The law requires that most occupational pension schemes in the UK are set up as trusts. A trust ensures that the pension scheme’s assets are kept separate from those of the employer. This is important for the security of members’ benefits. The MNOPF is set up under English Law in the form of a Trust. The Trust is run by a trustee company called MNOPF Trustees Limited. Trustees are responsible for ensuring that the pension scheme is run properly and that the members’ benefits are secure.
The MNOPF Trustee Board
MNOPF Trustees Limited is the corporate trustee of the MNOPF. The Trustee Board is made up of 6 directors elected from the maritime community. Half the Board represent the employers in the MNOPF and half are nominated by the union which represents the officers, Nautilus International.
The appointment, re-appointment and removal of the Trustee and Trustee Directors are the responsibility of the Joint Officers Pension Committee (JOPC) formed by employers’ and officers’ organisations.
The make-up of the Board means that there are people at the heart of decision making who understand the maritime industry and who will act in member’s best interests. They make sure the MNOPF is of the highest standard and will continue to meet the needs of members now, and in the future.
The Trustee Board is supported by a professional pensions team, Rock Pensions, and various advisers and service providers. The names of the directors, their advisers and service providers are in the Annual Report & Accounts.
Trust Deed & Rules
The Trust Deed and Rules set out the Trustee’s powers and the procedures the Trustee 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 Trust Deed and Rules for the MNOPF can be viewed here. The Trustee has the power to make changes to the Trust Deed & Rules provided that the changes are approved by both a majority of the employers’ representatives and a majority of the officers’ representatives. However, no change may be made which alters the purpose of the MNOPF – namely to provide retirement benefits. Nor can it reduce the rights to benefits already earned, except in exceptional circumstances.
The names of all the current Trustee Board are listed in the Annual Report & Accounts.