The Trustees of the NYK Line Pension Scheme ("the Scheme") present the Annual Reports.
The Scheme commenced on 1 April 1958 and was governed by a Definitive Trust Deed and Rules dated 1 January 2008 and subsequent amendments. A consolidated Trust Deed and Rules was executed on 4 April 2018 to incorporate the original Deed and subsequent amendments.
The Scheme is a hybrid scheme. The members of the Defined Benefit (DB) section transferred to a new Defined Contribution (DC) section in 1992. Active members of the DB section in 1992 kept their accrued DB benefits and became deferred members of the DB section along with existing DB deferred members. Deferred DB benefits ceased future accrual in 2004.
The Scheme provides pensions in retirement (through purchased annuities), preserved pensions on leaving service and death in service lump sum and spouses benefits.
The Scheme was contracted out of the State Second Pension Scheme (and previously, the State Earnings Related Pension Scheme) until September 2006. The Scheme is a registered scheme under section 153 of the Finance Act 2004 and benefits from the favourable tax treatment afforded to such UK registered pension schemes.