My Ref: MRP 23/1
1st September 2023
Circular Num: NP/154/23
To: The Secretary All Shipping Branches & Regional Councils
Dear Colleagues,
MERCHANT NAVY RATINGS PENSION FUND (MNRPF) – P&O CONTRIBUTIONS
It has been brought to the attention of the RMT that there has been recent press coverage in respect of the c£130m deficit correction payments owed by P&O Ferries to the MNRPF, and that this employer has deferred paying their contributions into the fund.
I can advise that following correspondence with the MNRPF Trustee Board we were advised that the Trustees had been in discussions with P&O Ferries, and parent company DP World, in respect of the contribution deferral and that following months of discussions an agreement has been reached between both parties which allows P&O to continue to defer paying contributions into the fund.
We are advised that in exchange for this deferral the Trustees have negotiated “security” in respect of property and shipping vessels which would be sold to plug any shortfall in P&O’s liability to the Fund if P&O were to go into administration, broken-up or be sold.
While we note the agreement reached, we believe that further details are required from the Trustees on the security secured and how this fully protects members benefits.
I can advise that a meeting with the Trustees is being sought to discuss this issue and I will keep you updated on developments.
Yours sincerely
Michael Lynch
General Secretary