Retirement Fund

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 65 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

Mastermind Shipmanagement Ltd. (MSM) offers a Voluntary Retirement Bonus System (VRBS) that aims to recognize the loyalty and commitment of its seafarers who have trusted MSM with their careers. It is also meant to give seafarers a form of financial support as they move into retirement.

MSM contributes to the VRBS retirement and ensures that it is funded. The crew does not need to shoulder any contribution

Eligible ranks for the VRBS Fund include Masters, Chief Officers, Chief Engineers, and Second Engineers. The fund can only be withdrawn once the seafarer meets the following criteria:
– Holds any of the above mentioned ranks
– At least 55 years old
– The sum of his or her age is plus the years of service must total 70 or more

The VRBS is a form of gratuity and a voluntary effort of MSM to establish closer ties with crew. It is completely discretionary to MSM.