- Can I pay more into the Fund?
No. The Fund is now closed to future accrual and no more contributions can be paid in by members.
- Can I transfer my pension from the Fund to another provider?
Yes, you have the option to transfer your benefits from the Fund to another pension arrangement. However you must leave the Fund before you can transfer your benefits.
- When can I retire?
For most people, the Normal Pension Age is 62, but you can retire at any time from age 55, if the Trustee approves it. If you retire early, your pension will be reduced as it is assumed that it will need to be paid for longer.
- How does my pension revalue when I leave the Fund?
Your Section 148 Revaluation or LPI7 Revaluation will stop and will revert to the normal rate of revaluation as set out under the Rules of the MNRPF.
- What happens if I leave my current employer?
You have up to 12 months to find further seagoing employment with a participating employer of the MNRPF before your pension is deferred.