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G | Governance We monitor our solvency The assessment calculated the development of the
through stress tests Z-score in stress tests targeting various risk categories.
Good and reliable governance is the foundation of all our activities. We manage our societal mandate The Z-score is calculated under the assumption that
long-term, efficiently, and transparently. The solvency of the Seafarers’ Pension Fund is at a strong level. Market risk refers to fluctuations in the value of invest- after the scenario’s occurrence, the investment allo-
Data security and data protection are considered in all our activities, and we regularly train our staff on ment targets. For different investment targets, market cation will be restored to the current risk level. Stress
these topics. The Finnish pension system’s administration is known to be among the best in the world for its risk can also be divided into interest rate risk, currency tests have used parameters defined in solvency regu-
reliability and transparency, and we strive to keep this leadership position in the future. As a small operator, risk, and property value risk. The greatest market risk lations. Stress tests for interest rate and credit risk in-
we believe in the importance of collaboration. We participate in the development of the pension sector is associated with changes in stock values. The signif- volve changes in interest rates or credit risk premiums.
through working groups and collaborate closely with our stakeholders in the maritime industry. icance of market risks for different investment types For other risk categories, stress testing directly implies
is assessed by the impact of negative market develop- a drop in the market value of investments in that as-
ments on the solvency of the pension fund. In addition set class. The development of solvency in stress tests is
to short-term changes in investment markets, the risk based on the solvency ratio of the Seafarers’ Pension
assessment evaluates, among other things, liquidity risk Fund as of June 30, 2023, which was 191.1 percent.
as well as the impacts of changes in payment income
and global warming. If all the addressed market risks were to occur simul-
taneously, the solvency ratio of the pension fund would
In 2023, the Seafarers’ Pension Fund commissioned decrease to 168.5 percent, with a solvency position of
external scenarios for risk and solvency assessment. 2.9. Solvency would thus remain strong.

Open Communication Supports lic discussion through our weekly newsletter, whose Case: Customer Satisfaction
the Pension Fund’s Strategy preparatory work began in 2023. The newsletter was
launched at the beginning of 2024. Additionally, the We strive to serve our customers in the best rated at 4.5 on a scale of 1 to 5. There was also high
An important communicational starting point for MEK pension fund is active on social media channels such as possible way: timely, knowledgeably, and satisfaction with the communication before, during,
is transparency in both external and internal commu- Facebook, X, and LinkedIn. The Seafarers’ Pension Fund reliably. We ask every customer who has and after the pension processing. We also inquired
nications. The purpose of communication is to provide offers services in Finnish, Swedish, and English. received a pension decision from the Seafarers’ Pen- about the use of electronic services. The majority of
useful and up-to-date information to external and in- sion Fund for feedback through a continuous cus- respondents had visited MEK’s website and the Loki
ternal stakeholders. The communications of the Seafar- Communication Goals tomer satisfaction survey. Based on the responses, online service to gather information in advance and
ers’ Pension Fund support the fund’s strategy through the service provided by our pension experts is at an to check their own pension security. Satisfaction with
its activities. • Provide mariners, employer shipping companies, excellent level. The overall service quality, accessi- the digital channels was high, and their use has in-
and various stakeholders in the maritime sector with bility, friendliness, speed, and comprehensibility were creased in recent years.
We publish an annual report on responsibility and an adequate understanding of MEL pension security.
the results and operations of the pension fund. The
customer magazine Albatross is published electroni- • Provide clear and understandable information about
cally and in print four times a year. The magazine is the MEL pension system as part of statutory pension
distributed to active mariners, MEL pensioners, ship- security.
ping companies, representatives of the maritime and
occupational pension sectors, as well as to authorities • Strengthen MEK’s reputation as a knowledgeable,
and members of parliament. We also aim to strengthen reliable, solvent, cooperative, and modern operator
the dissemination of maritime information and pub- through communication.

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