Officers to Receive Benefit on Retirement at 65
London, Oct. 30.
A merchant navy officers' pension fund, on a contributory basis, was formally established yesterday' at a meeting of shipowners and officers representatives, The fund will come into effect on January 1 next, and is much the largest pension fund of its kind in any country.
It is expected that the new national scheme will cover about 20,000 to 25,000 officers, exclusive of 7,000 under existing schemes of individual companies. Pensions will be granted on retirement at 65, but at the option of the officer a reduced pension may be granted at an earlier age.
The fund is under the management of a joint committee representative of shipowners and officers.—Wireless through Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.