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Posts under ‘Shell Pension Fund’

Royal Dutch Shell one of the companies with biggest pensions deficit

After Carillion how many firms can the pensions lifeboat rescue? 

The Pension Protection Fund can absorb the firm’s liabilities but the spotlight is now on others with big pension deficits

The companies with the biggest deficits, according to a report last year from pension consultants LCP, are Royal Dutch Shell, BP, BT and BAE Systems. The four FTSE 100 companies each had a deficit of more than £6bn in 2016. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

399 Former Shell Malaysia Employees Sued Shell for Misappropriation of Retirement Funds

Extracts from the ebook “John Donovan, Shell’s Nightmare” (now available on Amazon websites globally)

(BACKGROUND INFORMATION ABOUT SHELL’S EPIC 25 YEAR FEUD WITH JOHN DONOVAN – which puts the extracts below in overall context.)

Brief extract from page 50

Extract Begins

TEAM A

Dr Huong was not the only former employee of Shell Malaysia that we were in contact with. We also published articles about a group of 399 former Shell Malaysia employees known as “Team A” (see center screenshot on previous page). They successfully sued Shell for alleged misuse of their pension funds, but the decision was reversed on appeal after Shell exploited a time-limit loophole.

Extracts from the John Donovan ebook end.

Related further information

The above photograph was taken immediately after the Malaysian High Court ruled in favour of 399 former Shell employees known as “Team A” in what was an epic class action lawsuit. The Judge ruled that Shell had acted “unlawfully” in making deductions from the employee retirement pension funds. Under a hard-hearted management, headed by then Chairman Jon Chadwick, Shell successfully appealed the decision by exploiting a legal loophole relating to litigation time limits. Many of the former employees were elderly, sick and dying. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Pensions Deficits: Royal Dutch Shell alone has a shortfall of £73bn

3 SEPTEMBER 2017 • 7:53AM

Dividends at some of Britain’s largest companies – many of them likely to be a staple of your portfolio – could be at risk from ballooning pension deficits.

Huge final salary pension obligations have the potential to limit your investment returns, with tighter regulation and negative publicity surrounding the demise of BHS, the defunct retailer once owned by Sir Philip Green, already taking their toll.

Analysis by Telegraph Money shows that, of the 10 companies paying the highest dividends in Britain, seven have a pension deficit of more than £10bn, prompting concerns for the sustainability of paymentsto shareholders. Many of us will be investing in these companies through company pension schemes and other savings plans. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Paddy Briggs outspoken on revolting Shell FAT CATS

TIMES ARTICLE

By Paddy Briggs

Once again Matthew Parris speaks for me. When I spoke at the Royal Dutch Shell AGM this year against the Company’s precipitate decision to abandon Shell’s Pensioner support scheme I did so during the section on Director remuneration. The directors pay themselves millions – the CEO €10m plus, plus. The Pensioner Liaison Rep. scheme they jettisoned cost < £1m. It’s the rich wot got the riches – the rest of us are just the little people who don’t count. We have no voice. Do the elected Trustees of our Pension Fund look after our interests (I tried to when I was one)? The evidence is they do not – or the system doesn’t allow them to. Like Parris I have a comfortable lifestyle. Not a three big houses lifestyle. Not a new car every year lifestyle. Not a pay for education for the grandchildren lifestyle. But comfortable and no more than I deserve. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell board confronted by pensioner welfare question from Paddy Briggs

RETIRED SHELL EXEC PADDY BRIGGS

Shell board confronted by pensioner welfare question from Paddy Briggs

Regular visitors may recall my article published in December 2016 Shell cost-cutting plan will undermine the welfare of its pensioners. 

It included an extract from a Facebook posting on the subject by retired Shell executive Paddy Briggs (right). Paddy confronted the Shell board on the subject yesterday. As is evident from the response in the transcript below, they seemed ill-prepared for the question, which compared huge sums paid to Shell directors such as Ben van Beurden with welfare cuts being made to Shell pensioners. As a result of his intervention, the board has agreed to review the issue he raised.   read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Withering Assessment of Shell’s Business Principles by Paddy Briggs

Comment by retired Shell executive *Paddy Briggs on the recent article: Withering Assessments of Shell’s Business Integrity by Bill Campbell and Bruce Culpepper

“I think Mr Campbell’s comment regarding “Business Principles” is entirely valid. I worked for a time in Shell in the business sphere which developed the (then) Group’s approach to the demands for “Corporate Social Responsibility” (CSD). I took it seriously as did many of my colleagues. The “Business Principles” were a part of what we delivered. It was endorsed by the Committee of Managing Directors (CMD) and became Group policy. What was lacking, however, was consistency in application. All too often, when push came to shove, the Principles were bent to allow the pragmatic pursuit of commercial goals. Shell’s competitors generally did not feel the need to promote their CSD or did so in a more limited way. Shell in some instances wanted it both ways. They wanted to be seen as corporately responsible, but they also wanted commercial progress. The pursuit of profit. Nothing wrong with the latter of course, it’s what business is about. But to do this at the cost of corporate responsibility at the same time as promoting your unique commitment to CSD reeks of hypocrisy” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Royal Dutch Shell hardline attitude to its employees

By John Donovan

CBC News says that Shell has been reprimanded by Canadian authorities for refusing to allow employees a few hours off to vote in a federal election.

See: Shell reprimanded for federal voting infractions at Fort McMurray mine

This is, however, a relatively minor infraction of employee rights compared with other issues of contention involving Shell and its employees.

One example is when Shell suddenly decides to axe thousands of employees, as a consequence of a “transformation” or some other cost cutting excise brought about solely by the actions of grossly overpaid senior managers. How must supposedly redundant Shell employees feel when invited to reapply for their own jobs? read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Dividends higher than pension deficits at FTSE firms

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By Simon Read: Personal finance reporter: 15 June 2016

Some 35 of the biggest UK firms with pension deficits pay more in dividends than their shortfalls, analysis shows.

Pension firm AJ Bell calculated that 54 FTSE 100 companies had paid out £48bn to shareholders a year in the past two years.

That’s almost equal to the total £52bn recorded deficit of their combined pension schemes in 2014.

“The plights of BHS and Tata Steel have brought this into focus,” said Russ Mould, investment director of AJ Bell. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

How Much Is My Shell Pension Worth?

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Screen Shot 2015-10-28 at 08.03.29October 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. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Is Your Pension In Safe Hands With Shell?

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Screen Shot 2015-09-19 at 19.53.08By Lisa Smith: 24 Sept 2015

If you have a pension with oil giant Shell and are worried about what may happen to your retirement savings if you lose your job you need to take specialist financial advice.

Many Shell workers have built up significant retirement savings as high-earners in a well-paying industry.

The company runs the Shell Overseas Contributory Pension Fund – but a key point to remember is the scheme is not an HM Revenue & Customs (HMRC) registered pension.

Unlike the Shell scheme, a Qualifying Recognised Overseas Pension Scheme (QROPS) is a registered pension and operates under a framework of rules administered by HM Revenue & Customs (HMRC).  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Outspoken articles about Shell

Outspoken articles about Shell up to end of 2016

For Jan 2017 onwards click here

Dan Etete turns on his accomplices Eni and Shell: 30 Dec 2016

Alarm Bells – Shell Pearl GTL gasifiers crippled?: 28 Dec 2016

Shell’s complicity in human rights abuses in the Niger Delta: 27 Dec 2016

ENI AND SHELL TO BE PROSECUTED OVER OPL 245 $1.1 BILLION CORRUPTION SCANDAL: 24 Dec 2016

A devastating blow for Shell in U.S. Federal Court: 23 Dec 2016

Explosive allegations around Shell and Eni’s OPL 245 deal: 23 Dec 2016

Obama’s April Fool’s Joke Approving Shell Arctic Drilling: 22 Dec 2016

RoyalDutchShellGroup.com for Shell Breaking News:21 Dec 2016

THE OPL 245 SCANDAL INVOLVING SHELL: 21 Dec 2016

Corruption of Police by Shell: 16 Dec 2016

Shell cost-cutting plan will undermine the welfare of its pensioners: 12 Dec 2016

Shell Canada President Michael Crothers says Canada should stick to its values: 29 Nov 2016

Pleased to assist Leigh Day in Suing Shell says John Donovan: 22 Nov 2016

21st Anniversary Commemoration of Ogoni Martyrs: 12 Nov 2016

LIVING IN TRUMPWORLD: 11 Nov 2016

The Uncensored History of the Shell Brent Oil and Gas Field: 9 Nov 2016

Award for deadly Corrib Gas Project: 8 Nov 2016

Irish Police, Shell, Corruption and Alcohol: 7 Nov 2016

No credibility in Shell Peak Oil Forecasts, says John Donovan: 3 Nov 2016

Hearing on Royal Dutch Shell: Committee Room 1, House of Commons Wednesday 2 November 2016: 1 Nov 2016

Lament for Royal Dutch Shell: 14 Oct 2016

CORRUPT IRISH POLICE FORCE: THE GARDA: 10 Oct 2016

Australian Government unconvinced about FLNG safety claims: 28 Sept 2016 read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Pensioners Revolt

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By John Donovan

Trouble is brewing for Shell in the UK as Shell pensioners revolt against the proposed change of name of their association. The “Shell Pensioners’ Association” (SPA) is open to all Shell pensioners in the UK and arranges a raft of social and other events through its Branch network. It also publishes a quarterly magazine, “SPA News”.

With the latest edition comes an announcement of a plan to change the name of the Club to “Shell Pecten Association” – the rationale being that younger new Shell pensioners are put off joining the SPA because they don’t wish to be seen as pensioners! No evidence to support this claim is provided. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell investors sue BP for millions over Deepwater share price crash

Screen Shot 2014-01-30 at 00.47.49Extracts from an article by Jim Armitage, Deputy Business Editor of  The Independent, published 4 July 2014

The pension fund of oil giant Shell is suing arch rival BP and its former chief executive Lord John Browne for millions of pounds over the Gulf of Mexico oil spill catastrophe.

Shell Pension Trust is one of more than a dozen giant UK investment funds who have joined a massive lawsuit against BP and its directors at the time including Tony Hayward, who took over from Lord John as CEO three years before the Deepwater Horizon disaster.

The investors are suing over the dramatic crash in BP’s share price caused by the spill and have won the right to sue under UK law but in the generous Texas court. While they had the right to take action in the High Court in London, they have held out to take their claims in the US where higher awards are likely. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Netherlands on warpath with staff council over pensions

Screen Shot 2013-06-07 at 14.51.52You may want to keep an eye on this latest development in relation to the Shell Dutch Pension Fund. Your website was involved in breaking news about the recovery plan for the pension fund after a financial meltdown a few years ago. Shell Netherlands is on a warpath with the staffcouncil.

RECEIVED FROM A ROYAL DUTCH SHELL SOURCE

Hello John

You may want to keep an eye on this latest development in relation to the Shell Dutch Pension Fund.

Your website was involved in breaking news about the recovery plan for the pension fund after a financial meltdown a few years ago.

Shell Netherlands is on a warpath with the staffcouncil. They want to introduce a new pension system (for new staff) which is much less favorable for the employees.

It will be done. But the Staffcouncil is against. Drama will develop, all in dutch of course. Start is 1st July. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Covered Up The Fact That They Moved Kulluk For Taxes

 Screen Shot 2013-06-01 at 15.31.58…the two Arctic drilling barges deployed by Shell were plagued with issues. The first was under criminal investigation for failing safety requirements, while the second was the Kulluk

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Rachel Maddow: Shell Covered Up The Fact That They Moved Kulluk For Taxes

Posted:   |  Updated: 05/31/2013 12:45 pm EDT

Rachel Maddow concluded earlier this week that “oil companies lie.”

Although this is not the first time the MSNBC host has criticized an oil giant, recent revelations about Shell’s Arctic drilling led Maddow to reiterate her stance.

In an investigation conducted by the U.S. Coast Guard, a Shell official admitted that the Kulluk, a drilling barge that ran aground on December 31, 2012, was being moved in an effort to avoid a possible $6 million tax. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Pension Fund – Should You Consider Your Transfer Options?

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Hi John,

This short video may be of interest, specifically to Shell Employees.

http://www.aesadviser.com/services/qrops/

I have personally spoken with guys who have already started to take their Shell pension, and they have been most dismayed to learn about what they could have had, in the way of a cash equivalent transfer (into their own retirement trust) and the massive improvement that such a move heralds in relation to passing their fund to their wife and kids, in addition to the possibility for higher growth between now and retirement and higher levels of income at retirement, than if they were to stay in the Shell scheme. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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