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17th September 2020, 09:08 AM
#1
Transferring Pension to SIPPS
Hi, i have been considering transfer my tiny Merchant Navy Ratings pension to a SIPP, anyone have any experience or thoughts on this?
My pension is tiny as i was only in the merchant navy for 4 years, I am sure that with shares as they are now i can far exceed the very tiny yearly amount i will currently receive.
thanks
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17th September 2020, 09:27 AM
#2
Re: Transferring Pension to SIPPS
What is a SIPPS????
Also how did you get a MN Ratings Pension? I was one for 20 years and never got one.
#Cheers
Brian
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17th September 2020, 09:49 AM
#3
Re: Transferring Pension to SIPPS
SIPP = self invested pension plan
I did nothing, as far as i am aware it was all setup when i first joined and payments were made from my wages.
Every year i would get an update and info pack, but now it is managed online at benpal.com early this year i was sent the details to create this online account.
If did not keep them informed of address change then you would never have received any correspondence.
You can find more info here MNRPF
I started my training at Gravesend training facility end of 1979 and completed in 1980 after short break due broken hand, left navy around 84.
hope that helps
PS there is also a officer fund https://www.mnopf.co.uk
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17th September 2020, 11:30 AM
#4
Re: Transferring Pension to SIPPS
Brian I think that the ratings fund did not start until 1976 so most of us were not eligible, I think that when the ratings pension fund did start it was similar to the officers one. It was certainly a good idea BUT it had come to late for most of us, as it was at the same time as the demise of British Flag vessels. A lot of the guys on this site were officers and probably paying into the M.N.O.P.F. for a lot of their careers. Others were ratings for there whole career or like yourself and others (Myself included) were ratings becoming officers. Ratings were never given an opportunity to enrol into a fund but more importantly the shipowners must have saved billions by not having to pay their percentage into a fund. I personally think that the various leaders of the N.U.S. over the years that had the job of negotiating our annual pay awards and benefits were aware of the disparity between officers and ratings on this issue and swept it under the carpet. We know that all full time officials in the N.U.S. had occupational pension funds that they contributed into and the Union as their employer also contributed (Yep that was our money) When the Red ensign was just about finished they then start the ratings pension fund. Everybody gets a pat on the back and all those ratings who had slogged through the years of war and post war prosperity once again are screwed by the ship owner and put on the employment scrapheap. I apologise if this has been a bit of a rant but I feel quite strongly about it. (Oh and don't get me started on redundancy payments.)
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17th September 2020, 12:31 PM
#5
Re: Transferring Pension to SIPPS
Thanks for that info , John
#
I was on deck from 1952 to 1975 then joined the MNOPF when I got my ticket and 3rd Mates job. did 20 years in the MNOPF and an excellent pension fund. ,
Also I was with Esso and got a Huge golden Handshake, PLUS EXXON Shares and a Non contributary ESSO Pension from them as well as the MNOPF Pension. Been retired 20 years so I have had a lot more than I paid in.
After World Cruising for near 20 years I still have more than they gave me., Many Seafarers of ESSO became Millionaires, my younger brother is one, He stayed 10 years longer than me and so had a better deal than me. ESSO was the best company of all.
Cheers
Brian
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