How the Fund works

The Merchant Navy Ratings Pension Fund (MNRPF) is a defined benefit pension fund

Every year you work for a participating employer, you and the employer pay into the Fund. When you retire, the Fund pays you a secure income for life that increases each year with inflation. There’s also protection for your spouse, civil partner or dependants when you die.

How much you’re paid

This depends on:

  • how long you’ve worked for a participating employer
  • your salary
  • how your benefits build up over time (the accrual rate)

The Fund is looked after by a group of trustees, who run the Fund for the benefit of members and their beneficiaries. Read more about the trustees.

How the Fund works

The following pages explain how the Fund works: