{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"Meet the new Scheme Actuary","text":"Meet the new Scheme Actuary for SCPF, discover their background, role, and how they’ll guide future fund valuations and strategy.","links":[{"name":"Meet the new Scheme Actuary","value":"https://pensions.shell.co.uk/source/scpf/funding/comment-from-the-scheme-actuary.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/funding/comment-from-the-scheme-actuary/_jcr_content/root/metadata.shellimg.jpeg/1792428822900/scheme-actuary-banner.jpeg","alt":"A photo of the Scheme Actuary, Lynda Whitney, Aon","width":2260,"height":1280}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/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/comment-from-the-scheme-actuary/jcr_content/root/header/topbar_copy_copy_268468317"},{"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.html"},{"name":"Investments","value":"https://pensions.shell.co.uk/source/scpf/investment-news.html"},{"name":"Financials","value":"https://pensions.shell.co.uk/source/scpf/financials.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/comment-from-the-scheme-actuary/jcr_content/root/header/navigation_copy_1285402441"},{"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","value":"https://pensions.shell.co.uk/source/scpf/funding.html"},{"name":"Meet the new Scheme Actuary","value":"https://pensions.shell.co.uk/source/scpf/funding/comment-from-the-scheme-actuary.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/header/breadcrumb"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/header"},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"inherited","model":{"title":"Comment from the Scheme Actuary","text":"\u003Cp\u003E\u003Cb\u003ELynda Whitney\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EScheme Actuary – Aon\u003C/p\u003E\r\n\r\n\r\n","image":{"src":"https://pensions.shell.co.uk/source/scpf/funding/comment-from-the-scheme-actuary/_jcr_content/root/main/section/page_header.shellimg.jpeg/1792428830534/scheme-actuary-banner.jpeg","alt":"A photo of the Scheme Actuary, Lynda Whitney, Aon","width":4896,"height":1280}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/main/section/page_header"},{"organism":"PromoSimple.Text","color":"inherited","model":{"text":"\u003Cp\u003EThe Fund’s liabilities represent the Scheme Actuary’s estimate of the value of benefits the Fund will need to pay out to members over time. The funding level of the Fund (calculated by dividing its assets by its liabilities) was broadly unchanged, standing at 108% at 31 December 2024, 106% at 31 December 2025 and 105% at 30 June 2026. This shows the success of the Trustees having a strategy that focuses on investing in assets that closely match the Fund’s liabilities. It also demonstrates the Fund’s continued financial strength with more assets than required to meet its liabilities.\u003C/p\u003E\r\n\u003Cp\u003EThe small decreases were:\u003C/p\u003E\r\n\u003Cul\u003E\r\n\u003Cli\u003Eprimarily driven by an increase in real interest rates, although the investment strategy largely protects against movements in real interest rates\u003C/li\u003E\r\n\u003Cli\u003Epartly offset by the assumptions about future improvements in life expectancy becoming slightly lower. This is mainly due to changes in calculating how we’re predicting life expectancy to increase\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003Cp\u003EThe Trustee monitors the liabilities every quarter to understand the overall performance of the Fund compared to its liabilities. This is supplemented by a more detailed review of the liabilities every three years. The next detailed review, which is required by law, will be carried out as at 31 December 2026. However, it will take several more months to analyse and publish the results of this review.\u003C/p\u003E\r\n"},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/main/section/text"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/comment-from-the-scheme-actuary/jcr_content/root/main/section"},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"Container","children":[{"organism":"PromoCard","color":"brand1","model":{"title":"SCPF funding 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