Ill Health Early Retirement Settlement Update end June 2023
Last year the high court helped us work out a settlement for members affected by a change to ill health early retirement (‘IHER’) benefits.
In 2018 we investigated changes that were made to the Fund’s IHER benefits in the 1990s. This investigation raised some complicated questions, so we asked the High Court to help us understand the correct legal position.
The case resulted in a Court-approved settlement. This settlement allows us to pay compensation to certain members.
We’ve contacted and paid most of the members who are due compensation
We’ve paid affected members a lump sum plus interest. Some members will also get an uplift to their annual pension. So far, we’ve made payments to 479 members.
To date, this adds up to a total of around:
- £25 million paid in pensions arrears with interest, and
- £665,000 per year in increases to future pension payments.
We still need to contact some members
We’ve written to members who might be able to make a claim. We’ve asked them to get in touch if they think they’re eligible for a payment.
We’ve made good progress contacting other affected members too. Like members who have transferred out of the Fund. And the spouses and estates of members who have died.
You don’t need to contact us if we haven’t sent you a letter
We’ll tell you if you’re eligible to receive a payment, or if we think you might be able to make a claim. Please keep your contact details up to date on BenPal so that we have your correct address.
If you’ve been contacted and you have a question, you can speak to Mercer using the contact details below:
0800 197 6923 or +44 330 818 7286 from overseas.
Lines are open 8:30am to 5:30pm from Monday to Friday
Merchant Navy Ratings Pension Fund,
Post Handling Team, Maclaren House,
Talbot Road, Stretford,
Manchester, M32 0FP