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Maritim pensjonskasse

English

Income-related plan

If you became a  MPK member after the 1st of January 2020, or if you are already a member before this date, but born 1st of January 1970 or later, you are covered by the income-related plan.

Payment of contributions

Both you and your employer pay pension contributions. Both parts are contributions toward your pension. The employer’s contribution amounts to 3.3% of your gross income, while your employee contribution is 1.7% of your gross income on board.

The contribution is calculated monthly from your annual gross income on board, up to a maximum of 12 G (the National Insurance basic amount).

Your employer is responsible for deducting the correct contribution from your salary and transferring it to us.

Requirement of 3 years’ accrual for pension entitlement

Normally, you must have at least three years of accrual time at sea to qualify for a pension. Service time on vessels registered in other EEA countries counts toward fulfilling the three-year requirement, but it does not generate accrual of pension benefits.

Pension age

You can start drawing your pension from the month you turn 62 until the month you turn 70. This means you are free to choose when to begin your pension withdrawal during this period.
You may freely combine work and pension, and you continue to accrue new pension rights until the age of 70.

How long can you receive pension payments?

You can receive pension payments from the age of 62 until the age of 80, but the payout period cannot be shorter than 7 years. Once you have chosen a payout period, it cannot be changed.

Payment rules

The pension is paid out from the month after the pension decision has been made, and at the earliest from the month after you have turned 62.
Pension is paid in arrears on the 20th of each month.

Calculation of your pension

Your annual pension is calculated based on your accrued pension account. This pension account is built up by adding together your annual pension accrual.
Annual accrual amounts to 6.3% of your gross income on board.
Your pension account is adjusted annually in line with wage growth. You accrue pension for every year you work at sea until you reach the age of 70.

Your annual pension payment equals the value of your accrued pension account at the time you start drawing your pension, divided by the number of years in your chosen payout period.

Short summary:

  • You are entitled to a pension after 36 months of service
  • The income-related plan allows you the flexibility to start drawing your pension at any time between the age 62-70
  • The payout period under the income-related plan ranges from a minimum of 7 years to a maximum of 18 years (until you reach the age of 80)
  • The income-related plan allows you to continue accruing a pension entitlement at the same time as you draw a pension until you turn 70
  • The size of the pension benefit depends on your salary level under the income-related plan
  • There are no pension supplements or child supplements under the income-related plan.
  • You can draw your pension and work at the same time without your pension being reduced, and that you can keep accruing pension rights from working at sea up until the age of 70

The pension fund covers

  • Norwegian citizens
  • Foreigners with permanent residence in Norway registered in the National Registry
  • Citizens from other EEA countries (from at earliest 1 January 1994)
  • Third-country nationals residing in another Nordic country (from at earliest 1 September 2004)
  • (and)  who are employees on ships covered by the social security scheme.

Your annual pension is calculated based on the amount you have accrued in your pension account. (Income based)

Both you and your employer pay pension contributions. Both parts are contributions toward your pension. The employer’s contribution amounts to 3.3% of your gross income, while your employee contribution is 1.7% of your gross income on board.
The contribution is calculated monthly from your annual gross income on board, up to a maximum of 12 G (the National Insurance basic amount).

Your employer is responsible for deducting the correct contribution from your salary and transferring it to us.

When you start drawing your pension, the pension account is divided by the number of years you choose to receive payments over. You must draw your pension for a minimum of 7 years.

You can earn as much as you like alongside your pension without any reduction in payments. You may also draw your pension and continue to earn additional pension rights through further work at sea until you turn 70 (Income based).

You will not receive a pension if you are receiving 100% disability pension or work assessment allowance (AAP) from the National Insurance Scheme between the ages of 62 and 67. If you receive reduced disability pension or AAP during this period, the reduction of your pension account will be adjusted accordingly.

If you work on a foreign ship for a Norwegian employer and live in Norway, the time on board counts towards your pension. It is also possible, under certain conditions, to become a voluntary member of MPK.

No. On fishing and sealing vessels over 100 gross tons, only employees in seaman positions are covered. There is a separate pension insurance scheme for fishermen, which is administered by Garantikassen for fiskere (the Guarantee Fund for Fishermen).

FAQ

  • Will I receive a pension if I am or become disabled?

    For those born before 1970 with seafaring service:
    This depends on whether you are fully or partially disabled. You cannot receive a pension or a lump-sum payment at the same time as receiving work assessment allowance or 100% disability benefits. If you receive partial disability benefits, your pension payment will be reduced accordingly.

    For those born on or after January 1, 1970, or who started working at sea for the first time after January 1, 2020:
    You will not receive a pension if you are receiving 100% disability pension or work assessment allowance (AAP) from the National Insurance Scheme between the ages of 62 and 67. If you receive reduced disability pension or AAP during this period, the reduction of your pension account will be adjusted accordingly.

  • Yes, if the vessel was part of a separate agreement until 30 April 1993 and you paid contributions for the period. After 1 May 1993, you accrue pension for service on foreign vessels for a Norwegian employer if contributions were paid for that period. Yes, if after 1 May 1993 you have been a voluntary member during your service on a foreign vessel for a foreign employer.

  • No. On fishing vessels with a gross tonnage of more than 100 tonnes, only employees in seaman’s positions are covered. Fishermen are covered by their own pension insurance which is managed by the Norwegian Guarantee Fund for Fishermen.

    Read more here

  • The Pension Fund covers

    • Norwegian nationals
    • foreign nationals permanently residing in Norway and registered with the National Registry
    • nationals of other EEA countries (but no earlier than from 1 January 1994)
    • third country nationals who are resident in another Nordic country (but no earlier than from 1 September 2004)

    who are employees on vessels covered by the scheme.