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The Superyacht Industry: No pensions and no unemployment benefits

British Airways Photograph: Simon Dawson/Reuters

A survey in 2020 has shown that 80% of Superyacht crew did not have a pension.

“Rising life expectancy means retirement is likely to be longer than ever before. Superyacht crew need to be planning ahead and taking control of their financial futures as early as possible.” Faststream

Hard work, extended hours, living in small quarters with other people is compensated by high salaries but no pension or unemployment benefits, this leaves crew members with only one option – to independently establish a personal pension plan or investment portfolio.

Some are proactive and understand that they are risking way more by not setting up a private pension plan. Others may want to, but do not know how to and push it back until later.

How much do you need to retire? At least 80% of your current salary per year. If you are earning 10,000 EUR per month, you would need on average 8,000 EUR per month to ensure you a comfortable living for at least 25 years ahead.

Without adequate saving, it will be very difficult for maritime employees to retire. Doing nothing is not an option.

5 Rules for financial stability:

1. Have a bank account in the same currency as your income

2. Clear debts as soon as you can, especially high interest rates

3. Plan out different financial pots:

  • Emergency: at least 3 months’ salary in a bank account

  • Education: when and how much

  • Spending money: limit yourself to a set amount each month

  • Property Purchase: how much will you need for a deposit and when

  • Long-term money (i.e. retirement): a minimum of 25% of your salary

4. Save at least 25% of your income. If you were working on shore, your salary would be on average 25% less.

5. Invest your time in your financial education.

If you haven’t had time to look at options, or do not have a well-diversified portfolio to include fixed income products, what are you waiting for?

Available solutions:

There are only two types of investment products that you should consider when investing for savings and retirement purposes – Fixed Income and Indexes.

Fixed income

Fixed Income products are a perfect solution if you are retired or looking to place your savings to earn a fixed regular return or income.

For those who are retired they give a regular fixed income on a monthly/quarterly/semi-annual basis and for those who are saving for retirement or large lump-sum purchases such as a house, it’s a way of increasing or diversifying your savings.

One such product is the 12-month Fixed Income Plan, which for over 10 years has been providing 10% interest per year. This is one of the most short-term solutions available which invests directly into a trade company and is not affected by stock-market swings. It allows you to stay in control and know your savings situation at all times.

This plan also has no administration or management fees. Click here to request more information.

Regular Contribution Plan

Another option is the S&P 500 Index regular contribution plan recommended by Warren Buffet as a perfect low-cost savings investment. The regular contribution plan guarantees your capital not to reduce in value and provides a minimum 4% growth per year or the return of the S&P 500 Index, whichever is the greater. Over the last 20 years the S&P500 Index has provided an average annual return of 8.5% per year. It invests directly into the S&P 500 Index with a 24h online platform. Click here to request more information.

For more information about the available savings and retirement products on the market please click here or email us at


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