October 28, 2015 By Lisa Smith
Shell runs several pension schemes with different features and benefits depending on if you worked for the firm before 2009, still work with the company or have left.
If you belong to the Shell Overseas Contributory Pension Fund and were an employee on or before December 31, 2008 and have a salary of more than £30,000 a year, you are contributing 6%.
Shell pays the ‘balance of cost’ which makes up the difference of the amount you should receive as benefits less your contributions and any investment growth.
You cannot opt to pay more as the scheme does not accept additional voluntary contributions.
If you want to know how much your pension will be, Shell works out the figures based on your pensionable service and final salary.
Other factors like part-time work and extended leaves of absence affect the amount.
Switching out of a Shell pension
If you joined shell on January 1, 2009, the contribution levels and balance of cost rules are the same, but the figures for working out the payment are different.
All pension scheme members should receive an annual statement detailing the value of their pension fund and likely pension benefits on retirement at the end of each financial year.
If you have lost your statement, then you can ask the scheme administrators for an up to date statement.
If you want to switch your transfer out of the Shell scheme into another pension, like a Qualifying Recognised Overseas Pension Scheme (QROPS) for expats, then you need to ask the administrators for a transfer value statement.
This statement values your pension fund on the date the document is issued and guarantees that amount for a specific period, which is detailed in the paperwork.
Specialist pension advice for oil and gas workers
Switching out of the Shell scheme is not difficult, but many factors have to be considered, so you should take impartial advice from a suitable qualified IFA.
Points you need to discuss with the IFA include:
- What benefits you might lose when leaving the Shell scheme
- The tax implications of where you live, work and where a QROPS is based
- Your tax residency when you retire
- Fund size and lifetime allowance rules
- Retirement age and personal financial objectives
- Attitude to investment risk
Qualified advice and guidance should always be sought before beginning the transfer process.
You can contact iExpats here if you require more information, and we will put you in touch with a QROPS expert.
The iExpats QROPS guide is also available for free download, and can provide a valuable source of information for those concerned at leaving their pension in the volatile and uncertain UK pension market.
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.
