Page 9 - Seafarers---_Pension_Fund_Annual_Report_2020_s

Pensions Annual Report of the Board

In 2020, a total of 740 decisions were issued concerning a pension Seafarers’ Pension Fund 2020 Annual Report
or benefit or amendments thereto. The number of decisions reduced
by 5% from the preceding year. The reduction is primarily explained Strategic Goals of the
by the decline in the number of decisions concerning vocational Seafarers’ Pension Fund
rehabilitation, as seen from the table. • We provide seafarers with reliable

Old-age pensions + early/ 2019 2020 Change pension security in a cost-efficient
partial old-age pensions manner.
Rehabilitation benefit 238 262 24
+ disability pensions • Our solvency is strong and we are
Rehabilitation/allowance/ 42 42 0
increment the most profitable pension company
Survivors’ pensions 119 82 -37 in Finland.
Surviving spouse’s 82 76 -6
continuing pensions Strategic Focal Areas
Funeral grants 114 113 -1 • The seafarers’ pension system under
Other decisions 23 16 -7
Rejections 60 52 -8 MEL has a solid foundation and
Total 99 97 -2 maintains the operating environment
777 740 -37 for Finnish navigation.

The quality of the Fund’s decision-making is indicated by the • The disability risks of seafarers
sustainability of the decisions in various appeal instances. In 2020, the
Pension Appeal Court, which is the first appeal instance in pension are reduced.
matters, processed a total of 20 (28 in 2019) appeals concerning
the pension decisions issued by the Seafarers’ Pension Fund. Of the • Cost efficiency is at the average level
appeals, 17 concerned the right to disability pension, two to vocational
rehabilitation and one concerned the projected pension component for all pension companies.
in disability pension. In 2020, the Pension Appeal Court, which is the
first appeal instance in pension matters, processed a total of 20 (28 in • We provide shipowners, seafarers and
2019) appeals concerning the pension decisions issued by the Seafarers’
Pension Fund. Of the appeals, 17 concerned the right to disability pension recipients with professional
pension, two the right to vocational rehabilitation and one the and efficient service.
projected pension component in disability pension. The Pension Appeal
Court rejected the appeal concerning the right to a disability pension in • The Seafarers’ Pension Fund is an
11 cases, amended the decision of the Fund in four cases, returned one
case for settling by the Fund as the first instance, and dismissed one attractive workplace.
appeal due to its late submission.
99
The Insurance Court, which is the second appeal instance, processed
five (four in 2019) appeals concerning decisions issued by the
Seafarers’ Pension Fund and the Pension Appeal Court. The Insurance
Court amended the Appeal Court’s decision in one case and rejected
the appeal in four cases of which one concerned the Appeal Court’s
decision to dismiss one appeal due to its late submission.

In 2020, the total number of pension recipients was 8,122 (8,159)
persons. Of the various pensions and benefits paid by the Seafarers’
Pension Fund, 86% were old-age pensions, 7% were rehabilitation
benefits and disability pensions, and 7% were survivors’ pensions.

The Fund’s pension expenditure under MEL totalled EUR 148.0
million, representing an increase of 1.3% from the preceding year.