What will my benefit be if I just want to leave MRS but haven’t been a member for 5 years (Waterfront members) or 20 years (Seafarer members)?

Waterfront members: You have a number of choices:

  1. 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.
  2. 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.
  3. 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:

  1. 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.
  2. 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.
  3. 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.
  4. If you join another scheme outside the industry you can transfer your total account balance to that scheme. (There are some limitations on this.)