Future of Pensions Act
Shell Netherlands and the Central Works Council (COR) have held ongoing talks in recent months to achieve an intended transition on the new pension scheme and the transition towards it. It is clear that all Dutch pension schemes will need to change as a result of the impending Future Pensions Act (Wet toekomst pensioenen or Wtp). Shell's pension scheme is no exception.
Concept of new pension scheme by the social partners
Shell Netherlands and the COR have set out their intended transition in a draft transition plan. Voeks (‘ (Association of Former Employees of the Shell) exercised its statutory right in early May to be heard on behalf of retirees and former employees of Shell. It has expressed its views on the draft transition plan. Shell Netherlands has submitted a formal consent request to the COR on the agreements made regarding the pension schemes of Shell in the Netherlands. This consent request was received by the COR on 30 May, 2024. Read the message from Shell Netherlands here.
Final decision expected before summer
Shell Netherlands and the COR make their final decision on the intended transition for both the SSPF and the SNPS pension schemes before the summer of 2024. Subsequently, the related transition plans will be submitted to the boards of SNPS and SSPF. Included in the transition plans is the assignment to implement the agreements that were made.
As the next step, the boards will take deliberate on the request of Shell Netherlands and the COR. They will assess the new pension scheme on feasibility and balance, among other things, or all participant groups. Part of the process is asking the Accountability Body (AB) for its opinion.
Ultimately, the boards of SSPF and SNPS will determine whether they can accept the mandate presented by Shell Netherlands and the COR. As this decision needs to be taken with great care and consideration, we expect this process to be completed in the fall of 2024. After that the pension funds will start implementing the new scheme. The supervisory authorities DNB (Dutch Central Bank) and AFM (Dutch Authority for the Financial Markets) need to approve the way in which SSPF and SNPS implement the agreements made.
We will guide you to your new pension scheme
Shell Pension is working hard on developing the new CARE program, which is dedicated to giving you information in a way that suits you. We will be sure to keep you informed through e-mails, webinars, participant meetings and, if you need, even personal coaching. So make sure we can reach you! If you have not done so, please leave your e-mail address on my-Shell pension and set your preferred communication method to digital.
