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Review of 2023 Seafarers’ Pension Fund | Strategy
Ensuring Pension Security payments, electronic pension decisions, pension Our strategy is Our key values We secure the We operate
for Our Customers payment dates, and their own register informa- centered around are reliability, pensions of responsibly,
tion. The number of users logged into the Loki customers and sustainability, seafarers cost-effectively,
Setting an adequate insurance premium level online service and those who have chosen elec- and and profitably
through actuarial studies, collecting insurance tronic services has increased significantly. Users sustainability collaboration.
premiums from shipowner employers and seafarer often use the service to check their retirement age
insured individuals, paying pensions correctly and and estimated pension amount before filling out a Strengths
on time, and supporting seafarers’ employability pension application. Our pension processing pres-
are the cornerstones of our operations. Our stra- entation times are fast, and according to customer Industry Competitive Strong Management High-quality
tegic focus is on customers – we aim to serve them feedback, the service provided by pension experts expertise premium solvency of disability and multi
in the best possible way and provide added value before and during the pension decision process is level risk lingual services
to the industry as a statutory pension insurer in quick, professional, and friendly. The ratings av-
the field. Although the number of Finnish-flagged erage at 4.5, with a maximum of 5.0. We also re- Enablers
merchant ships has not increased, the number of ceive positive feedback on communication.
insured individuals working on Finnish ships has Competent and Functional systems Participation in the
increased. The number of pension recipients has Seafarers retire at an average age of 61.8, which evolving staff and efficient processes industry’s long-term
decreased. There were 7,226 insured individuals is the same level as in 2022. The average retire- development
and 7,811 pension recipients in 2023. The Seafar- ment age in the MEL system was 59.5 years, while
ers’ Pension Fund’s insurance portfolio is dom- the overall average retirement age in the entire
inated by passenger vessels, with nearly 63% of pension industry was 62.4 years. The difference
insured individuals working in the passenger vessel may be explained by the lower retirement ages in
sector, and the wage sum used as the basis for in- the maritime pension system and the exception-
surance premiums representing nearly 53%. ally high pension indexation rates for pensions
starting in 2022 and 2023, which also attracted
We made over six hundred decisions related to seafarers to retire. The average pensions for crew
pensions and benefits. We encourage our custom- members were 2022 euros for women and 2262
ers primarily to use electronic services via the Loki euros for men. For officers it was 3318 euros for
online service on our website. The service provides men. The global maritime industry is also reflected
insured individuals with their pension statement, in the Seafarers’ Pension Fund’s registry. Pensions
pension calculators, electronic pension applica- are paid to various parts of the world. Most of the
tions, and their own register information to be insured live in Finland, from north to south, in-
checked and partly updated. Pension recipients cluding Åland. We serve customers in various ser-
can find information on their pension or benefit vice channels in three languages: Finnish, Swedish,
and English. >
Seafarers’ Pension Fund | Annual and Sustainability Report 2023 7
