Shell SCPF The Source 2024

SCPF

The Source

Inside this issue

75th anniversary edition

The annual newsletter from the Trustee Board to members of the Shell Contributory Pension Fund

A message from Tim Morrison

Chair of the Trustee Board

I’m very pleased to report again that the Shell Contributory Pension Fund (SCPF or the Fund) is in good health.
We completed the three yearly actuarial valuation in July and can report a fully funded scheme with a lower-risk investment portfolio than at our 2020 valuation. This means we’ve further enhanced the security of your pensions, in line with our long-term strategy. You can find more details on pages 4 to 7.

This is my last report as Chair of the Trustee Board as I’m stepping down at the end of this month after ten years on the Board and six as Chair. It has been a privilege to serve in this role. Over that time the SCPF has paid around £4 billion in benefits to our members and is well set up to meet all its future liabilities. This is thanks to the efforts of the dedicated Trustee Services Unit team and our advisers, the members who have served as Trustee Directors and the consistent support of the Company over many years. Not forgetting, of course, the contributions from members and employing companies which have built up the Fund.

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Our new Board Chair is Alan McLean, who retired as Head of Group Tax & Group Controller in 2022 after a long career in Shell Finance. I leave the Board in very good hands. This year we also welcomed two new Member-Nominated Directors, Alison McNeil and Ian Chisholm who bring valuable professional expertise to the Board. You can find details of our Board on pages 14 and 15.

This March saw the 75th anniversary of the establishment of the SCPF. It was born in very different circumstances but has proved resilient through all the changes that have occurred since then. With closure to new members just over 10 years ago, the Fund entered a new phase of its existence. As it becomes ever more mature, it continues on a de-risking journey – with the security of pensions very much at the forefront of Trustee thinking.

I trust the Fund will have many more healthy years to come and, as always, I hope you find this issue of The Source useful and informative.

Tim Morrison

Chair of the Trustee Board

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SCPF Funding

The Trustee’s primary purpose is to ensure that all benefits promised by the SCPF under its Trust Deed are paid in full and on time throughout the life of the Fund. To make sure the Fund is on track to do this, every three years the Scheme Actuary carries out a statutory valuation. This involves estimating the amount of money needed today to pay all promised benefits from the Fund (the ‘liabilities’) and comparing this amount to the Fund’s current assets. If the assets are lower than the liabilities, the Trustee and Company need to agree on the level of Company contributions required to make up any shortfall. This summary funding statement is based on the results of the 2023 actuarial valuation.

There are a number of technical terms within the statement, so we’ve included a jargon buster on page 6, which you may find helpful.

The chart below shows the statutory funding position as at 31 December 2023 compared with the previous actuarial valuation as at 31 December 2020. At both dates, assets exceeded the liabilities so there was no shortfall in funding that required additional Company contributions.

Chart: The table gives a comparison between the funding position in 2023 and at the last actuarial valuation in 2020.

Since the 2020 valuation, improvements in the funding position have enabled the Fund to de-risk its investment strategy. This positive step reduces funding level volatility, increasing the likelihood that the Fund remains fully funded at all times and improving the security of your benefits. Assets and liabilities both reduced between 2020 and 2023, mainly as a result of interest rates going up.

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Chart numbers in detail:

In 2020:

Assets were £16,940 million.

Liabilities were £16,461 million.

Leaving a surplus of £479 million and a funding level of 103%.

In 2023:

Assets were £12,340 million.

Liabilities were £11,468 million.

Leaving a surplus of £872 million and a funding level of 108%.

Change in funding position since the previous edition of the Source

The funding level of 108% at 31 December 2023 is lower than the estimated position of 123% at 31 December 2022, reported in last year’s Source. The main reason for the reduction in the funding position is that the liability value reported last year did not reflect the investment de-risking that took place over 2022. As we didn’t carry out a full valuation last year, our calculation didn’t reflect the lower expected return on assets, which is a factor in the discount rate used for the liabilities. In the required calculation this led to the reported liability being lower than that underlying position and consequently the reported funding ratio was higher.

The Trustee recognised that the reported liability value and funding position at the end of 2022 didn’t reflect the lower risk position of the Fund and you may remember in last year’s Source we included the Fund’s ‘Low Reliance’ funding position. This refers to a Low Reliance on the need for the Company to pay contributions to the Fund in the future and is the measure the Trustee used to make de-risking decisions for the Fund. The statutory funding position as at 31 December 2023 is broadly in line with the Low Reliance funding measure described last year.

CPN-3889_Blauwwind Blauwwind, Wind Farm, North Sea

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SCPF Funding continued

Other things we need to tell you

By law, we must also provide you with an estimate of the Fund’s solvency level. This is the ratio of the value of the Fund’s assets relative to its liabilities, where the liabilities are calculated as an estimate of their cost if secured with annuities purchased from a regulated insurance company. The estimated solvency level as at 31 December 2023 (the most recent actuarial valuation) was 93%. This has improved from the level as at the date of the last actuarial valuation at the end of 2020, which was 72%.

Regulations also require us to confirm that the Company has not taken any money out of the SCPF this year. We are happy to confirm this. The Trustee Board must also confirm whether The Pensions Regulator has exercised its powers in relation to the SCPF, including the power to change the rate at which pensions in the SCPF build up, direct how the SCPF’s liabilities are calculated, or impose a schedule of contributions. We can confirm that this has not been the case.

Funding jargon buster

Assets

The money within the Fund. This is built up from member and Company contributions, along with investment growth on those contributions.

Contribution Reserve Account (CRA)

The separate account, set up in 2014, into which additional Company contributions are paid when the SCPF is adequately funded; member contributions continue to go directly to the SCPF.

Funding level

The relationship between the value of the assets held in the Fund and the present value of the expected benefits promised to members (liabilities), expressed as a percentage.

Liabilities

The present value of the expected benefits promised to members. This is based on the benefits members have earned and assumptions for the future made by the Scheme Actuary. This figure represents the amount needed today to pay the expected benefits.

Shortfall

(also called a Deficit)

When there are fewer assets in the Fund than expected liabilities. Funding level is less than 100%.

Surplus

When there are more assets in the Fund than expected liabilities. Funding level is more than 100%.

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Mike Webb.

Scheme Actuary – Aon

Although government bond markets remained volatile by historic standards, 2023 was a comparatively quiet year after the unprecedented turbulence seen in 2022. However, returns on the Fund’s growth assets fell short of the movement in liabilities, leading to a reduction in the funding level over the year and undoing part of the exceptionally strong gains experienced in 2022.

Having now completed the Fund’s original Journey Plan mentioned in previous editions of The Source, the Trustee and Company have agreed a new Journey Plan 2 (JP2). JP2 aims to further reduce risk over time and ultimately achieve ‘self-sufficiency’. This means a state where the Fund has a very low-risk investment strategy and is able to meet all benefit payments in full with a very low probability of requiring any further cash contributions from the Company.

The Trustee has recently completed the triennial valuation of the Fund at 31 December 2023. The assumptions adopted for this valuation were aligned with the new JP2 and, using these assumptions, the valuation resulted in a funding level of 108%. This represents a significant improvement compared with the funding level of 103% at the 2020 valuation, despite using more cautious investment return assumptions to reflect JP2.

The Contribution Reserve Account (CRA) has now fulfilled its intended purpose of providing additional security to the Fund throughout the original Journey Plan (see page 8). Subject to continued satisfactory funding levels, the existing CRA assets will be released back to the Company in instalments over the next three years. However, the regular Company contributions related to the pensions building up for active members will continue to be made to the CRA, reducing from 30% to 20% of members’ Pensionable Salaries from 1 August 2024.

Comment from the Fund Actuary

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The Contribution Reserve Account (CRA) was set up in 2014. Its purpose is
to hold contributions from the Company, providing security for the Fund,
whilst allowing repayment to the Company if not required by the Fund.
The CRA is a Shell account held outside the SCPF but under a legal agreement between the Company and the Trustee governing how the funds can be used. In the event that the SCPF is underfunded, funds flow to the SCPF. In the event that the SCPF is well funded, they flow back to the Company.

As the SCPF’s funding position has remained robust, it has not needed access to the CRA funds. The Trustee and Company have agreed that past contributions to the CRA are not needed and that they can be released back to the Company over the next three years.

The CRA will continue to operate going forward. In view of the current funding position and the reduced cost of benefits being accrued by active members of the Fund, the Company will make contributions into the CRA equal to 20% of pensionable salaries over the period to the next valuation in 2026. The combination of the phasing of the release of the excess CRA funds and the future contributions to the CRA means that the CRA will always contain funds in excess of the cost of pensions building up until the next valuation in 2026.

The use of the CRA continues to avoid unnecessary contributions while supporting the security of the SCPF at the same time.

Contribution Reserve Account

SMDS Photoshoot, Malaysia, SMDS Plant Bintulu 2023

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The last sun rays hit the mountains of lake Sylvensteinspeicher, Upper Bavaria, Germany, Europe.

Journey Plan 2

Following the completion of Journey Plan 1,
we have been able to move on to the next
phase of the Fund’s life. The main aim of Journey Plan 2 is to reach a position of self-sufficiency where the Fund is expected to be able to meet all future benefit payments with a very low probability of ever needing contributions from the Company. This will involve continuing to de-risk the investment portfolio over the course of the Plan, holding mainly assets which match our pension liabilities, while maintaining prudent funding buffers in case of adverse experience.

We’ll keep you updated with the progress of Journey Plan 2 over the coming years.

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How the assets are invested

This was the actual asset allocation in the SCPF at 31 December 2023.

SCPF investments

inline TextFrame 58%Liability matching assets

inline TextFrame 11% Investment grade credit

inline TextFrame 31%Return seeking assets*

The Trustee’s overall investment objective is to make sure there’s enough money to pay the benefits due to members over the entire life of the Fund. It does so whilst taking no more investment risk than is necessary to achieve this goal.

Investment performance

The table below shows the SCPF’s performance over the year to 31 December 2023 and over the last three- and five-year periods compared with its investment benchmarks.

	1 yr	3 yrs	5 yrs
Actual performance	0.1%	(5.9%)	(0.8%)
Benchmark	(0.4%)	(6.3%)	(1.1%)
Excess return	0.5%	0.4%	0.3%

All percentages are annualised.

While the performance of the assets in the table above is monitored by the Trustee, the key measure of performance is how the investments have performed relative to the Fund’s liabilities. Over 2023, the liabilities increased by 3.9% due to market conditions. This means that the 2023 asset performance of 0.1% was 3.8% below that of the liabilities, leading to a reduction in the funding level year on year.

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Investment jargon buster

Liability matching assets

Assets that closely match the expected payment profile for the pension liabilities, predominantly index-linked gilts (a UK government bond).

Investment grade credit

Investment in high-quality corporate bonds and other similar bond-like investments, held to improve returns somewhat while limiting investment risk relative to our liabilities.

Return seeking assets

Assets that aim to achieve positive growth in excess of inflation over time, such as equities (investments in the
shares of companies listed on a stock exchange), bonds (loans made to companies or governments), property,
hedge funds and private equity.

Benchmark

A reference point for measuring investment performance.
A benchmark may be the performance of the wider market or be a return target.

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		2022 (£m)	2023 (£m)
We started the year with a Fund value of:		17,635	12,901
Income (amounts that increase the value of the Fund)
Member contributions	– Ordinary1	–	–
Member contributions	– Additional Voluntary Contributions (AVCs)	4	5
Employer contributions	– Ordinary	–	–
Employer contributions	– Salary sacrifice	10	10
Investment income		264	64
Total income		278	79
Expenditure (amounts that decrease the value of the Fund)
Benefits paid2		549	582
Transfers out of the SCPF		101	29
Administration and investment expenses		29	33
Total expenditure		679	644
Changes to investment market values		- 4,333	62
We ended the year with a Fund value of:		12,901	12,3983

Income and expenditure

Here’s a summary of the key figures from our Annual Report and Financial Statements dated 31 December 2023.

3 Differs to asset total on page 4 as it includes Additional Voluntary Contributions.

2 Including commutation lump sums on retirement and lump sum death benefits.

1 Members’ ordinary contributions are paid by Shell via a salary sacrifice arrangement.

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Did you know?

The SCPF paid £536 million in pensions in 2023.

Membership of the SCPF

26,084
Pensioner members

Already receiving a pension from the SCPF. This group includes dependants of deceased members.

as at 31 December 2023

2,479
Active members

Working for one of the participating companies and paying regular contributions to the SCPF. Includes active employees in the Shell Overseas Contributory Pension Fund (SOCPF) with benefits in the SCPF.

6,356
Deferred members

Generally, those who have left employment with Shell but whose benefits remain in the SCPF.

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Trustee news

Changes to the Board

The Board extends its thanks to Tim for his many years of hard work both as Chair and as a member of the Board. Under Tim’s leadership, the SCPF has safely navigated difficult macroeconomic challenges and strengthened internal controls, performance and security.
Tim leaves the Fund in a healthy and robust position to begin Journey Plan 2.

We wish Tim all the best in his future activities.

We welcome Alan McLean as the new Chair of the SCPF Board
from 1 October 2024.

Alan joined Shell in 1992 after previously qualifying as a Chartered Accountant at PWC.
Over the course of more than 30 years with Shell he worked mainly in tax roles. His final position was Executive Vice President, Taxation and Controller, which gave him responsibility for managing the tax affairs of Shell companies around the world.

Away from Shell, Alan continues to be Chair of the Tax and Fiscal Affairs Committee in his
role as a member of the Business and Industry Advisory Committee to the OECD.

Alan has always prioritised transparency that helps others understand the impact large businesses like Shell have on the economy and society through their activities. Away from work, Alan enjoys travel, reading, running, and opera.

On 31 December 2023, we said goodbye to outgoing Member-Nominated Directors (MNDs), Fraser Johnson and Sue Jones. The Board thanks Sue and Fraser for their significant contribution during their eight years on the Board and their passion and commitment to their roles.

Alan McLean

New Chair of the SCPF Board

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The Trustee Directors

The Board is made up of eight Trustee Directors – one half selected from members and dependants (MNDs) and one half selected by Shell.

Alison McNeil

Alison is a Member-Nominated Director (MND) and was appointed on 1 January 2024. She is a pensioner member of the SCPF, having worked in different legal roles for Shell over a 23-year career which took her to The Hague and Dubai as well as the UK. Within the Board, Alison is a member of the Risk and Operations Committee and Chair of the GMP Equalisation Steering Group. Away from pensions, Alison is also a Trustee for The Nuclear Trust and Nuclear Liabilities Fund Ltd.

Ian Chisholm

Like Alison, Ian is a newly appointed MND, joining the SCPF Trustee Board on 1 January 2024. He is a deferred member, following a 26-year career in a variety of finance-related roles. Ian is a member of the Investment and Funding Committee and Chairs the ESG Forum. Ian is also a non-executive Director at Sanctuary Housing Association.

Alan Davies

Alan joined the Trustee Board in 2019 and is Chair of the Investment and Funding Committee. Alan worked for Shell for over 35 years during which time he worked overseas in Saudi Arabia, The Netherlands, Oman and Thailand. He then became a Finance Adviser for Oil Products Europe and shortly after, VP Group Pensions. Alan is a member of the Institute of Chartered Accountants.

Ingrid Button

Ingrid joined the Trustee Board in 2021 and is a member of the Investment and Funding Committee. She is currently Senior Vice President Renewables & Energy Solutions. Since joining Shell in the UK in 2001, Ingrid has held various Finance roles in Investor Relations, Treasury, Trading & Supply and our Mobility Businesses. She holds a degree in Finance and Economics and is a member of the Association of Corporate Treasurers.

The other current Trustee Directors are:

We welcome our two new MNDs:

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The next selection for Member-Nominated Directors will be in the second half of 2025, when Moon and Kaego complete their first four-year terms of office. Keep an eye out for more information on the process nearer the time.

Ian Franklin

Ian joined the Trustee Board in 2021 and is a member of the Risk and Operations Committee. He is currently Executive Vice President HR Operations & Employee Experience. Ian joined Shell in the UK in 1995 and has subsequently worked in Syria, Russia, Canada and the Netherlands. He has had assignments as VP Executive Remuneration & Expatriate Policy and EVP HR Global Functions. Ian has a degree in business management and is a Fellow of the Chartered Institute of Personnel and Development and the Chartered Management Institute.

Tim Morrison (Chair)

Tim joined the Trustee Board in 2014 and has been the Chair of the Board since 2018. He will step down on 30 September 2024. Tim worked for Shell for more than 30 years in a variety of roles, including Group Controller and Executive Vice President Finance for the Downstream Business.

Kaego Uba-Machie

Kaego joined the Trustee Board in 2022 and is a member of the Risk and Operations Committee. Before her appointment, Kaego worked for Shell for over 10 years in various roles, including in the UK Country Controller Office. Kaego is also a finance coach and senior lecturer at BPP University.

Moon Hussain

Moon joined the Trustee Board in 2022 and was appointed Chair of the Risk and Operations Committee in July 2022. Moon worked for Shell for more than 30 years across a variety of roles, including Vice-President Qatar LNG and Senior Deal Principal.

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Pension news

A stunning sunrise on a misty and foggy morning around the valleys of Whaley Bridge and Chapel-en-le-Frith in Derbyshire. UK

You can still take a Pension Commencement Lump Sum (PCLS – often called the tax-free lump sum), although you should note that to be a PCLS, the lump sum must meet certain conditions. One of these conditions limits the amount of the PCLS to the “permitted maximum”. Another means you must not have used up all of your Lump Sum Allowance. You can find more detail on the PCLS in HMRC’s pension tax manual.

If you have exceeded, or been close to exceeding, the Lifetime Allowance in the past, you can find more information about these new allowances at HMRC’s LTA policy paper.

Tax and pensions can be a complex subject – if you’re concerned about how these changes might affect you, then please speak to an independent financial adviser. You can find details of how to contact an adviser by going to www.vouchedfor.co.uk.

Lifetime allowance

On 6 April 2024, the Lifetime Allowance (LTA) was abolished and two new allowances were introduced.

The LTA was the limit on the total amount of pension savings you could build up over your lifetime without facing additional tax charges. It also provided a limit to the amount of tax-free cash a person could take in their lifetime.

There are still restrictions on the value of the lump sums that you or your dependants can receive without paying tax. There are two new tax-free allowances:

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Creative team working together on new start up business, sharing, collaboration, optimism

Join our Member Experience Panel

The joint SCPF and SOCPF Member Experience Panel is your chance to
have your say on the ways we communicate with you. We ask our panel to give us feedback on everything from website pages to regular update letters. We’re always on the lookout for new members, so if you want to get involved please contact SCPFtrustee@shell.com.

Keep us updated using Member Self Service

Member Self Service is our online portal, which allows you to make changes to your personal details, view your annual benefit statement and, if you’re a Pensioner, take a look at your pension payslip and P60.

Not registered? No problem! Just contact the Pensions Administration Team and ask for new login details:

Email: UK-PensionsAdmin@shell.com

Telephone: +44 (0)20 7934 1190

Please make sure you keep your personal details up to date and let us know if your address or personal circumstances change.

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Forestry and Land Scotland is working with Shell UK to preserve and extend native woodland in Glengarry forest project aims to nurture and support the natural regeneration of Scotland’s forests. Much of Scotland was once covered in trees but today native woodland covers less than 5% of its original 15,000 square kilometres. Grazing animals and human demand for timber have played their part in its demise.

Pension increases

Every year your SCPF pension increases in line with the December Retail Prices Index, up to 7% if you joined the SCPF before 1 January 2009, or up to 5% if you joined on or after 1 January 2009. The Trustee’s role is to pay pension increases in line with the Fund rules.

For more information on this year’s pension increase, including the impact of a Guaranteed Minimum Pension (GMP) on your pension, go to the pension increase article on the Shell website.

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Climate Change Report

We have published our third Climate Change Report and you can find this on the pensions website in the SCPF library.

Learn more about your SCPF benefits

The SCPF Explanatory Booklet contains a summary of the benefits that the SCPF provides to members and their dependants. You can find the booklet at scpfbooklet.com.

We’d like to hear from you

Do you have a question for the Trustee Board? If so, we’d love to hear from you. Send your questions to Amanda Burston, the Scheme Secretary (you can find Amanda’s contact details on page 23). We’ll aim to respond to your questions in our next video, which is due at the end of the year.

Regular communications

March	Pension increase letters to pensioners.
May	P60s to pensioners (available on MSS).
July	Benefit statements to active members (available on MSS). AVC benefit statements to active members (available on Manage Your Account).
October	Benefit statements to deferred members (available on MSS).

Here’s a calendar of the communications you’ll receive from the Trustee Services Unit (TSU):

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The Trustee Board’s professional advisers and support

Actuary

Mike Webb (Aon)

Auditors

EY

Legal Advisers

Gareth Soanes (Shell International Limited); Hogan Lovells

Investment Manager

Shell Asset Management Company BV (SAMCo)

Investment Adviser

Daniel Peters (Aon)

Investment Custodian

JPMorgan

Looking after the SCPF

Trustee Services Unit (TSU)

Head of UK Pensions

Alan Howard

Scheme Secretary

Amanda Burston

Actuarial and Funding Pensions Manager

Guy Gregory

Finance Manager

Lucy Pauw

Head of Pensions Operations

David Connell

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Laptop, farm and engineer team together at night for renewable energy, power and wind turbine. Electrician or technician man and woman in nature for electricity, eco and green environment maintenance

Company financial education

If you are an active member of the SCPF, you can access the Company’s financial education programmes for help with pensions and savings in general.
You can take online seminars, webinars and face-to-face courses that have been built to suit your needs wherever you are in your career. Go to HR Online Home >My HR Information > My Country Policies & Guidelines > By A to Z > Financial Education.

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Shell Pensioner Programme (SPP)

The Shell Pensioner Programme (SPP) is a Shell-funded service for SPA members in receipt of an SCPF or SOCPF pension. The SPP provides information and guidance to pensioners on a range of issues, as well as supporting pensioners in financial hardship by helping them to access means-tested support from the Shell Pensioners Benevolent Association (SPBA).

Are you a Shell Pensioner in need of support?

The Shell Pensioner Programme has regional Pensioner Programme Officers (PPOs) to support you if they have your details. PPOs are available to help with any issues you may have that are causing you concern, not just financial problems.

What can PPOs do for you?

Offer help and support which usually starts with a phone call, if we have your contact details. However, we do not have the contact details of everyone that may need us, so do give us a call, or drop us a line, if in doubt.
Provide information and resources for issues that matter to you.
Help you find local support networks, services and professional support if required.

Help to access means-tested benevolent support from SPBA.

If you need our support, or if you know someone who may need our help, please don’t hesitate to contact us on the helpline details on the next page.

SCPF who can help?

Pensions Administration Team

You can contact our teams based in Krakow and London if you have a query about your pension or need to notify us about any changes.

Email: UK-PensionsAdmin@shell.com

Telephone: +44 (0)20 7934 1190

Scheme Secretary

If you have a query you would like to raise with the Trustee Board that is not covered by the Pensions Administration Team, please contact Amanda Burston, the Scheme Secretary.

Amanda Burston, Scheme Secretary,

Shell Pensions Trust Ltd, Shell Centre,

York Road, London SE1 7NA

Email: SCPFtrustee@shell.com

Shell Pensions website

Remember to visit our website for the latest news about the SCPF and the pensions industry, as well as factsheets, forms and FAQs.

Visit: pensions.shell.co.uk

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Shell Pensioners Benevolent Association

The Shell Pensioners Benevolent Association (SPBA) is a registered charity, entirely funded by Shell pensioners, whose trustees meet regularly to discuss loans and grants to SPA members in financial need. SPBA offers means tested benevolent support to Shell Pensioners in poverty or financial need.

Pensioners in need of support can call the SPP helpline on 0345 850 8944, email shell-pensioner-programme@shell.com or contact Ken Sleat, SPBA Secretary/Treasurer on 0207 934 5131 or email ken.k.sleat@shell.com

The Shell Pensioners Association (SPA)

SPA membership gives access to a range of services to UK-based pensioners and deferred pensioners in the Fund.

As a member, you’ll receive:

Three magazines a year (paper or digital – members living abroad and new SPA members are requested to download the digital version from our website
A dedicated team to help with your questions
The option to join a local social SPA branch
Access to a members-only Facebook group, and

Access to shellpensioners.org.uk – a members-only community website.

It does not matter how long you worked for Shell or when you intend to start taking your pension, the SPA welcomes you all!

To join, visit shellpensioners.org.uk and choose Join SPA or call +44 (0)20 7934 5129/5137.

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Data Protection:

The Data Protection Act 2018 is a regulation which has been designed to give people more control over how their personal information is collected, stored, shared and used.

You can find a Privacy Notice which provides information about your personal data and how it is processed by or on behalf of the Trustee of the SCPF in the Library section of the pensions website at pensions.shell.co.uk.

A message from Tim Morrison

SCPF Funding

Other things we need to tell you

Comment from the Fund Actuary

Journey Plan 2

SCPF investments

Investment performance

﻿Investment jargon buster

Income and expenditure

Trustee news

We welcome Alan McLean as the new Chair of the SCPF Boardfrom 1 October 2024.

The Trustee Directors

Pension news

﻿Lifetime allowance

﻿Join our Member Experience Panel

﻿Keep us updated using Member Self Service

Pension increases

Climate Change Report

Learn more about your SCPF benefits

We’d like to hear from you

Regular communications

Looking after the SCPF

Are you a Shell Pensioner in need of support?

What can PPOs do for you?

SCPF who can help?

Pensions Administration Team

Scheme Secretary

Shell Pensions website

Data Protection:

Investment jargon buster

We welcome Alan McLean as the new Chair of the SCPF Board
from 1 October 2024.

Lifetime allowance

Join our Member Experience Panel

Keep us updated using Member Self Service