The contribution is set, while the benefit is variable

When it comes to your pension, quite a lot is changing due to the new pension law that came into effect last year. Now, of course, what everyone is curious to know is: what exactly does this mean for my pension? ‘’Quite a lot. But then again, if you fall under SNPS, just a little,‘’ say Debby van der Voort and Karin Wekema, who are responsible for communications about pensions. Debby at Shell Pension, Karin at Achmea Pension Services. Below what they consider to be the most important facts about your new pension.

Just to reassure you, your pension lasts for life
"In this respect, very little changes. You have a pension with Shell and you will keep it. For life. If you pass away, Shell will still care for your next of kin. And even if you become unable to work, you will continue to accrue a pension. So your pension is and continues to be a very attractive employee benefit at Shell."

There are hardly any changes for SNPS participants
"Shell has two pension funds, one of which applies to employees who joined the company on or after 1 July 2013: SNPS. This is a premium scheme that is already mostly compliant with the Future Pensions Act. Each member accrues their own personal pension capital in their own pension pot. The contributions are set, while the benefit is variable."

Are you still working at Shell and participating in SNPS? Then you will get compensation
"If you are a participant under SNPS but no longer work for Shell, nothing will change. However, for those still accruing pension with SNPS, there are some changes. But for those who still accrue pension with SNPS, some things do indeed change. You will receive additional compensation on top of your salary, which can be invested in your pension pot.This is allowed, but not mandatory. You can also use it to (partly) pay off your mortgage or leverage it for savings."

You will have the option to adjust your personal contribution
“You now pay 2% towards your own pension. Shell pays the rest. Under the new scheme, you will have the option to increase the percentage of your own contribution. Within certain legal limits. This option will be available to SNPS participants starting in 2026 and SSPF participants in 2027."

Debby van der Voort 

The SSPF scheme will be altered
"The pension scheme for employees who joined Shell before July 1, 2013 (SSPF) will change. Currently, your premium depends on your salary, so it can vary. However, you know exactly what benefit you will receive when you retire. Since this is based on the average salary you earned while working for Shell. The new law will change this system. Soon, you will contribute your own premium, and only upon retirement will it become clear what your pension capital will actually be."

You’ll get your own pension pot, but the money is invested collectively
"Under the new flexible contribution scheme (the option Shell chose), you will have your own pension pot where you can deposit your contributions. Then, Shell Pension will invest all the contributions collectively. You will have the option to choose a risk profile to determine the level of investment risk you are comfortable with. Depending on how the investments perform, your pension pot has the potential to grow but also to decrease. As you approach your pension age, we will invest less in shares, resulting in fewer fluctuations and a steadier return for each risk profile."

You will keep what you already had and probably get more
"Soon, all the pension money for SSPF will be divided among individual pots. We will do that distribution with the utmost care. In doing so, you will at least keep what you already had. But there is a fair chance that you will get a bit extra, because we are sharing part of the fund's buffers with all our participants. This buffer is a kind of reserve pot that Shell Pension was required to have to handle risks. Apart from that, you will receive your state pension, obviously."

Karin Wekema

Variable is not so variable
"A variable pension sounds like your pension pot could perhaps be very high one year and then very low the next. But things won't quite come to that. Shell Pension invests for the long term and has a lot of build-in safety features. In addition, we always spread the results over 5 years."

Even now your money is being invested
"Not everyone realises that right now your pension money is also being invested. If contributions were just put into a savings account, we would never have enough money to pay out pensions. For that, we - and all other pension funds in the Netherlands as well - need investment returns."

When will I know what I am going to receive?
"For participants in SSPF, this is going to take some time. SSPF is expected to transfer to the new pension system on 1 January 2027. Only shortly before that - at the end of 2026 - can we inform you what you will receive. That's because we have to calculate the buffer (the coverage ratio) at that point in time when we distribute the pot. SNPS members are expected to transfer as of 1 January 2026."