Your pension, your future
Love your future. Shell Pension.

Pension update November 2020

Your pension, your future
Love your future. Shell Pension.

November 2020

Pension agreement

Pension scheme of the future

After 10 years of negotiations, a Pension Agreement has been reached between the government, employers' organisations and trade unions. Pension schemes in the Netherlands have to be adjusted by 2026 at the very latest. Under the new pension system, employees will be able to keep track of both their contributions and returns on a personal pension account. As one of the few Dutch pension funds, Shell Pension has had such a scheme with SNPS since 2017. What do people think? Bas Koch (38), Senior IT Advisor Integrated Gas and board member of SNPS explains.

For many people, retirement is far removed from their day to day life. How can you change that?

"As a board member I try to make our pension scheme easy to understand. For example, many colleagues don't realise that they have an individual pension account and that they can manage a variety of things themselves. I advise everyone to take a look at his or her personal pension page. Log in to access my-Shell pension".

What are the advantages of a personal pension account?

"You can see exactly what you have built up, which makes it very transparent. The amount of your future pension capital depends, of course, on the returns on investments. SNPS will give you this information as well. For me, being able to influence your own pension is a huge plus. There is no guaranteed result, it can be either a higher or lower amount at the end of the day".

SNPS offers you a choice between 3 risk profiles. Do you prefer high-risk or low-risk?

"As my retirement is a long way off, I have chosen the highest risk profile: offensive. This way I can compensate for any 'downs' in some years with possible 'ups'  in other years. When my retirement date approaches, I think it's smart to lower the risk. SNPS implements this automatically: in every profile the risk decreases as you get older".

"For me, being able to influence your own pension is a huge plus"

Has Corona caused you to look differently at your financial future?

"Because of the pandemic and the economic climate, I realise that nothing is guaranteed to last forever.  Personally, I've started to concentrate more on risk diversification, investing my private assets in different areas. As far as my pension is concerned, I'm not immediately concerned right now. Basically,  I still have 30 years to go".

What will you do when the time comes?"

"I always like to keep busy, so I can easily imagine becoming more active in associations and boards. Interesting and positive for your mental state. Of course I also intend to enjoy what I have built up; making wonderful trips and spending time with family. ”

Good to know

  • Shell has 2 pension funds in the Netherlands. Did you enter employment before 1 July 2013? Then SSPF will take care of your pension. If you started after this date or if you participate in our net scheme, you will be covered by SNPS.
  • On my-Shell pension you will find all the details of your personal pension account with SNPS. Among other things, you can see how much you have accumulated, adjust your risk profile and view your pension accrual in relation to a range of economic scenarios.
  • To ensure a smooth implementation of the new pension scheme, Shell is making extensive preparations. For example, both pension funds are developing roadmaps and Shell Nederland is having talks with the Central Works Council.
  • If you are a SNPS participant, you will make a preliminary choice at the age of 58 for either a fixed pension benefit or participation in the Collective Variable Pension (CVP). On your retirement date, you have to make a definite choice. SNPS will inform you in good time about both options.
  • Questions about your pension scheme? Mail or call Shell Pension or make an appointment for video calling.