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Update to the article: Email from “A Very Concerned Deferred Shell Pensioner”

This is an update relating to the recent article:

Email from “A Very Concerned Deferred Shell Pensioner”

The same source has now kindly provided the following news…

“Shell has clarified their revised pension terms. New terms from 1/1/2009 including raising pension age from 60 to 65 and reducing pension accrual fractions from 1/54th to 1/60th . Whilst still a defined benefit arrangement, definition of final pensionable pay will change to the average of the best three consecutive years’ pensionable pay in the last five years plus a cap of 5% a year will apply to pension increases. New early access arrangements enabling pension before pension age available from age 55 or over, however pension reduction is now 4% p.a. for each year early rather than current 3% p.a. for each year early.

This early access option will also apply to existing and deferred members, even if they resigned before 1/1/2009. An important exception is that current deferred members who have previously left company employment via redundancy, svs or ill health shall retain terms advised at that time.”        

 

Regards,

An exempt deferred member.  

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