Chair's message
In my previous message I reported that the MRBS Section of the Maersk Retirement Benefit Scheme had entered into an insurance contract, called a buy in, with Legal & General in order to provide further security for member’s benefits and the Trustee had undertaken a number of projects to confirm member benefit entitlements.
These data projects have now been completed and the next step is for the Trustee to arrange the transfer of the administration and payroll to Legal & General, which is expected to take place in 2025, ahead of the eventual conversion of the buy-in policy to individual Legal & General policies for members.
I am pleased to report that the MRBS Section remains in good financial health and holds over £90m of residual funds to be used to improve member benefit entitlements and meet the costs of winding up the Scheme.
More information about the wind up and conversion of the buy in policy to individual Legal & General policies for members will be provided in due course.
Find out more about the Scheme’s financials by visiting the financial pages. The Scheme accounts are also available to view.
Nigel Pusey | Chair
Maersk RBS Pension Trustee Ltd