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.