The value of your entitlements as accrued on 31st December 2005 Lifelong pension and temporary components
On 31st December 2005 you had accrued entitlements to a lifelong pension as from your NRD (mostly at the age of 60), plus a transitional pension and under-65 allowance for the period between your NRD and your 65th birthday. These entitlements were based on the number of pension years you had accrued by that date. Tropical and fleet service
If you were entitled to extra pension years on account of tropical or fleet service prior to 1st January 2006, they will have been added to your pension years. Shiftwork supplement
If you were receiving a shiftwork supplement on 31st December 2005, it is assumed that you had always been paid this shiftwork supplement during your employment prior to 1st January 2006. Such entitlements are separately recorded. If you are entitled to ‘APP’, the APP amount is added to your pension basis on your retirement date. Credit years
If you joined the Pension Fund prior to 1st January 1985, you may have been entitled to credit years on your NRD. These credit years were granted as part of your pension entitlements transfer on 31st December 2005. They have been added to your accrued pension years. Transfer of accrued entitlements
The value of the above-mentioned pension entitlements was utilised on 1st January 2006 to ‘buy’ pension years under the new scheme. That amounts to the same number of years that you had already accrued under the old scheme. |
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This includes any extra pension years that you have accrued from tropical or fleet service, credit years, or because you have transferred pension entitlements accrued in the past with a previous employer to the Pension Fund.
In addition, part of the value of these pension entitlements has been utilised in order to bring the partner’s pension entitlement under the new scheme up to the same level as under the former scheme.
Because the new pension scheme is more sober than the former one, the value of your accrued pension entitlements is higher than needed to buy the same number of pension years under the new scheme and supplement the partner’s pension. Some value therefore remains, and this forms what is termed the ‘transitional module’. You can utilise this transitional module to attain a higher retirement pension or to retire early. Other pension elements
Compensation for uninsured years
This compensation will no longer be accrued as from 1st January 2006. If you had been in Shell service abroad and were entitled on 31st December 2005 to what is termed ‘compensation for uninsured years’ (i.e. to cover an AOW shortfall) on that account, this entitlement will be preserved. When you turn 65 it will simply be paid out with your pension, as was the case under the former scheme.
Defined debt to the Pension Fund
If you owe the Pension Fund a defined debt, it will remain effective and be set off against your pension.
Deduction of other pensions or benefits
And finally, there are other pension entitlements that will eventually be deducted from your retirement pension under the new scheme in the same way that they were deducted under the former scheme. From 1st January 2006, a temporary extra pension accrual is applicable to your salary above the maximum of salary group 6 (EUR 63,659 per 1st July 2009). |
