MARITIME PENSIONS CAMPAIGN

RMT helpline 0800 376 3706 :: september 2021 :: RMTnews 15 RMT believes that occupational pension entitlement for rating members is one of the most important elements of their terms and conditions. Put simply pensions are deferred pay so if you want to retire at a respectful age where you can enjoy a long and healthy retirement, the union needs to ensure that members are firstly in their employers’ pension scheme and secondly are saving enough for their retirement. While some of members employed by companies such as the RFA and Calmac Ferries are contributing to Defined Benefit (DB) occupational arrangements, which offer a promise of a certain level of pension at retirement, most of members will be in Defined Contribution (DC) pension schemes which offer no such promise and are reliant on contributions and investment returns to produce decent outcome at retirement. As reported in RMT publications, as a result of a pension survey conducted by this union amongst ratings, the union discovered that many of members were either not saving enough for their retirement or were not in their employers’ occupational pension scheme. As a reminder the key finding were: • Just under 16 per cent of members were not contributing to their employers’ occupational pension scheme • Almost 13 per cent of members had opted out of their employers’ pension scheme • 58 per cent did not know which type of pension arrangement they were members of • Almost half of responses did not know what level of contribution they were paying into their pension scheme with almost 59 per cent not knowing how much their employer was contributing • 54 per cent did not know if they had death in service (life cover) protection As a result RMT has launched a Maritimes Pension Campaign with the aim of educating representatives and members on pensions, as well as offering support with occupational pension choices and most importantly engaging with maritime employers. Despite the Covid-19 pandemic, RMT representatives have been able to hold online pension presentations with members at Northlink Ferries, one with Stena Line and one with PNTL. Also in attendance at these meeting was Rock Pensions who are the administrators of the Ensign Pension Plan who presented an overview of this particular pension arrangement. The union intends to continue to hold these pension presentations over the coming months and it is hoped that representatives will be able to meet members face to face to discuss this important issue. While the union believes that it can bring pensions to the forefront of the negotiating agenda, it is clear that it not only engages with ratings but also that maritime employers who in the majority have closed their DB arrangements are playing their part by making respectful contributions into members pension pots. Of course, RMT will also need to protect those DB arrangements still open to ratings and the level of DC contributions being paid by employers. *If you are unsure who to contact regarding your pension, please contact the RMT pensions officer Paul Norris at p.norris@rmt.org.uk or telephone 020 7529 8806 MARITIME PENSIONS CAMPAIGN Union launches campaign to assist members with occupational pension choices and engage with maritime employers th ir