The official retirement age is 65. Participants can themselves decide when to retire - between the ages of 55 and 65. The rule is: retiring early results in a subsequently lower annual pension income. Participants also have the option of working longer, in consultation with the employer and up to a maximum of 70 years of age. Working longer results in a higher retirement pension. The pension is based on final salary. This pension is determined from the pension basis and the number of pension years you accrued by the time the employment is terminated, and with the aid of the accrual percentages. Participants accrue pension entitlements for every pension year based on a percentage of their pension basis. All participants pay pension contributions. More information about contributions can be found in the section of this website under: 'The Shell Pension Fund'. |
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The pension scheme offers a great deal of flexibility, and every participant is free to make a number of choices. Employees who were already participating in the scheme on 31st December 2005, accrue extra pension over their salary above the maximum of salary group 6 from 1st January 2006 and for a maximum period of 15 years. For most employees who were already participating in the pension scheme on 31st December 2005, the value of the accrued pension entitlements has been transferred to the present scheme. Members who have opted not to transfer their accrued pension entitlements will be granted a deferred pension in respect of the pension entitlements they have accrued as of 31st December 2005. This deferred pension will enter into effect on the retirement date of the scheme applicable before 1st January 2006 (NRD). It is adjusted in the same way as pensions that have entered into effect. |
