SLB Schlumberger Pension Review for Expats
Worked for SLB or Schlumberger?
Your pension may need a proper review before you transfer, consolidate or draw income from it.
Depending on when you joined, when you left and which arrangement you belonged to, you may have benefits in the International pension scheme, Schlumberger UK Pension Scheme, the SLB UK Retirement Savings Plan, the SLB Retirement Savings Plan, LifeSight, Money Purchase AVCs or another legacy arrangement.
That matters because SLB and Schlumberger pension benefits can involve different rules, different benefit types, different portals and different planning risks.
DC savings may offer investment flexibility and pension freedoms. Legacy or section-specific benefits may need more careful review before any transfer or consolidation decision is made.
The real question is not only:
Can I transfer my SLB or Schlumberger pension?
It is:
Which pension arrangement do I actually hold, what benefits might I be giving up, and does the pension still fit my retirement plan?
This page explains what former SLB and Schlumberger employees should review before making decisions about an old pension.
Received an SLB Pension Exchange Option?
SLB’s Pension Exchange Option may allow eligible members to exchange future pension income under the International Staff Pension Plan for a lump sum or deferred payment arrangement.
That can create flexibility, but it can also mean giving up predictable lifetime income and potentially affecting spouse or dependant benefits. The decision is voluntary and cannot be reversed once accepted.
Before responding, you should understand how the option affects your retirement income, investments, tax position and family plans.
SLB’s current election deadline is 15 August 2026.
SLB Schlumberger pension review for expats
You may have SLB International Staff Pension Plan benefits
If you worked internationally for SLB or Schlumberger, particularly as an internationally mobile employee, you may have retirement benefits under one or more of SLB’s international arrangements.
These can include the International Staff Pension Plan, International Staff Profit Sharing Plan, International Staff Defined Contributions, International Retirement Savings Plan or other international and geomobile benefits.
The International Staff Pension Plan is different from the Schlumberger UK Pension Scheme. It is a defined benefit arrangement for certain internationally employed members, with benefits generally linked to qualifying service and career-average earnings.
Depending on your employment history, you may hold a combination of:
- a future pension income entitlement
- defined contribution or cash accumulation benefits
- profit-sharing benefits
- additional voluntary contributions
- benefits earned under different international assignments
- separate UK, US, Canadian or local-country pension benefits
Before making any decision, confirm exactly which international plan or plans apply to you and obtain the relevant benefit statements and scheme documentation.
The review should establish:
- the pension income or accumulated value you have built up
- your normal retirement age
- whether early or late retirement adjustments apply
- the currency in which benefits are calculated and paid
- whether increases apply before or after retirement
- what spouse, dependant or death benefits are provided
- whether any lump-sum, commutation or transfer options are available
- how the benefits will be taxed in your country of residence
- how the pension fits alongside your UK pensions, investments and wider retirement plan
Do not assume that an international SLB pension can be transferred, accessed or treated in the same way as a UK defined contribution pension. The available options depend on the exact plan rules, your service history and your personal circumstances.
The starting point should be simple:
Do not make a transfer, consolidation or drawdown decision until you know exactly which SLB or Schlumberger pension arrangement and benefit type you hold.
You have the information. Now get advice on what it means for you.
This page can help you understand the key issues. But the right decision depends on your own pensions, investments, tax position, future plans and family circumstances.
If you are unsure what applies to you, or want to understand the best next step before making a decision, book a confidential introductory call with Josh Clancey.
Why your SLB or Schlumberger pension may need reviewing
You may have SLB Retirement Savings Plan benefits
DC savings may sit within the SLB Retirement Savings Plan or SLB UK Retirement Savings Plan, with LifeSight access for some members.
You may have Schlumberger UK Pension Scheme benefits
The Schlumberger UK Pension Scheme may include section-specific or legacy features, so members should confirm their exact scheme section.
You may have AVCs or legacy benefits
Money Purchase AVCs, Blue Section references or older arrangement details could change the review and should not be ignored.
You may need overseas income planning
If you live in Dubai, Abu Dhabi, Qatar, Saudi Arabia or Oman, UK pension income should be reviewed against tax, currency and retirement spending needs.
What to check before making decisions about your SLB or Schlumberger pension
Which SLB or Schlumberger pension arrangement are you in?
Confirm whether your benefits sit in the International Staff Pension Plan, another international or geomobile arrangement, the Schlumberger UK Pension Scheme, SLB UK Retirement Savings Plan, SLB Retirement Savings Plan, LifeSight, AVCs or another legacy arrangement.
Do you have DC savings?
If you have DC benefits, review the pot value, investment funds, charges, default strategy, LifeSight access, retirement options and beneficiary nominations.
Do you have legacy or section-specific benefits?
Check whether older scheme sections, Blue Section references, safeguarded benefits, Money Purchase AVCs or other section-specific terms apply.
Who administers your pension?
Public information identifies WTW administration for the Schlumberger UK Pension Scheme and LifeSight access for DC savings. Members should confirm the current contact route for their own benefits.
Can the pension provide drawdown?
DC savings may offer pension freedoms depending on the provider and product rules. Any legacy or safeguarded benefits may need separate review before transfer or drawdown planning.
Are your beneficiaries up to date?
If you moved abroad, married, divorced, had children or changed estate plans, your expression of wish or beneficiary nominations may need reviewing.
How does the pension fit retirement abroad?
UK pension benefits may need to be reviewed against UAE, Gulf or overseas spending, local tax treatment, future UK return plans and retirement income sequencing.
Still scrolling? It is probably time to book a call.
Reading can help you understand the issues. But it cannot tell you what is right for your pension, retirement plans, investments, tax position or family circumstances.
If you are facing a financial decision, or simply know your current arrangements need reviewing, a conversation is usually more useful than another hour of research.
Why SLB and Schlumberger pensions can be more complicated for expats
SLB and Schlumberger have one of the most globally mobile workforces in the energy sector.
Many former UK employees later move to Dubai, Abu Dhabi, Qatar, Saudi Arabia, Oman, Africa, Asia or the US.
That creates a common planning problem.
The pension may still be held in the UK, governed by UK pension rules and potentially managed through UK-centred portals, while the former employee’s income, tax residence, family life and retirement plans have become international.
For SLB and Schlumberger members, complexity may come from several areas:
- the Schlumberger UK Pension Scheme
- the SLB UK Retirement Savings Plan
- the SLB Retirement Savings Plan
- LifeSight access for DC savings
- Money Purchase AVCs
- Blue Section or other legacy references
- WTW administration
- different service dates and scheme sections
- possible safeguarded or section-specific benefits
- member portal and administrator access from overseas
- death benefit nominations
- UK and overseas tax planning
- sterling pension values against overseas spending
- multiple pensions from energy, engineering or offshore employers
This does not mean an SLB or Schlumberger pension should automatically be transferred.
In some cases, remaining in the scheme may preserve useful charges, governance, existing pension freedoms or provider access.
In other cases, a member may want to compare the existing arrangement with a SIPP, International SIPP or other pension structure.
The review should be evidence-led, not product-led.
Documents to request for an SLB or Schlumberger pension review
Recent benefit statement
This should show your pension type, current value, leaving date, retirement age and projected benefits where available.
Scheme and section confirmation
Ask the administrator to confirm whether your benefits sit in the International Staff Pension Plan, another international or geomobile arrangement, the Schlumberger UK Pension Scheme, SLB Retirement Savings Plan, LifeSight, AVCs, the Blue Section or another pension section.
Transfer value or current transfer quotation
If you hold safeguarded, legacy or section-specific benefits, request the relevant transfer value and confirm whether it is guaranteed, indicative or time-limited.
Scheme guide or member booklet
This helps confirm retirement age, death benefits, early retirement rules, pension increases, AVC terms, protected features and scheme-specific rules.
LifeSight, DC fund and charges information
If you hold DC savings, LifeSight benefits or AVCs, request fund holdings, charges, investment options, default strategy and any lifestyle fund information.
Retirement options pack
Ask what options are available at retirement, including annuity purchase, drawdown, transfer options, lump sums or any scheme-specific income options.
Death benefit and beneficiary details
Check dependant benefits, lump sum death benefits and whether your expression of wish or beneficiary nomination is current.
Letter of Authority
Josh can request a Letter of Authority from you so the SLB or Schlumberger pension scheme or provider can share information with both you and Josh for review and analysis purposes. This does not allow Josh to act on your behalf, transfer your pension, withdraw money, change investments or make any decisions. It is used solely to gather the information needed to analyse the pension properly.
What your SLB or Schlumberger pension review may lead to
Keep the pension where it is
This may be appropriate where the existing arrangement provides useful governance, competitive costs, existing flexibility or valuable legacy features.
Compare consolidation options
If you have several old pensions from SLB, Schlumberger and other energy employers, consolidation may improve visibility, but only after checking whether benefits could be lost.
Review SIPP or International SIPP options
A SIPP may offer flexibility, investment choice and adviser-led retirement planning, but it must be compared carefully against existing scheme benefits and costs.
Build a retirement income plan
Your SLB or Schlumberger pension should be reviewed alongside other pensions, investments, cash, tax, currency and future spending needs.
Related UK pension planning pages
UK Pensions for Expats
If you live outside the UK and still have UK pensions, the decisions you make now can affect your retirement income, tax position, investment structure, currency exposure and family planning for years. Josh Clancey helps British expats understand what to do with UK pensions while living abroad, including old workplace pensions, personal pensions, SIPPs, pension transfer options, consolidation, beneficiary nominations and retirement income planning.
View UK Pensions for ExpatsRetirement Planning
Retirement planning for British expats. Understand how much you need, when you can retire, and how pensions, investments and tax fit together.
View Retirement PlanningPension Planning
Pension planning for expats means understanding how your pensions fit into your wider retirement, tax, investment, currency and estate planning position. It is not just about whether to transfer a pension. It is about knowing what you have, what it can provide, what risks apply, and what decisions need advice.
View Pension PlanningRelated Links
- What happens to my UK pension when I move abroad?
- I’m being taxed on my UK pension in the UAE. How do I stop this?
- Transferring your UK pension vs leaving it in the UK
- I have multiple old UK pensions and I live abroad. What should I do?
- The biggest pension mistakes expats make
- How to find old UK pensions
- Book a call with Josh Clancey
SLB Schlumberger pension review FAQs
Important information
This page is for general information only and does not constitute personalised financial, tax, legal, pension transfer, investment or retirement advice.
International SLB arrangements may include the International Staff Pension Plan, International Staff Profit Sharing Plan, International Staff Defined Contributions, International Retirement Savings Plan, Geomobile Pension Plan and Geomobile Retirement Savings Plan.
SLB and Schlumberger pension arrangements may include Schlumberger UK Pension Scheme benefits, SLB UK Retirement Savings Plan benefits, SLB Retirement Savings Plan benefits, LifeSight savings, Money Purchase AVCs, legacy benefits and other section-specific features depending on service history and personal circumstances. Scheme details should always be verified directly with the pension administrator, trustee or official member documentation before decisions are made.
Pension transfers, consolidation, drawdown, tax treatment, safeguarded benefits, legacy benefits, death benefits and retirement options depend on personal circumstances and may change.
Transferring a pension can be irreversible and may result in the loss of valuable guarantees, protected features or benefits. Safeguarded benefit transfers require particular care and may require regulated UK pension transfer advice.
Investing involves risk. Pension and investment values can fall as well as rise, and you may get back less than you invest.
