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Merchant Navy Officers Pension Fund
Providing pensions on retirement and protection on death for officers in the UK mercantile marine since 1938.

 Members

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Everything we do is for our valued members. Here you can find out more about our member services.

This site gives you the facts about the Merchant Navy Officers Pension Fund (MNOPF) and sets out the contributions you pay and the benefits you can expect to receive in return.

See the handy links below which will help you find what you are looking for.

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 Forums

member image.jpg There are some major developments affecting pensions at present, and Nautilus Pensions Association and the Merchant Navy Officers' Pension Fund are organising a series of UK-wide meetings to enable members to get the latest news and to 'meet the experts'.

The first forum was held in Newcastle on 5th March 2015 with an impressive turnout. We've held subsequent forums in Southampton and Aberdeen and all have been well received.

Future forums have been arranged as follows:

April 2016 - Hull

June 2016 - Cardiff

September 2016 - London

January 2017 - Glasgow

March 2017 - Belfast

June 2017 - Liverpool

September 2017 - Plymouth 

 

Read more...

 Latest News

 

 

MNOPF secures 30 percent DC contribution rate for active members on closure to future accrualhttp://www.mnopf.co.uk/news/Pages/MNOPF-secures-30-percent-DC-contribution-rate-for-active-members-on-closure-to-future-accrual.aspxMNOPF secures 30 percent DC contribution rate for active members on closure to future accrual2016-02-29T00:00:00Z;2/29/2016 12:00:00 AM<p>​<font size="3">London, 29 February 2016 – The Merchant Navy Officers Pension Fund (MNOPF) is to close its Defined Benefit (DB) fund to future contributions from 31 March 2016, and instead enrol its members into the industry-wide Defined Contribution (DC) Ensign Retirement Plan on enhanced terms that will see members benefit from some of the highest DC contribution levels in the industry. </font></p><font size="3"> <p>The decision follows advice from the scheme actuary showing that significant increases in contributions would be required to maintain the current benefit level in the DB scheme, with employer contributions needing to rise from the current 20% to 25.8% and member contributions needing to rise from 12.2% to 15.7%. Following the abolition of contracting out, in April 2016, the majority of members would also see an increase in National Insurance contributions of nearly £500 a year. </p> <p>The approximately 600 MNOPF members affected will instead join the Ensign Retirement Plan (for the MNOPF) on highly favourable terms, with contributions totalling 30% (20% from employers and 10% from employees). The Ensign Retirement Plan (for the MNOPF) is a replica of the flagship industry wide DC scheme, the Ensign Retirement Plan. This replica scheme has been set up within the framework of the MNOPF to create a Money Purchase section within the MNOPF. A set of delegated authorities has been established between the Trustee Boards of MNOPF and the Ensign Retirement Plan. </p> <p>In addition, affected members will receive an enhanced annual increase in their preserved DB benefits of 1.5% above the statutory revaluation and will retain their entitlement to existing "in-service" death and ill-health early retirement benefits, whilst the Ensign Retirement Plan will provide them with access to the flexibilities offered more widely under recent changes to DC pensions. </p> <p>The decision to close to future accrual follows extensive discussions with both employer and employee representatives, including a member consultation and opportunities for members to discuss the proposal with the MNOPF executive team both face to face and by telephone. Feedback from the members was largely in support of the proposal. </p> </font><strong><font face="Calibri,Calibri" size="3"><font face="Calibri,Calibri" size="3"></font></font></strong><font face="Calibri,Calibri" size="3"><font face="Calibri,Calibri" size="3"></font></font><p><font face="Calibri,Calibri" size="3"><font face="Calibri,Calibri" size="3"><strong>MNOPF Trustee Chair, Rory Murphy</strong></font></font><font size="3">, said: </font></p><font size="3"> <p>"As a Trustee Board, we are proud of our record of strong governance. As we progress on our 10 year journey plan to full funding, the Trustee Directors work cohesively to take leadership decisions that are in the best interests of the Fund and our members. Whilst closure to future DB accrual can </p> <p>often be interpreted as a bad news story, in the case of the MNOPF we do not believe that this is the case. Our discussions with both employers and employees have indicated encouraging levels of support among both groups, and I am delighted that we are making this transition in a way that is supported by both members and employers. There are very few DC pension scheme members in other pension schemes, who will see their retirement pot benefit from a monthly contribution of 30% of pensionable salary and this will ensure that our members continue to receive valuable benefits from their MNOPF membership." </p> <p>For further information, please contact: </p> <p>Andy Fleming/Ollie Hoare </p> <p>MHP Communications </p> <p>0203 128 8523/8771 </p> </font><font color="#0000ff" size="3"><font color="#0000ff" size="3"><p>mnopf@mhpc.com </p> </font></font><strong><font face="Calibri,Calibri" size="3"><font face="Calibri,Calibri" size="3"><p>Notes for Editors </p> <p>About the Merchant Navy Officers Pension Fund ("MNOPF") </p> </font></font></strong><font size="3"><p>The MNOPF is an industry-wide pension scheme established in 1937 to allow shipping companies to provide retirement and death benefits for their officers. </p> <p>The MNOPF had two Sections, the Old Section for pre-78 benefits and the New Section for post-78 benefits. The Old Section was wound-up in 2014 following a series of buy-in transactions with Lucida plc (who were subsequently acquired by Legal & General) in 2009 and 2010, and Rothesay Life in 2012. It is the New Section that is being closed to future defined benefit accrual with effect from 31 March 2016. From 01 April 2016 the MNOPF will again have two sections, a Defined Benefit Section and a Money Purchase Section. The Defined Benefit Section will be that formerly known as the New Section and the Money Purchase Section will comprise member AVCs and investment in the Ensign Retirement Plan (for the MNOPF). </p> </font><strong><font face="Calibri,Calibri" size="3"><font face="Calibri,Calibri" size="3"><p>About the Ensign Retirement Plan </p> </font></font></strong><font size="3"><p>The Ensign Retirement Plan was launched in 2015 and following the closure to future accrual of MNOPF will have approximately 70 employers and just under 1000 active members. The Plan already has nearly £40m of assets and is growing rapidly. The Ensign Retirement Plan is open to all employers with a connection to the maritime industry and has been set up under master trust. </p> <p>Administration and investment is managed by BlackRock Life Limited who has made its industry leading online tools and retirement product offerings available to members of the Ensign Retirement Plan. </p></font>
MNOPF ANNOUNCED AS A PENSIONS AGE AWARDS FINALIST http://www.mnopf.co.uk/news/Pages/MNOPF-ANNOUNCED-AS-A-PENSIONS-AGE-AWARDS-FINALIST-.aspxMNOPF ANNOUNCED AS A PENSIONS AGE AWARDS FINALIST 2015-12-07T00:00:00Z;12/7/2015 12:00:00 AM<h2>MNOPF has been shortlisted for the DB Pension Scheme of the year, Best Risk Management Exercise, Best Investment Strategy Award and Pension Scheme Innovation Award. </h2><p>Rory Murphy, Chairman said: "We are proud to continue our legacy as an industry leader within the pensions sector. We are dedicated to looking for the best way to secure members pensions and pleased that this has been recognised within the pensions industry." </p><p>The Pensions Age Awards, which are now in their third successful year, aim to reward both the PENSION SCHEMES and the PENSION PROVIDERS across the UK that have proved themselves worthy of recognition in these increasingly challenging economic times.<br></p><p>The awards are independently judged and the winners will be announced at the Pensions Age Awards Gala Dinner & Ceremony on Thursday 25 February 2016.</p><h3>About the Pensions Age Awards</h3><p> The Pensions Age Awards, which come from the team that brings you the hugely successful and prestigious European Pensions Awards and Irish Pensions Awards, will use the same rigorous and transparent judging process to pick the winners across a range of topical and relevant pension scheme and pension provider categories. The awards are FREE to enter and are open to any UK pension scheme or provider firm which serves pension schemes in the UK.</p><p><a href="https://twitter.com/PAPensionAwards"><span lang="EN">@PAPensionAwards</span></a> #pensionsageawards </p>

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