Old Section pensions – pre 1978
The benefits earned within the MNOPF up to, and including, 5 April 1978 are referred to as the Old Section. Benefits in the Old Section were built up based on the contributions paid by you and your employer before 5 April 1978. The amount of pension bought with each £1 of contribution varied depending on your age and the date of the contribution.
Any Old Section benefits you earned up to 5 April 1978 are preserved and, when you retire, these Old Section benefits will be paid together with any New Section benefits you have earned between 6 April 1978 and 31 March 2016.
At retirement, myMNOPFpension combines any old and new section benefits you have to pay you one pension if you choose to take both pensions from the same date.
Buy-out of the Old SectionThe buy-out of the Old Section, the process whereby the responsibility for providing all Old Section member benefits was moved to external insurance companies (Legal & General and Rothesay Life), took place in several installments between 2009 and 2014.
The advantages of the buy-out were:
- To provide enhanced security for members’ benefits
- To enable a small increase in pensions
The decision to buy-out the Old Section was taken by the MNOPF Trustee only after a full consultation process with members, employers and Nautilus International, and the Trustee being satisfied that the buy-out was in the best interests of MNOPF Old Section members.