Do you receive a pension benefit? Then in many cases your pension will be increased. This is called indexation. If this applies to you depends on the type of pension you receive. The extent of the indexation can also differ depending on the type of benefit you receive. That’s why you will receive a personal letter about your pension increase in February.

Have you worked at Shell and are you now retired? Or did you work for Shell in the past and do not receive pension yet? Or are you receiving a partner's pension?
Every year, the board of SSPF tries to increase your pension in line with the prices
In 2023, the SSPF board awarded a total indexation of 12.1%. This increase was granted in two stages (in February and in November)*. Indexation can only take place if the pension fund’s financial situation permits. Therefore the increase is not guaranteed. The decision on whether or not pensions can be increased is made on an annual basis.
* Whether you were eligible for this increase in 2023 depends on the type of pension you receive.

The board has also decided to fully index the pensions for 2024
To determine the percentage of the indexation, the board takes the derived price indexation figure for all households (derived CPI index) for the period November 2022 to November 2023, as determined by Statistics Netherlands (CBS) as a benchmark for calculation . This has been laid down in the regulations. Inflation during that period was 0.2%, which means your pension will also go up by 0.2%. The increase takes effect on 1 February 2024 and will be paid to you in March 2024.
*Whether the 0.2% indexation applies to you depends on the type of pension you receive. In your personal letter you can read which increase applies to you.

SSPF is fully up to date with all indexations
The board aims to keep the value retention of your pension stable. In other words, our goal is to increase your pension in line with the price inflation published by CBS. There are no indexation arrears.

Do you participate in the Collective Variable Pension (CVP) of the SNPS Net Pension Scheme?
Then your benefit moves in line with the achieved investment results. The results are reflected in your pension benefits on 1 July of the following year. You will be informed about this and can always find this message in your Archive on mijn.shellpensioen.nl.

Indexation if you work at Shell and accrue pension with SSPF
If you accrue pension, the pension you build up will be increased by 5% on 1 February 2024. The indexation method is based on the derivative price indexation compiled by Statistics Netherlands (CBS). To calculate the indexation percentage, CBS takes the average of the past two years with a maximum of 5%. This means that the high inflation rate of 2022 is used in the calculations for two years. It also has a positive impact on pension indexation for 2024 despite the fact that price inflation is currently much lower. This increase also applies if you receive an orphan's pension.

Do we have your details?
Only then will we be able to keep you up-to-date. Please check and update your details via mijn-Shellpensioen.nl.

Read more about the SSPF indexation policy.