Waterfront members: You have a number of choices:
- If you want a cash benefit you will get your own contributions plus income earned. In addition, you will also get 20% of your employers’ contributions and income earned for each complete year of membership up to a maximum of 100% after 5 years.
- If you defer payment until you have been a member for at least 5 years (or age 60 if that comes first) you will also get your employers contributions and income earned.
- If you join another scheme outside the industry you can transfer your total account balance to that scheme. (There are some limitations on this.)
Seafarer members: You have a number of choices:
- Less than 3 years membership, if you want a cash benefit you will get your own contributions plus income earned, you will get none of your employers’ contributions or the income earned on them.
- After being a member for 3 years, if you want a cash benefit you will get your own contributions plus income earned. In addition, you will also get 5% of your employers’ contributions and income earned for each complete year of membership up to a maximum of 100% after 20 years.
- If you defer payment until you have been a member for at least 20 years (or age 65) if that comes first) you will also get your employers contributions and income earned.
- If you join another scheme outside the industry you can transfer your total account balance to that scheme. (There are some limitations on this.)