Merchant Navy Officers Pension Fund


Publications & Reports

Actuarial Valuations

All defined benefit (DB) pensions schemes are required to carry out a full actuarial valuation every three years. This is to check that the scheme is appropriately funded. The latest full actuarial valuation of the MNOPF took place in 2018.

Annual Report and Financial Statements

The Annual Report and Financial Statements is a comprehensive report on the MNOPF’s activities throughout the previous year. It gives information about the MNOPF’s actions and financial performance. This document was previously known as the Annual Report & Accounts.

Annual Report and Financial Statements 2020

Annual Report and Financial Statements 2019

Annual Report and Financial Statements 2018

Annual Report and Financial Statements 2017

Annual Report & Accounts 2016

Annual Report & Accounts 2015

Annual Report & Accounts 2014

Summary Annual Reports

The Summary Annual Report was a booklet for MNOPF members which explained the key information from the full Annual Report and Accounts. The last Summary Annual Report was sent to members in October 2018.  Updates on investment performance, the funding position, deficit collection, MNOPF financials and all the latest news from the Fund are now contained in the MNOPF member newsletter – The Beacon. The latest edition of the Beacon can be downloaded below. 

Summary Annual Report 2018

Summary Annual Report 2017

Summary Annual Report 2016

Summary Annual Report 2015

Summary Annual Report 2014

The MNOPF has won the following industry awards for the Summary Annual Report:

  • 2014 & 2011 Engaged Investor Awards – Best Popular Report & Accounts
  • 2011 PRAG Awards – Best Summary Annual Report (assets above £1bn)

Trust Deed & Rules

The Trust Deed and Rules set out the Trustee’s powers and the procedures trustees must follow. The Trust Deed is a legal document that sets up and governs the scheme. The Rules set out more detailed conditions, for example, the benefits that will be provided. 

MNOPF Trust Deed & Rules

Statement of Commitment to the Stewardship Code

The Stewardship Code is a set of principles or guidelines set up in 2010 by the Financial Reporting Council (FRC). The Code’s aim is to encourage institutional investors who manage other people’s money, such as the MNOPF, to be active and engage in corporate governance in the interests of their members or policyholders. The Trustee believes that good stewardship can protect, and indeed enhance, the long-term performance of the MNOPF, a belief that is shared by the Delegated Chief Investment Officer, and is therefore in the best interests of members and their beneficiaries. 

The Statement of Commitment to the Stewardship Code sets out how the MNOPF Trustee, and the Delegated Chief Investment Officer, implement the seven principles of the stewardship code on behalf of the MNOPF. In 2016 the FRC assessed signatories to the Stewardship Code based on the quality of their Code statements. The MNOPF Statement of Commitment to the Stewardship Code has received the highest category level given by the FRC, Tier 1, which means it provides a good quality and transparent description of the Fund’s approach to stewardship and has explained any alternative approaches where necessary.

MNOPF Statement of Commitment to Stewardship Code

Statement of Investment Principles (SIP)

A SIP is a written statement governing decisions about the investments for occupational pension schemes, such as the MNOPF. The MNOPF Trustee prepares, maintains and updates the SIP. The SIP is reviewed every three years or after any significant change in investment policy.

MNOPF Statement of Investment Principles

Sustainability Beliefs

The Trustee regularly reviews its policy on sustainable investment (often termed “green”, “ethical” or “socially responsible” investment).  The current policy, the Sustainability Beliefs, was last reviewed in September 2020.


MNOPF Sustainability Beliefs


MNOPF Member Newsletter

The Beacon is the regular newsletter for all members of the defined benefit section of the MNOPF.

The Beacon Spring 2021

The Beacon Autumn 2020

The Beacon Spring 2020

The Beacon Autumn 2019

The Beacon Spring 2019

The Beacon June 2018

The Beacon May 2017