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Shell Nigeria Staff Pension Fund
The Shell Nigeria Staff Pension Fund provides pension benefits for Nigerian staff of The Shell Petroleum Development Company of Nigeria Ltd. (SPDC). It is managed by Shell Nig. Closed Pension Fund Administrator Ltd (SNCPFA).
About the Fund
The Shell Nigeria staff (Non-Contributory) Pension Fund (the Fund) was created in the early 1960s. It provides end-of-service pension benefits for Nigerian staff of the sponsor company, SPDC.
Shell Nig. Closed Pension Fund Administrator Ltd (SNCPFA) was incorporated in 1991 as Shell Trustees (Nigeria) Limited (STNL) for the primary purpose of managing the “Shell Nigeria Staff (Non-Contributory) Pension Fund”, the defined benefit pension scheme of SPDC.
The purpose of end-of-service payments is to ensure that long serving company employees who have reached the end of their established working term in Shell EP Companies in Nigeria will be able to enjoy a regular monthly income to enable them to maintain a reasonable standard of living in retirement. Lump sum payments are made to employees whose period of service or conditions of departure do not qualify them for a monthly pension.
As the name implies, the scheme is non-contributory thus employees are not required to make any financial contributions. It is also a Defined Benefit (DB) scheme and as such, all benefits payable from the scheme are computed based on pre-defined criteria.
The Fund currently caters for almost 3,000 pensioners and 4,000+ active employees of SPDC.