The Merchant Navy Ratings Pension Fund (MNRPF) is a £700 million multi-employer defined benefit (DB) scheme. The Fund was founded in 1978 and has 28,000 members who have served as Merchant Navy ratings. The Fund has a substantial funding deficit and the Trustee faces a challenging period of change following the resolution of legal actions to clarify the liabilities of the participating employers who support the scheme.
 
The Trustee of the MNRPF has placed a contract for the management of the Fund with MNTES Ltd who act as Scheme Secretary. MNTES is a new subsidiary of the Merchant Navy Officers Pension Fund, set up to share with trustees of other complex multi-employer schemes, its skills in providing specialist trustee executive services.