A reliable source confirmed today that of the approximately 30,000 Shell pensioners in the UK some 5,000 (17%) worked for Shell for 20 years or more, but are in receipt of pensions of £10,000 per annum or less. (In addition they will mostly be in receipt of the State pension and some may get additional State benefits). It is likely that a substantial proportion of these Shell pensioners will have total incomes below the statutory UK minimum wage which is currently approximately £12,500 per annum.
The position of these increasingly impoverished pensioners has been gradually eroded over the years as their Retail Price Index related annual increases from Shell have lagged substantially behind real UK pensioner inflation. It is clear that Shells previous commitment to their Pensioners that the real value of your pension is maintained have not been honoured by Shell and that at present there is little prospect that this will be addressed in the near future. The RPI related increase indicated by current inflation is of the order of 3% – way behind real Pensioner inflation and a source of real concern for the very elderly receiving low pensions whose purchasing power continues to be severely eroded.
Anybody concerned about this situation and who would like to know more is invited to contact Paddy Briggs at [email protected]