Shell Pension Fund

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Shell outsources risk, Goldman takes the fees, and pensioners cross their fingers. Workers gave their lives to this company, only to have their retirements parked in Goldman’s casino—sorry, “global investment platform.”

Shell, the company that can’t keep oil out of rivers or nitrogen out of walkways, has now decided it can’t even trust itself with the pensions of its workers. Enter Goldman Sachs Asset Management (GSAM), freshly appointed as outsourced chief investment officer for $40 billion of Shell’s pension assets. (Freshfields)

The Deal

According to law firm Freshfields, which advised GSAM, the mandate covers Shell’s international pension plan assets in Europe and advisory services in North America. It’s one of the largest OCIO (Outsourced Chief Investment Officer) mandates Goldman has ever scored. read more

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Shell Pensioners Sold Out to BlackRock

Feb 10th, 2025

by admin.

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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? read more

Chaos within the operations team of Shell Pensions Trustees office

May 24th, 2024

by John Donovan.

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Lightning never strikes Twice?

Always a pleasure to see Tim Morrison, now a Shell retiree, leading from the in front in the 2023 Shell Pensions video. Tim was Shell Group Controller – an oxymoron? – during the Reserves scandal in 2004 – 2005. Surviving that, he now Chairs the Shell Pension Trust, based in London.

Other contributors have shared views on how badly the Shell Pension Trust is managed and how poorly Shell has treated its pensioners during the recent period of excess inflation at the time of concurrent excess profits. What current employees and recent retirees may also want to know is the chaos within the operations team of Pensions Trustees office during the last few years. read more

Shell Ditches Retiree Baggage in a $4.9 Billion “See Ya Later” Deal with Prudential

Feb 8th, 2024

by John Donovan.

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Posted by John Donovan: 8 Feb 24

Oh, what do we have here? Shell, the ever-so-charitable and eco-conscious oil behemoth, has just offloaded the pesky pension obligations of 21,500 retirees of Shell USA Inc. in a dazzling $4.9 billion deal with Prudential. Because, you know, ensuring the well-being of people who’ve toiled away their best years for you is such a drag when there are oil wells to drill and environmental regulations to sidestep.

In a move that’s as groundbreaking as discovering oil in your backyard, this transaction has been hailed as the first major pension risk transfer of the year. “Prudential is honored to help continue meeting the retirement security needs of Shell’s retirees,” gushes Alexandra Hyten, head of Prudential’s institutional retirement strategies because nothing says “honor” like taking over payments to retirees from a company that’s probably too busy counting its pollution credits to bother with pension checks. read more

Shell’s failure to keep its pension promise

Apr 3rd, 2023

by John Donovan.

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Shell’s failure to keep its pension promise

Extensive comment by Paddy Briggs on the posting on a website “Shell’s failure to keep its pension promise appears in the public domain Paddy Briggs”

(EXTRACT FROM THE POSTING: “Shell Shocker. Even with gas gushing like never before at the oil majors, Britain’s largest, Shell, is reluctant to share the spoils with those who have made its profits over the years.”

COMMENT BY Paddy Briggs

The senior management of Shell is used to dealing with criticism – enormous profits, high levels of remuneration for top executives and continuing criticism of their environmental record and plans come with the job. But this story on UK Pensions policy in “Private Eye” on 17^th March must have come as an unwelcome surprise.

As a Shell Pensioner and former Trustee of the UK Fund I can confirm that the “Eye” story is substantially true. The “Shell Contributory Pension Fund” (SCPF) is the largest of the two Funds referred to and at a valuation in excess of £17.6bn and a funding level of 117% it is one of the UK’s largest and most secure. The Fund, which is closed to new members, has some 36,750 members of whom less than 3,000 are active. Members in receipt of a pension number just under 27,000 and the total pensions paid in the last reported year was some £500 million. This means that the average Shell pension is around £18,700. read more

Shell’s recent response email to Shell pensioners

Mar 14th, 2023

by John Donovan.

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Shell’s recent response email to Shell pensioners

From Katarzyna Maciejko

Thank you for your recent email.

With regard to the SCPF and the SOCPF annual pension increase. As you are aware, the pension increases are reviewed on an annual basis, after the publication of inflation measures. For members who joined the Fund before 1 January 2009 pensions in excess of the Guaranteed Minimum Pension (see SCPF website) will increase each year in line with increases in the December Retail Prices Index (RPI) up to 7% (different increases apply for members of the Moplefan or Enterprise Oil sections). For members who joined the Fund on or after 1 January 2009, pensions will increase each year in line with increases in RPI up to 5%. Whilst there are no set criteria on what could trigger a decision to award an increase above the relevant cap (7% or 5%); the Company takes into account a number of factors to inform its decision regarding pension increases. Some of the key considerations that led to the Company’s decision are outlined below. read more

Shell pensioners in uproar over capped pension increase

Mar 1st, 2023

by John Donovan.

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Shell pensioners in uproar over capped pension increase

Spa Facebook site dominated by pensioners challenging this years decision to ignore RPI adjustments

28 February 2023

The December Retail Price Index (RPI) only exceeded 7% twice before 2021 (7.5%) and 2022 (13.4%). The two occasions were in 1989 and 1990.

In 1989 the RPI increase was 7.7%. At the time the SCPF took the decision, following Company approval, to match the RPI increase and Pensions went up by 7.7% in April 1990.

In December 1990 the RPI figure was 9.3%. Once again SCPF pensioners received a matching 9.3% increase w.e.f. April 1991. read more

Shell EVP Stephanie Boyde in ebullient mood, Shell pensioners are not

May 4th, 2020

by John Donovan.

1 comment

John

I stumbled across this on Linked In this morning – Shell’s EVP for Remuneration Stephanie Boyde (apparently known affectionately as “Sheila”) celebrating her payroll team, her smiley personal leadership style plus the “that regular beam of sunshine that you regularly shine into our banks” in the form of payroll.

*(CLICK ON LINK TO SEE JUST HOW EBULLIENT – BEFORE THE VIDEO CLIP IS REMOVED?)

https://www.linkedin.com/feed/update/

Given Shell pensioners have seen a TWO-THIRDS drop in income this week it seems somewhat insensitive to say the least… read more

FT ADVISER: Shell pension scheme updates climate policy after complaint

Dec 12th, 2019

by John Donovan.

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The Shell Contributory Pension Fund has updated its investment information to reflect climate risks after one of its members complained to the ombudsman about its lack of action on the matter. Christoph Harwood, a former Shell employee in the 1980s and 1990s, requested that the £16bn Shell Contributory Pension Fund disclosed how it was dealing with the issue of climate change, given the financial risk to investments.

FULL ARTICLE

Royal Dutch Shell one of the companies with biggest pensions deficit

Jan 17th, 2018

by John Donovan.

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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

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

Jan 16th, 2018

by John Donovan.

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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

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

Sep 3rd, 2017

by John Donovan.

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Sam Meadows: 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

Paddy Briggs on revolting Shell FAT CATS

Aug 7th, 2017

by John Donovan.

1 comment

TIMES ARTICLE

Paddy Briggs outspoken on revolting Shell FAT CATS

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

Shell board confronted by pensioner welfare question from Paddy Briggs

May 24th, 2017

by John Donovan.

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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

Withering Assessment of Shell’s Business Principles by Paddy Briggs

Apr 24th, 2017

by John Donovan.

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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

Royal Dutch Shell hardline attitude to its employees

Jan 5th, 2017

by John Donovan.

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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

30 November 2023: Posted by John Donovan

The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed. I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it. They have tried sending about 4 or 5 engineers but have not fixed the problem. Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more

Extremely Slow Shell Broadband

Shell Pension Fund

Shell outsources risk, Goldman takes the fees, and pensioners cross their fingers. Workers gave their lives to this company, only to have their retirements parked in Goldman’s casino—sorry, “global investment platform.”

The Deal

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

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Lightning never strikes Twice?

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Extensive comment by Paddy Briggs on the posting on a website “Shell’s failure to keep its pension promise appears in the public domain Paddy Briggs”

COMMENT BY Paddy Briggs

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From Katarzyna Maciejko

Thank you for your recent email.

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28 February 2023

The December Retail Price Index (RPI) only exceeded 7% twice before 2021 (7.5%) and 2022 (13.4%). The two occasions were in 1989 and 1990.

In 1989 the RPI increase was 7.7%. At the time the SCPF took the decision, following Company approval, to match the RPI increase and Pensions went up by 7.7% in April 1990.

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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

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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

Extracts from the John Donovan ebook end.

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Shell board confronted by pensioner welfare question from Paddy Briggs

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

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30 November 2023: Posted by John Donovan

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