leaving seagoing employment before retirement
If you leave seagoing employment with a participating employer before retirement, you will become a deferred member. There will be no impact to the benefits you built up in the Fund to 31 May 2001 (as revalued as described while in seagoing employment with a participating employer).
These benefits, will revalue (increase) each year in a different way from when you leave seagoing employment with a participating employer until you retire. Different parts of your benefits will receive different revaluation (increases), and these are summarised below:
- Pre 1978 Credits will receive increases in line with statutory requirements (broadly, the Consumer Price Index (CPI) to a maximum of 5% per year).
- Your benefits over any GMP amount will increase in line with the same statutory requirements.
- Any GMP amount will increase at 6.25% per year.
If you are in any other employer scheme at the date you leave seagoing employment with a participating employer, this may be impacted and you should speak to the administrators of that scheme to find out more.