ZODIAC Pension Scheme
We are very pleased to announce that as from the 1st October 2000
all Ratings will be entered into the Zodiac company pension scheme.
We very much hope that this will encourage all our ratings to stay
loyal and committed to Zodiac.
We are well aware that a lot of nationalities will not receive good
state pensions from their governments and we hope that our scheme
will make life much easier for our Crew members and their families
when they retire.
Contributions
Contribution to the scheme will only be made by the employer on
behalf of the scheme members through the scheme trustee. All
contributions have been set at a monthly level in accordance with
the rank and seniority.
|
RANK |
USD |
|
BSN - COOK - PUMPMAN |
100 |
|
GROUP FITTER |
100 |
|
FITTER 1 |
100 |
|
FITTER A |
100 |
|
HYDRAULIC FITTER |
100 |
All Other Ratings
|
0-3 Years service |
50 |
|
3 Years and Over |
100 |
Contributions will be paid to the trustees during continuous
employment. Continuous employment is taken to be the normal
contractual period of Nine months employment on
Bulkers/Reefers/Containers and Six months on Chemical Tankers, and
Three months leave, and so on in direct continuation until
retirement age.
In order to translate this information into a projected final value
we will use the following example, If we take an Able
Seaman/Motorman who remains in the same position for the rest of his
professional life until the retirement age of (60) then the
estimated final yield can be illustrated as follows,
|
Starting Age With Zodiac |
Lump Sus
USD |
Monthly Annuity
USD |
|
25-60 |
281,000 |
1,873 |
|
28-60 |
212,000 |
1,411 |
|
30-60 |
175,000 |
1,165 |
A full set of pension rules will be sent to each Vessel and Manning
Agents. We trust that the above is clear and that you fully
understand the scheme which owners are offering for the future
security of its ratings.
Yours faithfully
ZODIAC MARITIME AGENCIES LTD
Officers Pension Fund
On the 1st May 2000 the Zodiac Officers pension scheme
celebrated its Fifth anniversary. We would very much like to give
members an update on their scheme.
Presently there is over USD 7 Million in the scheme and 1,300 Officers
as registered members. Owners are very proud that this fund has achieved
this very large amount for their loyal officers within such a short
period.
For your information your fund has already paid out since 1995, USD
80,000 in benefits, these have been paid out to Six Officers who have
retired, Two Officers who have been made unfit for sea service, and with
regret Two Senior Officers who died while in service.
As you are all aware Owners have very kindly agreed that Ratings will be
included within the Zodiac pension scheme as from the 1st
October 2000.
Any suggestions put forward by members would be appreciated.
We shall keep you informed of any further improvement in the scheme and
will keep you updated of any developments.
Please give access to this memo to all Officers onboard.
Yours faithfully
ZODIAC MARITIME AGENCIES LTD
