Seafarers union RMT today marked a significant victory for seafarers’ pensions after P&O Ferries paid over £90 million it owed to the Merchant Navy Ratings Pension Fund (MNRPF).
The payment follows negotiations between the MNRPF Trustees and DP World and means the £94 million debt has now been paid in full, with the funds invested alongside other scheme assets.
It also removes the charges held over P&O Ferries’ vessels, which had been put in place as security against any default on the company’s obligations.
RMT general secretary Eddie Dempsey said that the victory came after RMT campaigned vigorously for justice for the 786 seafarers sacked by P&O Ferries and that they pay what it owed to the MNRPF.
“While this is good news for MNRPF members, it is also good news for other MNRPF participating employers who would have been left with P&O Ferries’ debt had it gone into administration.
“RMT would like to congratulate the MNRPF Trustees on successfully negotiating this payment, but we would like to make it clear that the campaign for justice for the 786 seafarers ruthlessly sacked by P&O Ferries continues,” he said.