Please note: The starting date for the lump-sum payment has been postponed until 1 July 2023. Read more in the news article of 1 July 2022.

As of 1 July 2023 (changed 30 June 2022) you will be able to receive a maximum of 10% of your accrued retirement pension in the form of a lump-sum payment on your retirement date.

More freedom of choice with a lump-sum payment on your retirement date
How you choose to use your lump-sum payment is up to you. You might decide to pay off your mortgage, buy a camper van or go on a trip, etc. The lump-sum payment enables you to align your pension better to your personal circumstances and preferences.

More money now but less later
If you opt to receive a lump-sum payment on your retirement date, the monthly pension benefit you receive after this date will be lower. We advise you to ask a financial adviser to see whether you would then still have enough income to cover your planned expenditure.

The lump-sum payment could have consequences for the amount of tax you pay
If you opt to receive a lump-sum payment, this could put you in a higher tax bracket in the year you retire. Any supplements you are receiving could be reduced or disappear too. With this in mind, we advise you to consult a financial adviser.

The lump-sum payment will have consequences for your other pension choices
If you opt to receive a lump-sum payment, you will not be able to choose to:

• Temporarily receive a higher pension to give you more financial flexibility in the period after you retire and a lower pension later.
• Temporarily receive extra pension until your statutory retirement date, followed by a lower pension afterwards.

How do I apply for a pension with a lump-sum payment?
The government’s calculation rules for lump-sum payments have not been announced yet, because of which we are not yet able to calculate the maximum amount of your lump-sum payment or how it will affect your pension benefit. The expectation is that you will be able to calculate this in my-Flexplanner in my-Shell pension as of 1 July 2022.

If you would like to apply for a pension with a lump-sum payment, then wait until after 1 July 2022 to apply for your pension. If you are still working for Shell and want to retire on 1 July 2023 (changed 30 June 2022) then apply for your pension before 1 August 2022.

Please note:
Normally you apply for your pensioen at least 6 months before you want to retire. Due to the new lump-sum scheme, this may be done once at the latest 5 months in advance. Do inform HR as soon as possible about when you want to retire.

Do you have questions?
Schedule a video call if you have any questions. Alternatively, call us us or send us an email. We like to be of service!