A message from Alan McLean
Welcome to this year's SCPF news website
It’s hard to believe that nearly a year has passed since I took on the role of Chair of the Board. Time has certainly flown by. I would like to take this opportunity to thank Tim Morrison for his outstanding leadership, which ensured a smooth transition. The continued strength and stability of the Fund is a testament to his stewardship.
As in previous editions, this newsletter includes an update on the performance of the Shell Contributory Pension Fund (the Fund), including the current funding level. I’m pleased to report that the Fund remains fully funded, with the funding level continuing to exceed the 100% target—meaning we are well-positioned to meet all member benefit obligations. You can find further details on the Fund’s financial position in the Financial section of this site.
Changes to the Fund’s Governance and Management
It’s been a year of change for the Board and the Fund’s advisory team:
Scheme Actuary
We are pleased to welcome Lynda Whitney of Aon as our new Scheme Actuary. On behalf of the Trustee Board, I would like to extend our sincere thanks to Mike Webb for his many years of dedicated service and wish him all the best in his retirement. More about Lynda and her insights into the Fund’s performance can be found in the Funding section.
Investment Manager
We are pleased to report the appointment of Goldman Sachs Asset Management (GSAM) as the Fund’s new investment manager, effective from 1 October 2025. Further information about this appointment is available in the Investment section.
Board vacancies
Two of our Member-Nominated Trustee Directors (MNDs), Moon Hussain and Kaego Uba-Machie, will reach the end of their four-year terms this year. In September, we invited members to consider applying for these roles. Thank you to everyone who has responded. Details on the next steps in the selection process can be found on the Trustee news page.
GMP equalisation update
Finally, I would like to provide an update on the Guaranteed Minimum Pension equalisation process. Like many pension schemes, we have been working closely with our advisers to complete this complex task. GMP equalisation is a project which seeks to remove inequalities between men and women that may have arisen historically as a result of legislation. A summary of what to expect next is provided in the Pension news.
I hope you enjoy reading this edition of the Source. If you have any feedback, please send it to Amanda Burston, the Scheme Secretary. You can find Amanda’s contact details on the Who can help page.
Alan McLean
Chair of the Trustee Board
