AMOSUP Provident funds are pension schemes that enables participating companies to contribute for their seafarers’ retirement. These funds are in accordance to every CBA that AMOSUP and different seafarer unions have set.
Participating companies contributes for the members onboard the participating vessels. Since the scheme is non contributory, the contributions are not a deduction to seafarer’s wages.
In addition, different financial institutions or fund managers are investing the funds in both local and overseas in the directives set by the Provident Fund Board of Trustees. Consequently, each funds under their respective CBA has different set of trustees as well as rules and regulations.
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AMOSUP Provident Funds… do we need this?
Without a doubt, YES! Its importance is sometimes unnoticeable. However, come retirement age, you will realize the importance of this. Please do check your companies’ CBA if they have an agreement with our union regarding provident funds.
Your Provident Fund Passbook contains the rules and regulations of each fund. Furthermore, it is to each members through manning agency. It serves as a record of contributions and a regular check with your agency is a must to validate your contributions to the fund.
What are the different AMOSUP Provident Funds?
Please note, NIS and DIS are externally managed by overseas banks. Storebrand Livsforsikring AS (NIS). PFA Pension (DIS). The rest of the funds are managed by AMOSUP’s Provident Fund Office (PFO).
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What are AMOSUP Provident Funds benefits?
You, as a member are entitled to receive the total amount of contributions made by the participating company. In addition, that amount will include any interest/income that may have earned in line with the Funds Rules and Regulations.
Who are qualified for the Funds?
You may qualify if you are an AMOSUP member which serves under any of the participating vessels of the participating companies. AMOSUP encourages its members to check with Provident Fund Office on the status of the vessel you are serving or the previous vessels you you embarked on.
The member must be 50 years old. Once you’re 50, you can start claiming for your Provident Fund.
In case of disability or death, your legal dependents automatically receives the full amount of benefit including potential earnings or interest.
Requirements to claim the Funds..
Make sure to have this before going to claim your lump sum pension:
Please note that the office may require additional documents depending on the member’s reason for the claim.
Requirements for cashing checks are subject to rules of the banks in charge of payouts.