In its annual report for 2016, it said the liquidity portfolio’s holdings included collateral for other parts of its investment portfolio.
It added that the benchmark for the new liquidity portfolio comprised euro-denominated government bonds and investment grade credit (excluding financials), and US government paper.
The scheme’s board, which did not provide further details about its new portfolio structure, has also decided to allocate 4.5% of its entire assets to its liabilities portfolio, to be deployed for hedging against interest risk.
The Shell Pensioenfonds posted a 6.9% result for the year, including 0.2 percentage points due to its interest rate hedge. It said almost all asset classes outperformed their respective benchmarks.
With a return of 10.2%, equity was the best performing investment category, largely thanks to the scheme’s allocations in North America and emerging countries.
Last year, the pension fund completed a simplication of the pensions administration for its 35,000 participants and pensioners which, it said, was essential for a transfer to Syntrus Achmea Pensioenbeheer on 1 January 2018.
SAP was already the external service provider for Shell’s individual defined contribution scheme SNPS, which became operational in 2013.
Last year, the Shell Pensioenfonds also introduced a “future-proof” method for establishing contributions, based on salary developments and the average age of its employees, while also taking into account assumptions for future returns of 4.6%.
SSPF’s funding ratio currently stands at 119.8%. The required coverage ratio for full indexation equates to a level of 123%.
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.
