The news… was quietly posted on the Shell pensioners website just before Christmas…
If you haven't seen the attached, it may interest you to know that the attached is a copy of Sarawak Shell Berhad/Sabah Shell Petroleum Company's internal management exchange which was leaked by one of the employees who is disgusted with Shell. You may take note that Shell cheats on paying the Retirement Benefit Fund resulting in the class action at Miri High Court by ex and current staff of Sarawak Shell Berhad/Sabah Shell Petroleum Company.
"The biggest deficit contribution was made by oil group Royal Dutch Shell, which handed £2.7bn to its pension scheme."
Shell Asset Management Co., the manager of Royal Dutch Shell PLCs various pension funds, has taken its stake in hybrid electric power company Enova Systems to almost 20% following a $10 million capital raising exercise.
A study by consultants Lane Clark & Peacock found a massive turnaround in corporate pension accounts. Royal Dutch Shell's scheme saw a surplus of £6.8 billion turned into a deficit of £5.6 billion.
LONDON (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) will only have to top up its pension fund by around $5 billion, compared with previous expectations of $6-8 billion, because of the recovery in global equity markets, said Chief Financial Officer Simon Henry Thursday.
One of the U.K.'s biggest pension plans is moving forward with a strategy to invest hundreds of millions of pounds in alternative assets, potentially including hedge funds for the first time. The £10.6 billion ($16.8 billion) U.K. pension fund for oil company Royal Dutch Shell Group PLC agreed to a new strategic investment plan over the summer, according to a recent report to members of the pension plan.
Oil giant Royal Dutch Shell pumped in 2 billion in rescue payments to its Dutch pension fund during the second quarter as it recovered to the 105% minimum funding level on June 30.
In December 2008, based on information provided by the website royaldutchshellplc.com, the Financial Times and other news organizations, including the International Herald Tribune reported the the Shell Dutch Pension Fund was substantially underfunded and that employee contributions would have to increase.
Shell said earlier this year it would need to increase contributions to its pension funds, after turmoil in financial markets decreased the value of their assets.
July 23 (Bloomberg) -- Royal Dutch Shell Plc, Europes largest oil company, contributed an additional 2 billion euros ($2.9 billion) to its pension fund after falling below a regulatory threshold.
File of outspoken articles about Royal Dutch Shell published by this website since 2004.
Royal Dutch Shell, BPs main rival, continues to offer a final salary scheme to its UK workforce, but BPs move is likely to prompt fresh speculation that Shell will follow its competitors lead.
Shell's contribution to the fund has risen from 5% to 23.6% and the employee contribution has risen from 2% to 8% of salaries, the company said in an update posted on its Web site Saturday. The increased payments should bring the pension's funding ratio to 105% within three years and 127% by 2023, the company said.
Two directors have already amassed pension funds which will pay them more than £1m a year on retirement. Jeroen van der Veer, chief executive of oil giant Royal Dutch Shell, has accrued a nest egg worth almost £1.2m;
Part of the new arrangement means the fund will now not pay indexation compensation to pensioners from 1 July, as previously stated.
EXTRACT FROM EMAIL RECEIVED FROM JONATHAN MORT, LEGAL ADVISOR (AND MANAGER?), SHELL SOUTH AFRICA PENSION FUND: It is apparently my draft response (per the email of 15 February 2009) to Mr Purchase (on 18 February 2009) which has driven you to the conclusions of conspiracies, collaborations and unethical conduct so liberally sprinkled through your article. The truth is more mundane, entirely proper, and (sadly for your website) considerably less newsworthy than the spectacular claims made in your draft article.
Do you stand by your comments that the trustees and Shell are totally independent when the outside professional is formatting his advice and response to me after consulting Wanjiru.Kirima and others who I believe, but may be wrong, are funded by Shell?
I refer to the draft article you intend publishing on your website http//royaldutchshellplc.com, as set forth in an email from yourself to Mr Brandjes on 25 March 2009 at 18h28. Thank you for giving me the opportunity of correcting some facts of which you may not have been aware.
Printed below is a draft article. It contains my interpretation of the information contained in email correspondence supplied to me by Shell SA retiree, Mr Ken Purchase. No doubt you will advise if any of the emails are not authentic. If I do not hear from you by close of business on Friday 27 March, I will take it that there is no dispute or challenge over authenticity, stated facts, nor my interpretations or conclusions, and will state as such.
Selection of links to news articles about Shell Pension Fund Problems which are undermining confidence in the proper administration of the funds.
Lex (March 19) states Royal Dutch Shells announcement yesterday of an $8.3bn hole in its pension fund is a sign of the times. In fact Shell disclosed the underfunding quite clearly when it issued its 2008 results on January 29, though it was buried rather deep in the notes.
Second, Shell is to spend an extra $5bn-$6bn on plugging its pension deficit. But Shell is nowhere near insolvent and its pension fund has decades to play with. The deficit figure may be interesting information for investors. Why it should require the diversion of much-needed cash flow right now is a different question.