As from your retirement date you will receive a retirement pension. This pension is calculated using your pension basis, the number of pension years and accrual percentages. The amount of your retirement pension is indicated in your personal pension statement that you receive each year. You can read how your pension is adjusted (index-linked) in the brochure 'Indexation of pensions'. The main principles of the Indexation policy can be found elsewhere on this site. Pension basis This is the salary that forms the basis for the calculation of your pension. The basis is 12 times your monthly salary plus the April and/or December instalments. If you are paid a pensionable supplement, this is taken into account pro rata in your pension basis. A shift supplement can be an example of a pensionable supplement. Your pension basis is always determined on a full-time employment basis. Pension years If you participate in the pension scheme, you accrue pension years. One year's service is equivalent to one pension year if you work full-time. If you work part-time, one year's service results in a pension year in proportion to your part-time percentage for that year. If you transfer pension entitlements from a previous employer, you will be granted extra pension years for these entitlements. Your number of pension years may also increase on the basis of prior (transitional) arrangements. |
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Retirement date Your retirement date is the last day of the month in which your 65th birthday falls. You can retire earlier, but not before the last day of the month in which your 55th birthday falls. The Pension Fund and your employer must have been notified of this decision no later than six months and no earlier than twelve months in advance. If you leave employment under the ‘Shell in Nederland regeling bij overtolligheid’ (Shell in The Netherlands Redundancy Sheme) this notification period is not applicable. If you wish to retire early, you need to complete the form that is available on this website. If you retire early, you will have accrued fewer pension years. Furthermore, the accrued pension rights have to be distributed over a larger number of years. Consequently your annual pension will be lower. In consultation with your employer, you can continue working after your 65th birthday – until no later than the last day of the month in which your 70th birthday falls – and hence postpone the commencement date of your retirement. In that case your pension will be higher. Accrual percentages when you: |
