We will be able to distribute the buffer among participants. How will that work?

When we transition to the new pension scheme, SSPF will not be required to maintain as many buffers as it does now. This means that we will be able to distribute a large part of the buffer among participants on a one-off basis during the transition.

The following will happen with effect from 1 January 2027

To summarise: your current pension entitlement will transfer with you to the new scheme. A small part of the current buffer will be used as a mandatory reserve. There will also be a so-called special purpose reserves. The remainder of the buffer will be distributed among participants in line with the rules agreed. As a result, pensions will increase. If participants are current or former employees of Shell, their share of the buffer will be converted into a personal pension pots. Retirees will see an increase in their pension benefit.

Agreements on distribution of the buffer

Agreements have been made on how to distribute the buffers as fairly (equally) as possible. These agreements are the result of careful consultation between parties including Shell Netherlands and the Central Works Council (COR). The better our financial situation is at the time of the transition to the new scheme, the more funds we will be able to distribute. Our funding ratio shows our financial position. We will look at the funding ratio applicable on 31 December 2026. The funding ratio was 138% in 2025. The funding ratio is published on our website every month.

How the buffer will be distributed

SSPF's current pension assets will be divided into three parts in the future.

1. Mandatory reserve

When it transitions to the new scheme, SSPF will not be required to maintain as many buffers as it does now. A small portion (the mandatory reserve) will remain within the fund to cover unexpected costs. The final amount of this mandatory reserve will be calculated on 1 January 2027. We will apply the statutory calculation rules when doing this.

2. Special purpose reserve

Reserve for retirees

In April 2027, you will receive an overview of your pension in the new scheme. After that, you will choose between a fixed pension (for a fixed amount) with an external insurance company or a variable pension that could change each year because it increases or decreases in line with the results achieved. We will help you make this choice. If you choose a variable pension, you will stay with SSPF.

We will maintain a reserve to limit reductions in your variable benefit as much as possible
This risk-sharing reserve (€500 million) will reduce the chance of your pension decreasing in the first 15 years after the transition to less than 5%. The reserve will be used if the benefit in a given year is lower than it was the year before. The benefit will be supplemented from the reserve in the year in question so that your benefit does not decrease. It is expected that this reserve fund will still be in place after 15 years. As long as this reserve is available, your pension will not be reduced. Your pension benefit may increase if investment results are positive.

Why is this important?

The risk-sharing reserve will ensure that pensions remain stable in the early years of the new scheme. In the new scheme, pensions will fluctuate in line with the results achieved. This is expected to be a positive change in most cases, but your benefit could decrease too. We have put policies in place to limit this as much as possible.

Read more about pension increases and the future of investing in this article.

Compensation for people still accruing pension

If you accrue less pension under the new scheme, you will be compensated for this.
In the new scheme, the employer's contribution will be the same every year. This could be an advantage or disadvantage for you. If you would like to know how this change will affect you, see the following page: Your scheme in brief. It is possible that you could accrue less pension than you do now. If you do, you will be compensated for this. The compensation will be paid from a special reserve that we maintain for this purpose.

How will compensation work?

The amount of compensation you receive will depend on your birth year. Compensation will be paid to you for 10 years, provided you are still working for Shell during this time. The compensation will be added to your pension capital.

See what this means for you

3. Buffer distributed among participants

We will distribute the remaining buffer among participants.

The amount you have accrued with SSPF so far will be transferred to the new scheme. This means that you keep what you have built up. We will calculate how much this pension will be worth in the new scheme.This pension will then be increased on a one-off basis by your share of the buffer.

How will distribution of the remaining buffer work?

Distribution will be based on average life expectancy and the pension increases you could have received under the current scheme. As agreed in the transition plan, our calculation will be in line with the distribution rules for the current scheme. This means that every participant will receive an extra increase from the buffer. Because distribution will depend on how many years someone is expected to receive a pension, each group will receive the appropriate amount for its situation.

For more information, read the interview with board chairman Martin ten Brink.

We will only be able to provide an exact amount after the transition to the new scheme.

This will depend on a number of factors, including SSPF's financial position at the time of the transition and the choices you make. We will give you more information about this as soon as we can.

Are you still working for Shell or have you worked for Shell in the past? Then you will receive a one-off increase to your pension pot after the transition.
If you are already receiving a pension, a one-off adjustment will be made to your benefit on 1 July 2027. The choice between a fixed or variable pension will not affect how much of the buffer you receive. This will stay the same for everyone, in line with the distribution rules.

When will you receive more information?

You will receive a provisional calculation in November 2026. The final calculation will follow in spring 2027.