In the (Merchant) Navy you’ll find 30 percent DC

The Merchant Navy Officers Pension Fund (MNOPF) is to close its Defined Benefit (DB) fund to future contributions from March 31. It will instead enrol its members into the industry-wide Defined Contribution (DC) Ensign Retirement Plan on enhanced terms that it says will see members benefit from some of the highest DC contribution levels in the industry.

The approximately 600 MNOPF members affected will instead join the Ensign Retirement Plan (for the MNOPF) on highly favourable terms, with contributions totalling 30 percent (20 percent from employers and 10 percent from employees).

In addition, affected members will receive an enhanced annual increase in their preserved DB benefits of 1.5 percent above the statutory revaluation and will retain their entitlement to existing in-service death and ill-health early retirement benefits, whilst the Ensign Retirement Plan will provide them with access to the flexibilities offered more widely under recent changes to DC pensions.