On January 1 next the pension scheme for Merchant Navy Officers comes into force. Hitherto no national pension fund for such officers has been in existence but individual shipping companies have schemes covering about 7,000 officers, who will not be affected by the new scheme. That scheme is expected to cover a further 20,000 to 25,000 officers, including masters, navigating officers, engineer officers, radio officers, refrigerator engineers, electrical engineers and boiler makers employed in shops to which the National Maritime Board agreements apply. The basis is contributory—the officer and owner each contributing 9d for every £1 of the officer's salary. In January the National Maritime Board officers' rates of pay will be increased by an amount equal to their pension contribution so that their net salary will not be lessened. Pensions will be granted at the age of 65, but at the option of the officer a reduced pension will be granted at an earlier age. The amount of the pension will be graded according to the length of contributory service, and the age at which contributions are paid, All profits go to strengthen the fund and to increase benefits. If an officer dies before reaching the pensionable age his contributions with compound interest will be returned to his re-natives, but in no case will the amount so returned be less than £100. A Joint Committee to manage the fund has been formed of representatives of the Shipping Federation, the Employers' Association of the Port of Liverpool, the Officers (Merchant Navy) Federation, the Mercantile Marine Service Association, the Marine Engineers' Association and the Amal-gameted Engineering Union, The institution of this scheme so promptly on the first signs of the lifting of the depression in the shipping industry has been favourably received. It is an import: ant event in British shipping. Advocacy of provision being made for such pensions has long been developed for although important lines of their own accord had pension schemes for their officers. there were many officers serving in cargo vessels who could not look forward to a definite pension as the result of their long service at sea. The Merchant Navy is so vital a factor in the Empire's security that the removal of this defect in its organization is undoubtedly a great step forward and it should help to mitigate the anxieties of men who have deserved well of their country.
Text read from the printed page and cleaned; old type leaves the occasional error.