Lydia Mar Retirement Fund
The Lydia Mar Retirement fund is designed to give you a financial cushion after you retire from seafaring. You will not be required to contribute any amount; Lydia Mar pays all the contributions into your Retirement Fund.
Below are the contributions for each month of sea service with the company:
€ 200.00 monthly for Masters and Chief Engineers
€ 150.00 monthly for Chief Mates and 2nd Engineers
€ 100.00 monthly for 2nd Mates, 3rd Engineers, and Electricians
Every year, you will receive a statement of account showing the contributions made on your behalf. The Retirement Fund is based in Germany, with a major German insurance group guaranteeing its performance and reliability.
The funds are safely invested, and interests yielded will be credited to your account. The lump sum payment of the total accumulated amount is turned over to you when you reach 67 years of age.
The Lydia Mar Retirement Fund was created by our principals Lydia Mar Shipping Co. S.A and Aug. Bolten Wm. Miller’s Nachfolger. It is offered to their crew, specifically Masters, Chief Engineers, Chief Mates, 2nd Engineers, 2nd Mates, 3rd Engineers, and Electricians.
Mastermind Retirement Bonus
MSM contributes to the VRBS retirement fund with an amount equal to 2% of the seafarer’s basic wage while onboard. The company will further pay 2% annual interest for the accumulated fund for each seafarer until the pay-out date. In short, MSM shoulders the entire VRBS fund.