My Ref: MRP 23/1
26th April 2024
Circular Num: NP/113/24
To: The Secretary All Shipping Branches & Regional Councils
Dear Colleagues,
Stena Line – Life Assurance Improvements
As you will recall as part of the Maritime Pensions Campaign the RMT has been not only promoting the importance of our members’ contributing into their employer’s occupation pension arrangement but also that members are aware of the life cover their families receive in the event of the death.
Following discussions with Stena Line management they have agreed to write to all employees outlining what life cover is available to members, how this benefit works and encourage members to complete an Expression of Wish form so that in the event of their death the life cover benefit goes to the correct beneficiary(s).
You will note from the table below that employees at Stena Line will receive some form of life cover whether they are contributing to Smart Pensions or not. However, it is evident that it is more beneficial for members to be contributing the pension scheme as not only is the death in service cover higher, but they will also be building up a pension for their retirement. I would also remind members that they will also be receiving an employer pension contribution and will also receive tax relief on their own contributions.
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Employees who AREcontributing to Smart Pensions
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Employees who ARE NOT contributing to Smart Pensions
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Lump Sum Payments
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2 x annual salary
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1 x annual salary
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Pension Payment
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25% of annual salary
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No benefits payment
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For further information please find attached a letter from Stena Line and their frequently asked questions sheet.
I will keep you updated on developments.
Yours sincerely
Michael Lynch
General Secretary