Chair's message

In my letter of 17 March 2023, I explained that the MRBS Section of the Maersk Retirement Benefit Scheme (“the Scheme”) was in good financial health and had entered into an insurance contract, called a buy-in policy, with Legal and General, in order to provide further security to members’ benefits.

Since then, the Trustee has been focused on a number of administrative projects to confirm member benefit entitlements, reconcile benefits with HMRC data and ensure compliance with recent legal judgments.

The Scheme remains in good financial health – after the merger of the Furness Withy Pension Scheme into the FW Section in February 2023, the Scheme had residual funds excluding the buy-in policy of approximately £90 million. As mentioned previously these residual funds will be used to improve member benefit entitlements and meet the costs of winding up the Scheme. As part of the benefit improvements the Trustee has been able to provide members with an enhanced pension increase as at April 2023 and will be doing so again in April 2024.

More information about the wind up and the eventual conversion of the buy-in policy to individual Legal & General policies for members will be provided in due course, but in the meantime, I hope you welcome the enhanced pension increases and the added security of the insurance policy.

Find out more about the Scheme’s financials along with a summary of the latest segregated Trustee Report and Accounts by visiting the financial pages. Segregated accounts are also available to view.

You can also find out more about your benefit entitlement, your retirement options and who runs the Scheme.

Nigel Pusey | Chair

Maersk RBS Pension Trustee Ltd


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