You accrue your personal pension pot with SNPS. This is where your monthly pension contributions are invested. The result of these investments (return) is expected to provide a good pension. This is not without risk. It is also possible to lose money with investments. Therefore, the amount of pension capital you have will vary, as will the value of your (expected) pension.

Find out how your pension performed over the last 3 months of 2024 on my-Shell pension
You can find a new value statement in ‘My archive’ on my-Shell pension. And for a more detailed explanation of the investment results, you can read this interview with Jeroen Roskam, Fiduciary advisor at Achmea Investment Management.

Check how your pension pot is doing

Developments in the world
“The situation in the Middle East remained unsettled, Trump won the US presidential election and the government in Germany collapsed. Germany will head to the polls in February 2025. What all of that means for financial markets is still unclear. In fact, the turmoil in the Middle East had very little effect on the financial markets. Trump’s electoral victory did. The financial markets reacted rather positively. In addition, the Republicans gained the majority in the Senate and hold the majority in the House of Representatives. This will allow them to turn their plans into policy.”

Developments in the economy
“The US economy remains strong. In the eurozone, on the other hand, manufacturing is under continuous pressure. German and French industrial production is shrinking and the outlook is bleak. Nevertheless, the total return of ‘developed country’ equities was positive in the last quarter. Emerging market equities recorded a loss after the sharp rise in September. The US dollar appreciated sharply and closed at the highest level of the calendar year. Gold prices rose to an all-time high in the last quarter of 2024.”

Short-term interest rates fell
“The European Central Bank (ECB) cut the policy rate to 3% in the last 3 months of 2024. That is the short-term interest rate banks receive on the money they hold with the ECB. This instrument is used by the ECB to control the interest rate that banks pay or charge their customers. According to the ECB, further interest rate cuts will follow in 2025 as inflation is likely to hover around the 2% target and the potential risks that threaten economic growth are limited. The US Fed also cut policy rates to 4.25% to 4.5%. However, Fed chairman Powell did express caution about further interest rate cuts due to continued uncertainty about inflation and the policies of incoming president Trump.”

Long-term interest rates rose
“In December, capital market rates, or long-term interest rates, rose. The US 10-year rate rose to 4.57%. As a result, bond markets were mostly in the red in the last quarter. This is because when interest rates rise, existing bonds with lower rates become less attractive and their value falls. The long-term interest rate is influenced by supply and demand. For example, the interest rate investors receive on government bonds. Short-term and long-term interest rates often move in parallel, but not always.”