCPF’s liabilities are calculated, or\u003C/li\u003E\r\n\u003Cli\u003Eimpose a schedule of contributions\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EWe are happy to confirm that this has not been the case.\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_43471469","model":{"title":"Other things we need to tell you"}},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_374582528/promo_copy","model":{"title":"Meet the new Scheme 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butterfly","width":3840,"height":2160}}},{"organism":"PromoCard","color":"brand1","colspan":4,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_374582528/promo_copy_112974839","model":{"title":"A Message from Alan McLean","links":[{"value":"https://pensions.shell.co.uk/source/scpf/trustee-news/a-message-from-alan-mclean.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/funding-news/scpf-funding-position/_jcr_content/root/main/section_374582528/promo_copy_112974839.shellimg.jpeg/1760537363264/alan-mclean.jpeg","alt":"Alan McLean","width":3840,"height":2160}}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main/section_374582528","model":{"title":"You may also be interested in"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding-news/scpf-funding-position/jcr_content/root/main","model":{}},{"organism":"Container.Footer","children":[{"organism":"Breadcrumb.Large","model":{"links":[{"name":"Home","value":"https://pensions.shell.co.uk/"},{"name":"Welcome to the Source","value":"https://pensions.shell.co.uk/source.html"},{"name":"SCPF","value":"https://pensions.shell.co.uk/source/scpf.html"},{"name":"Funding news","value":"https://pensions.shell.co.uk/source/scpf/funding-news.html"},{"name":"SCPF funding 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