Value transfer to the Pension Fund
If you have accrued pension entitlements with another employer before Shell service, you may transfer the value of these pension entitlements to the Pension Fund. You are granted extra pension years in return. There has been a statutory right to transfer pension entitlements since 1994 and most pension funds (including the Shell Pension Fund) are prepared to co-operate with the transfer of pension entitlements accrued before 1994.
The transfer of pension entitlements may have a favourable effect on the level of your eventual pension income. The pension entitlements you have accrued elsewhere are based on the salary that you received from your previous employer. This means that they do not develop in the same way as your present salary at Shell. Whether it is favourable for you to transfer pension entitlements acquired at previous employers also depends on the differences between your old pension scheme and that of Shell. Your eventual pension will be paid by fewer bodies if you decide to transfer it.
If you request a transfer of previous pension entitlements If you request a transfer of previous pension entitlements, the Pension Fund will contact the pensions administrator of your previous employer and, if this organization is prepared to co-operate with the transfer, the Pension Fund will arrange this further. |
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Under the Pensions Act, a pension fund may not carry out value transfers if the assets are lower than the provision for pension liabilities. In that situation the value transfer must be suspended and will be resumed as soon as the financial position of the pension fund so permits. You will receive notification of the consequences of the transfer for your pension and will be asked whether you agree to this. At that moment you can decide whether or not you actually want the transfer to go ahead. Part-time work
It is possible that you have joined Shell service on the basis of a part-time employment contract. This will have consequences for your pension. You can read more about these consequences on the page about part-time work. Partner
If you join Shell service and are married, your spouse is entitled to a partner’s pension. The same applies in a legally registered partnership. It may also be the case that you are living together with a partner, and have concluded a cohabitation agreement before a civil-law notary. If you wish your partner to be eligible for a partner’s pension in that case, you are required to register him/her with the Pension Fund. This is not done automatically. You can find more information about the partner’s pension under ‘Your pension package’ on this website. |
