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The Retirement Fund and What You Should Know

 

Do you know how much money you will have available when you retire?
Sufficient ? Very well !

 

But think twice! Did you ever calculate what you will receive from your statutory SSS contributions? Not too much. Not enough to make a decent living, anyway.

So you will put some money aside? Good thinking!

 

But think again! How many family members live on your salary? How many other persons do you have to support? Can you really afford to put aside some money regularly in order to afford a decent live when you reach retirement age? You spend a lot of money on the education of your children. But can you really be absolutely sure that they will be there when you need them later? And if they are, do you really want to become a financial burden to them?

 

Did you reply to all those above questions truly and sincerely? Then you will probably have come to the conclusion that you will need additional funds to maintain your standard of living after your retirement.

 

This is where the Lydia Mar Retirement Fund comes in!

 

The Lydia Mar Retirement fund is designed to enable you are carefree life after your retirement. Here are the main features of the Lydia Mar Retirement Fund:

 

Lydia Mar will pay all contributions into the Retirement Fund on your behalf in full. You will not be required to pay any contributions from your wages.

 

Presently the contributions are as follows:


- Euro 200.00 monthly for Masters and Chief Engineers
- Euro 150.00 monthly for Chief Mates and 2nd Engineers
- Euro 100.00 monthly for 2nd Mates and Electricians

 

Lydia Mar pays contributions on your behalf for each month of sea service in this company
Payment of contributions in Euro, the strongest currency in the last years.

 

Lydia Mar set up the Retirement Fund in Germany with a major German insurance group. German reliability and performance is thus guaranteed.

 

You will receive annually (semi-annually is planned) a statement of account showing exactly which contributions were made on your behalf and where you stand.

 

Safe investment of funds. All interests yielded will be credited to your account.

Lump sum payment of the totally accumulated amount when you turn 65 years of age.

 

Senior seamen (minimum 10 years seniority with the company) enjoy increased contributions to their retirement fund accounts (starting 1st July 2008).

 

Frequently asked questions regarding the Retirement Fund

 

How much money will I get when I retire?

 

That would depend on your age at the time you were enrolled to the retirement fund and your rank, according to which contributions were paid on your behalf. For example: If you entered into the Retirement Fund at the age of 35 years and sailed averagely 8 months per year until your 65th birthday, you could eventually expect on basis of a realistic and conservative 4% interest rate and an average contribution of Euro 150 per month sea service a payment amounting to approximately Euro 70,000, which equals more than US$ 100,000. In case you decided to call it a day on you 60th birthday, you would still receive approximately Euro 55,000 equivalent to US$ 80,000 or 3.2 Million Peso. Good money, isn?t it?

 

Can I get my retirement benefits before the age of 65 years?

 

The retirement benefits become due on your 65th birthday. There is the possibility to obtain your benefits earlier, provided you really retire from active work as a seaman. In any case, you cannot claim retirement benefits before your 60th birthday.


Can I get a monthly pension instead of a lump sum amount, when I retire?

 

No, you cannot. The retirement benefits will in any case be paid lump sum. In case you wish to receive monthly payments, you have to deposit the money on the bank and collect the interests every month. A lump sum payment gives you also the option to invest your benefits in a business or to repay remaining mortgages. In other words: the lump sum payment gives you more flexibility than monthly installments.


May I use the retirement fund as a collateral security to obtain a loan from a bank?

 

No, you may not. The retirement fund is designed to support you after you have retired. We do not want to see that money spent elsewhere beforehand.


What would happen to my retirement benefits, if I passed away before reaching retirement age?

 

In the event of your death before reaching retirement age, your spouse will qualify for the receipt of your retirement benefits in full.


What would happen, if I was dismissed or I decided to change my employer?

 

The Lydia Mar Retirement Fund is a long term scheme and designed to award loyalty, seniority and good services to the company. In case you were dismissed or went to another employer within five years after subscription to the Retirement Fund, you would lose all your benefits. Once you are member of that Fund for 5 years, you will have an irrevocable claim of 50% of the amount accumulated. Only after 10 years membership in the Fund you will have an irrevocable claim on the whole amount accumulated. No matter what you will decide to do, nobody can take away that money from you anymore.


Would it be possible not to subscribe to the Retirement Fund, but to receive the contribution in cash instead?


No, this is not an option. When you join Lydia Mar you should be prepared to enter into a long term relationship with us. Lydia Mar is prepared to do that, too, and, as far as we are concerned, our relationship will last beyond your actual working life. We rather want to see you and your family taken care of when you decide to retire. That is why the Lydia Mar Retirement Fund was set up in the first place. That is why we will contribute into that Fund instead of giving you the money in cash.


Lydia Mar - when you retire working for us, we do not stop caring for you!

 

 

 

 

 

 

 

 

R e t i r e m e n t  F u n d