BISNCo Pension Fund Memoranda

 

 

 

 

Source: NMM: BIS 33/8 - Policy File - Sea Staff Pension Fund (1908-1960)

 

 

‘                       BRITISH INDIA STEAM NAVIGATION CO. LTD.

                                   - - - - - - - - - - - - - - - - - - - - -

                                                                                          12/3/1908                                                                         

                                         RETIRING PENSIONS.

 

                    With the view of providing more rapid promotion for the Juniors in the Company’s service, without inflicting a hardship on the Seniors, the Directors have decided to arrange for the retirement of Masters and Chief Engineers at the age of 57, and to make those so retiring a larger allowance than it has been customary to grant in the past. Hereafter a Master on retirement after having arrived at the age of 57 will be granted a pension of £200 a year, and a Chief Engineer a pension of £120 a year, provided their total length of service on full pay with the Company ?? all grades is not less than 30 years. Or should a Master or Chief Engineer, who has completed 25 years’ service on full pay with the Company in all grades, wish to retire any time between the age of 52 and 57, pensions on the following graduated scales will be allowed:-

 

                                                            Commander’s        Chief Engineer’s

          Age.                                               pension.  .                            pension.      .        

 

Between 52 and 53.                                    £150                          £70

      “       53   “   54                                                 160                           80

      “       54   “   55                                                 170                                     90

      “       55   “   56                                                 180                                   100

      “       56   “   57                                                 190                                   110

 

 

          These pensions will be paid and continued only during the pleasure of the Board, and in each case, the grant of the pension will be subject to the Directors being satisfied in all respects with the diligence, ability and zeal of service rendered, as certified by the Managing Agents.

          The Directors hope that these arrangements will serve as a bond of union between the Company and its Captains, Officers and Engineers, and the Directors trust that the Masters, Officers and Engineers will work cordially and agreeably together in their respective spheres so as to promote the Company’s welfare, and assist to enable it to meet these liberal and onerous provisions for retirement ??t is not the Directors’ intention to withhold the ????ed pensions in the event of retired Masters or Engineers taking occupation after retirement with Company’s consent.

 

 

London, March, 1908.’.

 

 

‘                             BRITISH INDIA STEAM NAVIGATION CO. LTD.

 

ENGINEERS.

 

                                        LEAVE RULES, ETC.

 

          Leave and Leave Allowances:- On and after 1st January 1914 Engineers of all ranks will be entitled to a 6 months’ leave on full pay after 3½ years’ continuous service in India, i.e., Engineers will have 6 months on full pay once every four years.

          Periods of privilege leave will be allowed to count as full time for promotion, for increase of pay, and for pensions.

          Passage between England and India:- A free passage home and out will be granted to Engineers on privilege leave by Company’s steamers when accommodation is available, and should accommodation not be available, the Company will allow the sums of £25 in lieu of a passage.

          Hospital Allowance:- When any Engineer is sent to Hospital by order of the Company’s Agents the time spent in hospital will be allowed to count as full service and full pay will be granted on production of a satisfactory medical certificate.

          This privilege, it must be understood, is subject to the discretion of the Managing Agents who will deal with each individual case on its merits.

          Retiring Age:- So far as possible the retiring age of 57 will be rigidly enforced, but the Directors may find it advantageous in isolated cases to extend the term of service for a year or two.

          Engineers holding certification of a higher grade than that in which they serve:- Under the rules in the past a distinction has been made in the rate of pay of Engineers holding certificates of a higher grade than that on which they serve. This distinction will be continued under the new rules, i.e.:-

 

          Second and Third Engineers who do not hold certificates above the rating in which they are serving will draw pay as follows:-

 

          Second Engineers without Chief Engineer’s Certificate

 

                    1st year.                  2nd year.                 3rd year.

                    Rs. 300                  Rs. 310                  Rs. 320

 

          Third Engineers without Second Engineer’s Certificate

 

                    1st year.                  2nd year.                 3rd year.

                    Rs. 215                  Rs. 225                  Rs. 240

 

and will not be entitled to further increase until they have obtained Certificates of a higher grade to that in which they are serving.

          Engineers engaged locally are, under the old rules, not entitled to leave privileges, this will remain unaltered and any who under the old rules are entitled to par money, will under the new rules draw the consolidated pay under the new rules.

          It must be distinctly understood that in granting these increased rates of pay and improved conditions of service the Directors reserve the right to alter the terms and dispense with the services of any servant of the Company, also that leave must be subject to the exigencies of the Service.

          Further, whilst consideration is given to seniority, promotion will, as heretofore, be by selection.

 

LONDON, 1st January, 1914,’

 

 

 

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