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NETHERLANDS Royal Dutch Shell has confirmed the funding ratio for its pension scheme slumped to 85% at the end of November but stressed there would be no changes to existing pension provision.
Last year the funds assets stood at 19bn (US$25bn), however, the financial crisis has severely weakened that position.
The total value of the pension funds investments plummeted 40% since the start of this year. At the same time, lower interest rates resulted in a significant increase in the pension obligations.
This combination of events has required the pension fund board to notify the Nederlandsche Bank (DNB) that fund is now in an underfunded position as the value of the net assets have now dropped below the 105% funding obligations.
In a statement to members, the scheme stressed there would be no change in pensions granted. These will be paid, as usual, at the beginning of each month.
It also said the pension accrual rate would remain unchanged, with participants still able to continue to pay a pension contribution of 2% of pensionable salary up to the normal maximum of salary.
A Shell spokesman told Global Pensions: Shell pensions are typically on defined benefit schemes, which give a pension related to the final salary of employees. This is an important part of the employee value proposition for Shell, and a policy that is taken very seriously by the Group.
Meanwhile, the Royal Dutch Shell is to continue preparatory work on a US$10bn natural gas project in Iran, despite calls from US pension plans to withdraw.
The pension funds pressuring the firm to cease operations in Iran include California Public Employees Retirement System (CalPERS) – which is understood to have more than US$700m invested in the oil producer.
The Shell spokesman claimed the firm had not yet taken any decision whether to proceed with the Persian LNG project.
He said: As with all projects, decision timing is fundamentally driven by the need to ensure first class decision quality. Our main concern is getting that preparatory work right.
“When we come to make a decision, we will take political considerations into account.”
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
