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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 2021.

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.

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. 

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. 

The Stewardship Code

The Stewardship Code is a set of principles or guidelines originally set up in 2010 by the Financial Reporting Council (FRC) and updated in 2020. 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, and also for the environment and society. 

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 Fund’s Delegated Chief Investment Officer (Willis Towers Watson), and is therefore in the best interests of members and their beneficiaries. 

The MNOPF sets its sustainable investment policy in-keeping with the principles of the updated Stewardship Code and the Trustee expects both its Delegated Chief Investment Officer (Willis Towers Watson) and Independent Investment Advisor (Hymans Robertson), to both be signatories of the Stewardship code, implement against the twelve principles (six for service providers) of the code and report back to the Trustee on their compliance, as representatives of the MNOPF.

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.

Annual Implementation Statement

The Annual Implementation Statement details how the Fund’s engagement policy has been followed during the year and describes the voting behaviour by, or on behalf of, the Trustee during the year.

Climate Change Report

The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (“TCFD”) to develop recommendations on the types of information that entities should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing risks related to climate change. The Climate Change Report sets out the approach of the Trustee with regards to identifying and managing climate-related risks and opportunities in the context of the Trustee’s broader regulatory and fiduciary responsibilities to Fund members.

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 November 2021.

MNOPF Member Newsletter

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

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