I had this problem, and as someone pointed out to me the reason is likely because your ship is an old version mesh, go to a shipyard and change the look of your ship slightly and then purchase and it should be fine and work normally. you can change the look back to how you liked straight after.
doing this apparently updates it to the latest version and will fix the reman effect from the shield not working.
I noticed - when upping my settings to take screenshots (yeah, I run on low graphics, but that's the only way this integrated crap in my PC will run this game with decent frame rates, lol) - it'll show up fine on high texture settings, but not with high shadows.
Inspired, NeoWolf many thanks. Went to the ship tailor and changed a few things, purchased, and then beamed up and presto the shield effect was working. Would have never thought of it being an old texture problem. Thanks again for the help guys, hope anyone else having the problem sees this and can give it a try.