{"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/scpf-funding.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/funding/scpf-funding/_jcr_content/root/metadata.shellimg.jpeg/1792428658835/funding.jpeg","alt":"decorative","height":2160,"width":3840}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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/scpf-funding/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.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/scpf-funding/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","value":"https://pensions.shell.co.uk/source/scpf/funding.html"},{"name":"SCPF funding position","value":"https://pensions.shell.co.uk/source/scpf/funding/scpf-funding.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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/scpf-funding/_jcr_content/root/main/section/page_header.shellimg.jpeg/1792428651782/funding.jpeg","alt":"decorative","height":765,"width":3057}},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section/page_header"},{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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\u003E\u003Cb\u003EThe Actuary compares:\u003C/b\u003E\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\u003EIf the assets are lower than the liabilities, the Trustee and the Company need to agree on how much the Company should contribute to make up the difference.\u003C/p\u003E\r\n\u003Cp\u003EThe chart shows the \u003Cb\u003Estatutory funding position as at 31 December 2025\u003C/b\u003E 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/scpf-funding/jcr_content/root/main/section/simple/text_copy_copy","model":{"text":"\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"}}],"colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section/simple","model":{}},{"organism":"Container","children":[{"organism":"PromoSimple.Text","color":"inherited","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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\"\u003EFunding position 31 Dec 2025\u003C/th\u003E\r\n\u003Cth scope=\"col\"\u003EValuation 31 Dec 2023\u003C/th\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EAssets\u003C/td\u003E\r\n\u003Ctd\u003E£10,700m\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£10,050m\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\u003E106%\u003C/td\u003E\r\n\u003Ctd\u003E108%\u003C/td\u003E\r\n\u003C/tr\u003E\u003C/tbody\u003E\u003C/table\u003E\r\n"}}],"colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section/simple_copy","model":{}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section/text_copy_copy","model":{"title":"Latest update","text":"\u003Cp\u003EAs at 30 June 2026, the funding level was 105%. The next full actuarial valuation will take place as at 31 December 2026.\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section","model":{}},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoSimple.Text","color":"brand1","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_1528749750/text_705845326","model":{"text":"\u003Cp\u003EThe Fund’s Statutory Funding Objective aims for 100% funding. The summary shows that the Fund was 106% funded at 31 December 2025. Since the update as at 31 December 2024, in last year’s Source, the funding level has fallen by 2%.\u003C/p\u003E\r\n\u003Cp\u003EThis is primarily due to weaker asset performance over the period. Also, in absolute terms, both the Fund’s assets and liabilities have fallen slightly, so 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"}},{"organism":"PromoSimple.Text","color":"brand1","colspan":6,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_1528749750/text_1239722158_copy","model":{"text":"\u003Ctable cellpadding=\"1\" cellspacing=\"0\" border=\"1\" width=\"200\" height=\"100\"\u003E\u003Ctbody\u003E\u003Ctr\u003E\u003Ctd\u003E\u003Cb\u003EFunding position as at 31 Dec 2024\u003C/b\u003E\u003C/td\u003E\u003Ctd\u003EFunding level 108%\u003C/td\u003E\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003E\u003Cb\u003EFunding position as at 31 Dec 2025\u003C/b\u003E\u003C/td\u003E\u003Ctd\u003EFunding level 106%\u003C/td\u003E\u003C/tr\u003E\u003C/tbody\u003E\u003C/table\u003E\r\n"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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/scpf-funding/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. The Scheme Actuary does this by calculating the liabilities in line with the cost of buying an insurance policy to cover expected benefit payments. Then this figure is used to work out the ratio of the Fund’s assets relative to the liabilities.\u003C/p\u003E\r\n\u003Cp\u003EThe estimated solvency level as at 31 December 2023 (the most recent actuarial valuation) was 93%. Including this information doesn’t mean there are plans to wind up the Fund. It’s simply part of the information we have to share with you.\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 SCPFˇs 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/scpf-funding/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","model":{"title":"Comment from the Scheme Actuary","links":[{"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/scpf-funding/_jcr_content/root/main/section_374582528/promo_copy.shellimg.jpeg/1792428726175/scheme-actuary.jpeg","alt":"A photo of the Scheme Actuary, Lynda Whitney, Aon","height":2160,"width":3840}},"colspan":4,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_374582528/promo_copy"},{"organism":"PromoCard","color":"brand1","model":{"title":"Guard against scams","links":[{"value":"https://pensions.shell.co.uk/source/scpf/pension-news/artificial-intelligence-ai-in-pension-scams.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/funding/scpf-funding/_jcr_content/root/main/section_374582528/promo_copy_copy.shellimg.jpeg/1792428674214/a-butterfly-on-a-flower.jpeg","alt":"decorative","height":2160,"width":3840}},"colspan":4,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_374582528/promo_copy_copy"},{"organism":"PromoCard","color":"brand1","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/scpf-funding/_jcr_content/root/main/section_374582528/promo_copy_112974839.shellimg.jpeg/1792428719400/alan-mclean.jpeg","alt":"A photo of the Chair, Alan McClean","height":2160,"width":3840}},"colspan":4,"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_374582528/promo_copy_112974839"}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/main/section_374582528","model":{"title":"You may also be interested in"}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/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","value":"https://pensions.shell.co.uk/source/scpf/funding.html"},{"name":"SCPF funding position","value":"https://pensions.shell.co.uk/source/scpf/funding/scpf-funding.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/footer/breadcrumb"},{"organism":"Container.Raw","ref":"https://pensions.shell.co.uk/_jcr_content/root/footer/inherited.model.json","id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/footer/inherited","model":{}}],"id":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding/jcr_content/root/footer","model":{}}],"id":"/conf/shell/settings/wcm/templates/base/structure/jcr_content/root","model":{}}],"model":{"title":"SCPF funding position","text":"View the SCPF’s funding position: assets vs liabilities, funding level, surplus and updates on valuation.","links":[{"name":"canonical","value":"https://pensions.shell.co.uk/source/scpf/funding/scpf-funding.html"},{"name":"errorUrl","value":"https://pensions.shell.co.uk/error.html"},{"name":"hierarchy","value":"en_gb/source/scpf/funding/scpf-funding"},{"name":"homeTitle","value":"Shell Pensions in the UK"},{"name":"homeUrl","value":"https://pensions.shell.co.uk/"},{"name":"locale","value":"en-GB"},{"name":"title","value":"SCPF funding position | Shell Pensions in the UK"},{"name":"textDirection","value":"ltr"},{"name":"template","value":"base"},{"name":"contentPath","value":"/content/shell/business/pensions/en_gb/source/scpf/funding/scpf-funding"},{"name":"externalDisclaimerText","value":"Shell plc Legal Disclaimer\r\nYou are now leaving the Shell global website.\r\nThe link you have selected will direct you to a website that is not controlled by Shell plc or any member of the Shell Group. 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