P&O Ferries improves commitment to the Fund
The Trustee of MNRPF is pleased to announce that following complex negotiations, it has secured a significantly enhanced commitment to the Fund from P&O Ferries Group (P&O Ferries). This has resulted in a smaller net deficit for the 2023 valuation to be met by all the participating employers. We continue to be confident in the Fund’s financial situation and its ability to provide members with their benefits.
Discussions with the key parties have been constructive throughout the valuation process and there are 2 elements in particular that have led to an improved employer commitment:
- We have added further security, to be held by the Fund as protection in the event of
default. - We have rescheduled the timing and amount of P&O Ferries’ future contributions to the
Fund to give greater certainty over future cashflows.
These improvements, along with other adjustments we have made to the valuation assumptions, have contributed to a much smaller net deficit than originally estimated.
MNRPF is a ‘last man standing scheme’. This means that members’ benefits are secure even if one of the participating employers closes down. Because this places extra responsibility on the remaining employers, the Trustee works diligently and makes every effort to reduce the impact on those employers. That means we continue to engage with all employers to make sure they keep up their contributions, and this must be constructively balanced with acceptable security and employer affordability for the longer term.
Doug Ross
Chair of Trustees – MNRPF
