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MNOPP (Merchant Navy Officers' Pension Plan)
http://www.mnopp.co.uk/Joining.htm
JOINING THE PLAN
You can join the Plan if you are:
An Officer (remember this includes a Cadet or Trainee) and
Employed by a company that participates in the Plan and
Liable for UK Tax even if not paying tax eg: if covered by the Seafarers Foreign Earnings Deductions and
Aged 18 or over (but under age 61)
If you are not liable for UK Tax because you are not resident in the UK, you may still join the Plan (as long as you fulfil the other conditions set out above) provided that you are employed by a company that is liable for UK Tax.
Your employer has agreed to provide Plan membership to all their eligible employees and should enter you automatically. If you are not entered into the Plan within the first month of your employment you should tell your personnel department that you wish to become a member and ensure that arrangements have been made to deduct contributions from your salary with effect from the commencement of your employment.
If you choose not to join the Plan when you are first eligible, you may change your mind and apply to join at a later date. You should however be aware that in these circumstances you may be required to provide medical evidence in respect of the lump sum death benefit. You should note therefore that if you do not join when you are first eligible you will not be covered for the lump sum death benefit until confirmation has been given to you by MNPA.
You should complete the membership application form which you can download from Member Form section of this website and give this to the payroll department of your employer. At the same time you are advised to complete and return the Expression of Wish form to tell the Trustee to whom you would like the death benefits paid in the event of your death.
Important Note:
If you are employed by a company which offers two tier salary arrangements under which MNOPP members accept a lower salary and you also benefit from the Seafarers Foreign Earning Deductions whereby either no tax is paid or any tax you pay is refunded to you at the end of each tax year, you may wish to seek personal financial advice before you apply to join the MNOPP as to whether an alternative arrangement might be more beneficial. There are circumstances where the Plan may not be the most appropriate savings vehicle but your overall circumstances need to be taken into account to determine whether this could be so.
Pension and investment advice to guide you on this is available from The Pension Partnership (TPP), a regulated firm of independent pension consultants. The Personal Financial Planning team within MNPA has now merged with TPP and are fully acquainted with the pension options and special circumstances of Merchant Navy Officers. It is likely that a fee would be charged for any such advice. TPP can be contacted by telephone on 01252 861380 or by e-mail to [email protected]. Details of TPP can also be found on the company's web site at http://www.pensionspartnership.co.uk
You can join the Plan if you are:
An Officer (remember this includes a Cadet or Trainee) and
Employed by a company that participates in the Plan and
Liable for UK Tax even if not paying tax eg: if covered by the Seafarers Foreign Earnings Deductions and
Aged 18 or over (but under age 61)
If you are not liable for UK Tax because you are not resident in the UK, you may still join the Plan (as long as you fulfil the other conditions set out above) provided that you are employed by a company that is liable for UK Tax.
Your employer has agreed to provide Plan membership to all their eligible employees and should enter you automatically. If you are not entered into the Plan within the first month of your employment you should tell your personnel department that you wish to become a member and ensure that arrangements have been made to deduct contributions from your salary with effect from the commencement of your employment.
If you choose not to join the Plan when you are first eligible, you may change your mind and apply to join at a later date. You should however be aware that in these circumstances you may be required to provide medical evidence in respect of the lump sum death benefit. You should note therefore that if you do not join when you are first eligible you will not be covered for the lump sum death benefit until confirmation has been given to you by MNPA.
You should complete the membership application form which you can download from Member Form section of this website and give this to the payroll department of your employer. At the same time you are advised to complete and return the Expression of Wish form to tell the Trustee to whom you would like the death benefits paid in the event of your death.
Important Note:
If you are employed by a company which offers two tier salary arrangements under which MNOPP members accept a lower salary and you also benefit from the Seafarers Foreign Earning Deductions whereby either no tax is paid or any tax you pay is refunded to you at the end of each tax year, you may wish to seek personal financial advice before you apply to join the MNOPP as to whether an alternative arrangement might be more beneficial. There are circumstances where the Plan may not be the most appropriate savings vehicle but your overall circumstances need to be taken into account to determine whether this could be so.
Pension and investment advice to guide you on this is available from The Pension Partnership (TPP), a regulated firm of independent pension consultants. The Personal Financial Planning team within MNPA has now merged with TPP and are fully acquainted with the pension options and special circumstances of Merchant Navy Officers. It is likely that a fee would be charged for any such advice. TPP can be contacted by telephone on 01252 861380 or by e-mail to [email protected]. Details of TPP can also be found on the company's web site at http://www.pensionspartnership.co.uk
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