The Lloyd’s List Podcast: Shipping’s pensions pot
Listen to the latest edition of Lloyd’s List’s weekly podcast — your weekly briefing on the stories shaping shipping in the week ahead
We are talking pensions on this week’s podcast with Roy Murphy, who is chair of two maritime industry pension schemes, the MNOPF and the Ensign Retirement Plan. But not before we’ve also given you an early heads up on our ‘Transparency in Shipping’ forum coming up at London International Shipping Week (Sign up: Lloydslist.com/Londonforum).
WE’RE talking pensions on this week’s podcast, but we are also taking the opportunity to let you know about an event we are hosting during London International Shipping Week that we think you will be interested in.
First, the plug.
As you will have noticed, a theme has been emerging from Lloyd’s List coverage of late — shipping’s corporate veil is being pierced by ever more stringent financial and regulatory compliance requirements.
Avoiding sanctions requires an increasingly forensic due diligence across the supply chain to ensure security ‘red flags’ are not raised by international governments and agencies that now monitor every aspect of shipping’s trade links.
On the upside is a fully digitalised supply chain that offers a variety of new opportunities but, on the downside, transparency brings with it potential problems from the big headline-grabbing issues of security down to the difficult questions of data ownership and standardisation.
There’s a lot to discuss here, but the Lloyd’s List Transparency in Shipping Forum is the place to be if you want to know more.
The event will be held during London International Shipping Week at our shiny new offices at 240 Blackfriars Road, London SE1 8BU starting 8:30am on September 9.
Our editor Richard Meade is hosting the event and he will be joined by experts from security services experts and learned professors to lawyers who ordinarily would be charging you a considerable fee for the valuable advice they’re going to be dishing out… so sign up now.
Attendance is free but space at Lloyd’s List towers is limited, so you need to register, and register fast.
You can find all the details you need at Lloydslist.com/Londonforum
Now to the podcast.
Many people in the maritime industries — including those now in shore-based jobs — are members of the Merchant Navy Officers’ Pension Fund.
It was an excellent final salary scheme of the type that was once common, but is now almost unavailable, and it has been closed to new entrants for some time.
For those younger listeners you will probably have to google the historical concept of a final salary scheme, but for those in their fifties and sixties looking to collect in the next few years you may be worried about recent reports that it has been in deficit.
Well, you needn’t be, according to one of the scheme’s trustees, Rory Murphy, who discussed the situation with Lloyd’s List’s David Osler earlier this week. Mr Murphy also heads Ensign, the defined contribution scheme available to younger officers, and explains why the current generation should certainly sign up.
Enjoy the podcast and don’t forget, you can now subscribe to the Lloyd’s List Podcast via iTunes and Spotify, as well as most other podcast providers. And make sure you are registered for a free account on Lloydslist.com so you can receive our Daily Briefing e-mail