Your pension, your future
Love your future. Shell Pension.

November 2020

SNPS. Smarten up your future
Annual Report 2020 – Shell Nederland Pensioenfonds 

Collaboration with third parties

Outsourcing

SNPS works together with various outsourcing parties. Some of these parties in turn outsource activities to third parties (sub-outsourcing).

SNPS’s outsourcing policy sets out the fund’s requirements in this regard. This policy contains the basic principles, the process to be followed, the requirements set for the administrator, the guarantee for the continuity of the outsourced processes and how to check whether the execution is in accordance with the agreements made.

“The board remains responsible for controlled and ethical business operations, also for the part of the work that has been outsourced”

Corona

Even in times of crisis in 2020, cooperation with the outsourcing parties was good. The implementation was robust and smooth. The operational activities and the actions following the strategic agenda were implemented satisfactorily.

Monitoring outsourcing contacts

The duties, authorities and responsibilities of SPN, AIM and APS are laid down in agreements with related performance criteria and accountability reports. The board granted general authority to sign (power of attorney) to the directors (in their role as executive directors) and an employee of SPN. In addition, APS and AIM have limited power of attorney in order to carry out their duties for SNPS.

Audit Programme

During the year, the fund monitors the outsourcing and makes adjustments where necessary. Each year, the fund receives an independent assurance statement from AIM and APS, in which they account for the structure and effectiveness of the internal control measures for operational processes in that year. The assurance reports received are analysed and followed up where necessary. The reports for 2020 provide sufficient assurance on the structure, existence and effective functioning of internal control measures at AIM and APS. SPN provides an Assurance Letter to the fund every year and as an entity falls within the audit programme of Shell Internal Audit (SIA). SIA periodically audits the processes and controls at SPN. The most recent audit at SPN took place in 2018, resulting in a ‘good’ audit opinion.

Reinsurance

The risks of death in active employment and premium waiver of pension accrual in the event of (partial) incapacity for work are fully reinsured with Achmea Pensioen- en Levensverzekeringen N.V. This relates to both the gross and net pension schemes of SNPS. The risk of incapacity for work during active employment is fully reinsured with Achmea Schadeverzekeringen N.V. The current contracts with these suppliers were terminated on 31 December 2020. New contracts were drawn up as from 1 January 2021. From that date onwards, the insurance policies were placed with ElipsLife.