RETIREMENT

Normal Retirement

The Normal Retirement Age (NRA) for the MNRPF is age 62.

Early Retirement (in good health)

Members may apply to receive their benefits prior to NRA, if the Trustees of the MNRPF agree. The earliest date at which a member may retire is age 58.

Early Retirement pensions are calculated as the pension payable from NRA, to which a reduction factor is applied as the pension will be in payment for a longer period.

Ill Health

A member may retire early due to ill health in certain circumstances.

Any pension payable is at the discretion of Trustees of the MNRPF and is subject to the Trustees receiving satisfactory medical evidence from a medical consultant. The medical evidence should state the nature of the illness and that as a result of such ill health, the member is permanently incapable of any form of remunerative employment or self-employment, whether on shore or at sea.

The pension is calculated as detailed under Early Retirement (in good health) but would also apply to MNRPF members under age 58.

Late Retirement

A member may postpone retirement beyond NRA if still in employment. The pension will be increased according to the period of postponement.

Tax Free Cash Sum at Retirement

At retirement, it may be possible to exchange part of your pension for a tax free lump sum. The amount of tax free lump sum payable is based on your salary and MNRPF service.

Payment of Pension

MNRPF pensions are paid monthly on the 15th of each month. If the pension payable is less than £720.00 per annum, it will be paid quarterly.

Pensions are taxed under the PAYE system and paid to a member's bank or building society account net of tax.

Pension Increases

There are no guaranteed increases to pensions in payment other than certain increases which are required by law.