Parallel pensions
You may have accrued other pension entitlements during your working life at Shell. Some of these pension entitlements are deducted from your Shell pension. This refers to entitlements to what are called ‘parallel pensions’ accrued before 31st December 2005. Parallel pensions are deducted from your Shell pension because the contribution you were required to pay for these pensions was deducted from the contribution you paid to the Pension Fund. The deduction from your Shell pension commences on the date such a parallel pension commences, often from age 65. BPFK pension If you have worked for Shell Tankers and are entitled to a pension from the Bedrijfspensioenfonds voor de Koopvaardij (BPFK) (occupational pension fund for the merchant shipping industry), this will be deducted from your Shell pension. Foreign state pensions If you have worked abroad during your Shell career, you may have been obliged to participate in one or more foreign state pension schemes. |
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The Pension Fund will indicate which foreign state pension(s) will be deducted from your Shell pension. These are state pensions you have accrued while working for Shell in the United Kingdom, Belgium, France or Switzerland. When such a payment commences, you are required to notify the Pension Fund once only of the amount you receive. The Pension Fund then deducts this from your Shell pension. If you fail to notify the Pension Fund, it will deduct a ‘compensation for uninsured years’ from your pension. This deduction applies to the compensation that you have accrued during the period that you also accrued entitlements to a state pension. Other pension entitlements accrued after 31st December 2005 Pension entitlements you have accrued abroad or elsewhere during your Shell career after 31st December 2005 will not impact your Shell pension. As of 1st January 2006, the contributions for these pensions will also not be deducted from the contribution for your Shell pension. |
