{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"SCPF investment performance","text":"Learn how SCPF's investment strategy focuses on matching assets to liabilities, aiming to ensure full and timely payment of member benefits.","links":[{"name":"SCPF investment performance","value":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments.html"}],"image":{"src":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments/_jcr_content/root/metadata.shellimg.jpeg/1792429404354/a-few-men-in-safety-gear.jpeg","alt":"decorative","width":3840,"height":2160}},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/contentowner"},{"organism":"Container.Header","children":[{"organism":"Container.Raw","ref":"https://pensions.shell.co.uk/source/scpf/_jcr_content/root/header/inherited.model.json","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/header/inherited"},{"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":"SCPF Investments","value":"https://pensions.shell.co.uk/source/scpf/investment-news.html"},{"name":"SCPF investment performance","value":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/header/breadcrumb"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/header"},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","color":"inherited","model":{"title":"SCPF Investments","text":"\u003Cp\u003EOur main investment aim is to make sure there’s enough money to pay the benefits due to members. We work to achieve this with a low-risk investment strategy.\u003C/p\u003E\r\n","image":{"src":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments/_jcr_content/root/main/section/page_header.shellimg.jpeg/1792429420448/a-few-men-in-safety-gear.jpeg","alt":"decorative","width":3057,"height":765}},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section/page_header"},{"organism":"PromoSimple.Text","color":"inherited","model":{"title":"Investment performance ","text":"\u003Cp\u003EThe table shows the SCPF’s performance over the year to 31 December 2025 and over the last three- and five-year periods, compared with its investment benchmark:\u003C/p\u003E\r\n"},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section/text"},{"organism":"PromoSimple.Text","color":"inherited","colspan":6,"model":{"text":"\u003Ctable cellpadding=\"1\" cellspacing=\"0\" border=\"1\"\u003E\r\n\u003Ctbody\u003E\u003Ctr\u003E\u003Cth\u003E \u003C/th\u003E\r\n\u003Cth\u003E1 yr\u003C/th\u003E\r\n\u003Cth\u003E3 yrs\u003C/th\u003E\r\n\u003Cth\u003E5 yrs\u003C/th\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EActual performance\u003C/td\u003E\r\n\u003Ctd\u003E2.4%\u003C/td\u003E\r\n\u003Ctd\u003E(1.1 %)\u003C/td\u003E\r\n\u003Ctd\u003E(4.3%) \u003C/td\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EBenchmark\u003C/td\u003E\r\n\u003Ctd\u003E2.4%\u003C/td\u003E\r\n\u003Ctd\u003E(1.4 %)\u003C/td\u003E\r\n\u003Ctd\u003E(4.6%) \u003C/td\u003E\r\n\u003C/tr\u003E\u003C/tbody\u003E\u003C/table\u003E\r\n\u003Cp\u003E.All percentages are adjusted to give an annual rate.\u003C/p\u003E\r\n"},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section/text_copy"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section"},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"PromoSimple.Text","color":"brand1","colspan":6,"model":{"title":"The Journey Plan – managing long-term security","text":"\u003Cp\u003EThe Journey Plan 2 (‘JP2’) framework was established jointly by the Trustee and Company in 2024. The objectives of JP2 can be described as reaching a position of self-sufficiency (i.e. no expected material reliance on sponsor covenant). \u003C/p\u003E\r\n\u003Cp\u003EAs at 30 June 2026, the Fund is progressing well against its Journey Plan. \u003C/p\u003E\r\n\u003Cp\u003EIn order to achieve self-sufficiency the Trustee has materially de-risked the Fund’s assets and largely hedged the Fund against movements in interest rates and inflation. The Trustee is currently exploring the possibility of further reducing risk by investing in a longevity swap — an approach used by pension schemes to help cater for the possibility that members may live longer than currently assumed when estimating the Fund’s liabilities. \u003C/p\u003E\r\n\u003Cp\u003EA longevity swap would provide greater certainty that the Fund can meet all future benefit payments as they fall due. Importantly, this does not affect members’ pensions or payments in any way. The Trustee is targeting early 2027, subject to suitable pricing and terms and conditions, for a potential investment and will share more details in next year’s edition.\u003C/p\u003E\r\n"},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section_1100361364/text"},{"organism":"PromoSimple.Text","color":"brand1","colspan":6,"model":{"title":"How the assets are invested","text":"\u003Cp\u003EThis table shows how the Fund’s assets were invested at 31 December 2025.\u003C/p\u003E\r\n\u003Ctable cellpadding=\"1\" cellspacing=\"0\" border=\"1\" width=\"200\" height=\"100\"\u003E\r\n\u003Ctbody\u003E\u003Ctr\u003E\u003Cth scope=\"col\"\u003E\u003Cspan style=\"font-weight: normal;\"\u003ELiability matching assets\u003C/span\u003E\u003C/th\u003E\r\n\u003Cth scope=\"col\"\u003E\u003Cspan style=\"font-weight: normal;\"\u003E63%\u003C/span\u003E\u003C/th\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EInvestment grade credit\u003C/td\u003E\r\n\u003Ctd\u003E11%\u003C/td\u003E\r\n\u003C/tr\u003E\u003Ctr\u003E\u003Ctd\u003EReturn seeking assets\u003C/td\u003E\r\n\u003Ctd\u003E26%\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/investment-news/scpf-investments/jcr_content/root/main/section_1100361364/text_copy"},{"organism":"PromoSimple.Text","color":"brand1-solid","colspan":6,"model":{"text":"\u003Cp\u003ETo help explain some of the technical terms used in this section of the newsletter, we’ve included a \u003Cb\u003E\u003Ca href=\"https://pensions.shell.co.uk/scpf/resources/jargon-buster.html\"\u003Ejargon buster\u003C/a\u003E\u003C/b\u003E.\u003C/p\u003E\r\n"},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section_1100361364/text_482662858"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section_1100361364"},{"organism":"Container.Section","color":"brand1-subtle","children":[{"organism":"Container","children":[{"organism":"PromoCard","color":"brand1","model":{"title":"SCPF funding position","links":[{"value":"https://pensions.shell.co.uk/source/scpf-old/funding-news/scpf-funding-position.html"}],"image":{"src":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/_jcr_content/root/promo_copy_copy.shellimg.jpeg/1792429073696/a-group-of-men-in-hard-hats.jpeg","alt":"decorative","width":3840,"height":2160}},"colspan":4,"id":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/jcr_content/root/promo_copy_copy"},{"organism":"PromoCard","color":"brand1","model":{"title":"Artificial Intelligence (AI) in pension scams","links":[{"value":"https://pensions.shell.co.uk/source/scpf-old/pension-news/guard-against-scams.html"}],"image":{"src":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/_jcr_content/root/promo_copy_copy_copy.shellimg.jpeg/1792429057469/a-butterfly-on-a-flower.jpeg","alt":"decorative","width":3840,"height":2160}},"colspan":4,"id":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/jcr_content/root/promo_copy_copy_copy"},{"organism":"PromoCard","color":"brand1","model":{"title":"A Message from Alan McLean","links":[{"value":"https://pensions.shell.co.uk/source/scpf-old/trustee-news/a-message-from-alan-mclean.html"}],"image":{"src":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/_jcr_content/root/promo_copy_112974839.shellimg.jpeg/1792429046514/alan-mclean.jpeg","alt":"A photo of the Chair, Alan McClean","width":3840,"height":2160}},"colspan":4,"id":"/content/experience-fragments/shell/business/pensions/you-may-also-be-interested-in/master/jcr_content/root/promo_copy_112974839"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section_896162971/experience_fragment"}],"model":{"title":"You may also be interested in"},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main/section_896162971"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/main"},{"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":"SCPF Investments","value":"https://pensions.shell.co.uk/source/scpf/investment-news.html"},{"name":"SCPF investment performance","value":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments.html"}]},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/footer/breadcrumb"},{"organism":"Container.Raw","ref":"https://pensions.shell.co.uk/_jcr_content/root/footer/inherited.model.json","model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/footer/inherited"}],"model":{},"id":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments/jcr_content/root/footer"}],"model":{},"id":"/conf/shell/settings/wcm/templates/base/structure/jcr_content/root"}],"model":{"title":"SCPF investment performance","text":"Learn how SCPF's investment strategy focuses on matching assets to liabilities, aiming to ensure full and timely payment of member benefits.","links":[{"name":"canonical","value":"https://pensions.shell.co.uk/source/scpf/investment-news/scpf-investments.html"},{"name":"errorUrl","value":"https://pensions.shell.co.uk/error.html"},{"name":"hierarchy","value":"en_gb/source/scpf/investment-news/scpf-investments"},{"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 investment performance | Shell Pensions in the UK"},{"name":"textDirection","value":"ltr"},{"name":"template","value":"base"},{"name":"contentPath","value":"/content/shell/business/pensions/en_gb/source/scpf/investment-news/scpf-investments"},{"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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