On 1 July 2023, the Future Pensions Act (“Wet toekomst pensioenen”, abbreviated Wtp) officially took effect. This new law is due to radically change pensions in the Netherlands. All Dutch pension funds are required to switch to the new system by 1 January 2028 at the latest.

This also applies to Shell Pension Fund Foundation (SSPF), which, by the end of 2023 counted some €27 billion in assets and 30+ thousand participants. The social partners at Shell have been consulting extensively on the changes needed at SSPF and a lot of information on the agreements reached can be found at https://nieuwpensioenbijshell.nl/en/. On 1 July 2024, Shell Netherlands and the Central Works Council submitted the Transition Plan to the SSPF Board for review and acceptance.

Since 2023, the SSPF Board has also been preparing for potential changes and scenarios. Important topics such as modernisation of IT systems with outsourcing partners, securing the data quality in pension administration, and preparations for large-scale communications have been actively addressed. In addition, the asset management structure provided by Shell Asset Management Company B.V. (SAMCo), has been closely reviewed.

Asset management and BlackRock
After an extensive orientation, research and selection process, SSPF has decided to appoint BlackRock as its fiduciary manager for asset management. BlackRock is one of the largest and most respected asset management companies in the world, and the contract with BlackRock marks an important milestone for SSPF in all preparations for the Future Pensions Act.

As strategic partners, SSPF and BlackRock are joining forces to structure the investment portfolio of SSPF in a way that is ready for the future. The first step in the process involves transferring the assets from SAMCo to BlackRock, which is expected to be completed by mid 2025. Afterwards, BlackRock will provide support for SSPF for all scenarios.

BlackRock’s global investment expertise and risk management technology are sure to further enhance the investment efficiency of SSPF and yield important benefits for all SSPF participants. SSPF’s assets will be managed by an experienced BlackRock team, leveraging the scale and global expertise of the world’s largest asset management company. Moreover, BlackRock adds relevant experience with the design of the portfolio for the new pension scheme with several other clients.

This partnership highlights SSPF’s commitment to providing all participants with a good pension. The SSPF Board is grateful to SAMCo for its longstanding commitment and good results, and at the same time looks forward to working with BlackRock as the fund enters a new phase.

With regard to Shell’s SNPS pension fund in the Netherlands for employees who started as of 1 July 2013 and/or for the net pension scheme, asset management will remain unchanged under Achmea Investment Management.

On behalf of the Board,
Kenan Yildirim,
Director of Shell Pension Netherlands