Shell Pensioners Sold Out to BlackRock

Shell Pensioners Sold Out to BlackRock: Because Who Needs Security When There’s Profit to Be Made?

Posted by John Donovan: 10 Feb 25

Ah, Dutch pensioners, you thought your hard-earned savings were safe? That your lifetime of work would guarantee a comfortable retirement? Well, think again! Thanks to a perfect storm of corporate greed, government meddling, and good old-fashioned financial manoeuvring, Shell’s pension fund has now been handed over to none other than BlackRock, the ultimate Wall Street money machine. What could possibly go wrong?

For decades, Shell’s Dutch pension fund, managed by Shell Asset Management Company (SAMCo), was run efficiently by a small, competent team of professionals—just 80 people handling billions with remarkable skill. But why let success stand in the way of change when there’s an opportunity to funnel pensioners’ money into the pockets of the world’s largest asset manager?

Enter the New Pension System: A Masterclass in Chaos

So, what’s happening? The Dutch government, in its infinite wisdom, passed a law—conveniently just weeks before the new administration took over—forcing a complete overhaul of the pension system. Instead of a secure, well-managed collective fund, pensioners are now being thrown into an individual-based system that fluctuates with the stock market. Because nothing says “secure retirement” like betting your future on market volatility.

Oh, and the transition? That’ll cost a mere 10% of the entire pension fund—a cool €150 billion siphoned off into the hands of consultants, banks, and other financial vultures. But don’t worry, it’s all for your benefit! (sarcasm mode: engaged).

BlackRock Wins the Jackpot

You’d think Shell, which has a responsibility to its retirees, would ensure its pension remains in safe hands. But instead of sticking with SAMCo, a firm that actually knew how to run the fund, Shell went through a so-called “tender process” and—surprise, surprise—BlackRock came out on top. Because when you think “trustworthy corporate steward”, the first name that comes to mind is definitely BlackRock, right? The same BlackRock that prioritizes maximizing fees, leveraging its enormous influence, and ensuring its investors (not pensioners) get the best slice of the pie.

To make things even sweeter for them (and worse for pensioners), the new law explicitly strips fund members of their right to complain or sue. That’s right—pensioners now have no legal recourse whatsoever. If BlackRock decides to milk the fund dry with excessive fees or reckless investments? Tough luck.

Shell? Nowhere to Be Found

Meanwhile, Shell is washing its hands of the whole mess. Achmea will handle administration, and Shell will be completely out of the picture. Oh sure, they’ll haggle a bit over how much their safety net against underperformance is worth, but let’s be real—it’s the pensioners who will lose out. BlackRock will take as much as they can, the system will be a disaster, and those who worked their entire lives to build up these pensions? Well, they’re just collateral damage in this grand corporate heist.

The Bottom Line: Welcome to the New World of Retirement Theft

This is what happens when profit-hungry corporations and financial titans call the shots. Pensioners lose, BlackRock wins, and Shell gets to walk away without a care in the world. The only question left is: who’s next in line to get screwed over?

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