A message from Ian Robertson
President of the Trustee Board
I’m pleased to share with you the latest edition of The Source, our annual newsletter designed to keep you informed about the Shell Overseas Contributory Pension Fund (the Fund).
This issue provides an overview of the Fund’s performance over the past year, along with updates on governance, investment strategy, and key personnel changes.
Funding Update
The Fund’s financial position remains strong, with the funding level improving from 104% at the end of 2023 to 106% at the end of 2024. This positive development reflects continued prudent financial management and the lower-risk investment strategy.
We’ve also refined the Fund’s Journey Plan, which is designed to gradually reduce investment risk and move the Fund towards self-sufficiency. This means the Fund aims to be in a position where it can meet all future benefit payments as they fall due, with a very low probability of requiring further contributions from the Company. This plan further enhances the long-term security for the Fund.
On behalf of the Trustee Board, I’d like to thank our advisers and fellow Board members for their dedication and expertise in helping us reach this favourable position.
Changes to Asset Management
We’re pleased to announce that from 1 October 2025, Goldman Sachs Asset Management (GSAM) will take over as the Fund’s asset manager. You can find more details about GSAM and their role on SOCPF Funding.
Trustee Board and Governance Updates
We would like to extend our thanks to Liz Andrew, who is stepping down from the Trustee Board after four years of valuable service. Her contributions have been extremely helpful; she leaves with our deepest appreciation and best wishes.
We’re delighted to welcome Fiona Grandison, who joined the Board on 1 September. You can read more about Fiona’s background on Changes to the Board.
In addition, Margaret Powell, our Company Secretary, will be stepping down at the end of November. We are pleased to announce that Jennifer Adams will be taking over the role. On behalf of the Trustee Board, I’d like to thank Margaret for her outstanding service and wish her all the very best in the next chapter of her life.
Stay Connected
We hope you enjoy reading this edition of The Source. If you have any comments, questions, or suggestions for future issues, we’d love to hear from you. Please send your feedback to the Company Secretary. Contact details can be found on the Contact Us page.