Entry of Fund

Contributions
All contributions are paid to the fund by your employer for the time you’re onboard a vessel participating in the fund. Contributions are paid quarterly in arrears (USD 80 per month for Officers and USD 50 per month Ratings).

Membership Letters
When you enter the fund and your employer has paid the first contribution for you, Storebrand issues a Membership Letter for you that will be sent to your employer who will forward it to you.

The membership number must be referred to in all communication with Storebrand. Please also give your membership number to your beneficiaries and ask them to keep it confidential. This will help when making a claim, especially in case of death claims.

Statement of Account
In May each year, Storebrand sends annual statements of account to your most recent employer or manning agent who will forward it to you. The statement shows the balance of your account and the contributions paid for the previous year.

Termination of Service
If you terminate service on board a participating vessel, you will remain a member of the Provident Fund for your vested rights until reaching retirement age of 50 years (or later termination as agreed by the employer), or earlier death.

Entitlements in the Fund
For service on a participating vessel after 1. January 1996, all members are entitled to 100 per cent of paid contributions.