If you are employed by Shell abroad, you can remain a Pension Fund participant in most cases. Contributions are charged on your Dutch pension contribution basis. AOW benefit However, a period of employment abroad does have implications for your AOW benefit as from the age of 65, because in many cases you cannot remain insured for AOW purposes. For every year you spend abroad, you accrue 2 per cent less AOW. You can cover this shortfall yourself by means of supplementary insurance via the Social Insurance Bank (Sociale Verzekeringsbank) or, if that is not possible, an insurance company. Alternatively, you can make your own saving arrangements. Shell has a pension saving arrangement with an insurance company. The arrangement includes a specific facility for making additional savings |
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in respect of a shortfall in benefits under the General Old Age Pensions Act (Algemene Ouderdomswet, AOW). Further information can be found on the Shell intranet, on de site 'HR Online'. If you were entitled to ‘compensation for uninsured years’ on 31st December 2005, that entitlement will be preserved. As from the age of 65, this will be paid out with your pension. This compensation will no longer be accrued as from 1st January 2006. As a consequence, you are no longer required to pay any contribution for this. Foreign state pensions In certain countries you are obliged to participate in the state pension. Any pension that you had accrued on 31st December 2005 in this way will be deducted from your retirement pension. However, any entitlements to such pensions that you accrue as from 1st January 2006 will not be deducted from your pension. |
