AMOSUP Provident Funds are pension schemes designed to support seafarers upon retirement, with contributions made by participating companies rather than deducted from seafarers’ wages.
This means that different financial institutions manage these funds with guidance from the Provident Fund Board of Trustees, making sure investments are handled in both local and international markets.
Target beneficiaries are AMOSUP members serving on participating vessels, who can expect to receive contributions plus any accrued interest or income upon meeting eligibility criteria.
Keep on reading as we uncover the types of AMOSUP Provident Funds, their benefits, eligibility requirements, and the process for managing and claiming your Provident Fund.
What are AMOSUP Provident Funds?
AMOSUP Provident Funds are pension schemes designed to support seafarers upon retirement.
Participating companies contribute to these funds on behalf of their seafarers.
Since the scheme is non-contributory, these contributions do not come from the seafarers’ wages.
Instead, the funds are invested by various financial institutions both locally and abroad, under the guidance of the Provident Fund Board of Trustees.
Each fund, aligned with its respective CBA, has its own set of trustees, rules, and regulations.
Importance of AMOSUP Provident Funds
The significance of these funds often becomes apparent at retirement age.
It is important for your company to have an agreement with AMOSUP for provident funds.
Check your company’s CBA for such agreements.
Types of AMOSUP Provident Funds
AMOSUP manages several types of Provident Funds, each with its own rules and management structure:
- NIS (Norwegian International Ship Register) – Managed by Storebrand Livsforsikring AS.
- DIS (Danish International Ship Register) – Managed by PFA Pension.
- Other funds are managed by AMOSUP’s Provident Fund Office (PFO).
Benefits of AMOSUP Provident Funds
As a member, you are entitled to the total contributions made by the participating company plus any interest or income earned.
These benefits are distributed according to the fund’s rules and regulations.
Eligibility and Requirements
Who Qualifies for the Funds?
You qualify if you are an AMOSUP member serving on a participating vessel.
Members must check with the Provident Fund Office about the status of the vessels they serve or have served on.
Claiming the Funds
Members can claim their Provident Fund if they:
- Are 50 years old.
- Have been a member of the Fund for ten years.
- Have been inactive for two years since their last disembarkation.
- Are permanently unfit for sea duties.
- Have passed away (in which case, legal dependents receive the benefits).
Required Documents
To claim your Provident Fund, you need:
- Valid Passport
- Government-issued ID
- AMOSUP ID (optional)
- Updated endorsement letter from the manning agency
- Updated retirement booklet from the manning agency
- Signed Data privacy consent form
- Proof of bank account ownership
- Three specimen signatures
Managing Your Provident Fund
The Provident Fund Passbook
Your Provident Fund Passbook contains the rules and regulations of each fund.
It is issued through your manning agency and serves as a record of contributions.
Regularly check with your agency to validate your contributions.
Online Application for Claims
AMOSUP offers an online e-form for members to file claims easily, regardless of their location.
Access the form here or scan the QR code provided by AMOSUP.
After submitting the required documents, members receive an email regarding the status of their application.
If approved, the member will receive a quit claim and voucher for signing, and the funds will be deposited into their bank account.
Contact Information
For more information or assistance, visit or contact:
Provident Fund Office:
Ground Floor, Seamen’s Center, Cabildo Cor Potenciana Sts, Intramuros, Manila
Tel: (02) 527-8491 to 98
Fax: (02) 527-3537
Email: provfund@amosup.org
AMOSUP Cebu:
Camino Vicenal St, Mandaue City, Cebu
Tel: (032) 236-6871, (032) 346-2598
Fax: (032) 346-2598
Email: shc_cebu@yahoo.com.ph
AMOSUP Davao:
Evergreen Compound, R Castillo St, Agdao, Davao City
Tel: (082) 234-8266, (082) 234-7185
Fax: (082) 234-7185
Email: shd_davao@yahoo.com
AMOSUP Iloilo:
Onate St, Mandurriao, Iloilo City
Tel: (033) 321-2438, (033) 321-2469, (033) 321-2429
Fax: (033) 321-3523
Email: shost_ilo@yahoo.com
Funds Managed by External Institutions
Danish Provident Fund:
Managed by Atlanticlux Lebensversicherung S.A.
Address: H20 Building, 33 Rue de Gasperich, 5826 Hesperaruge, Luxembourg
Tel: +352 26 49 42 00
Fax: +352 26 49 43 00
Email:
Norwegian Pension Fund:
Managed by Uni-Storebrand Pension Services A/S
Address: Professor Kohts vei 9, P.O. Box 455, 1327 Lysaker, Norway
Tel: +47 22 31 11 00
Fax: +47 22 31 13 75
Email: provident.fund@storebrand.no
For assistance with the Norwegian Pension Fund, visit Fil-Nor Gain, Manila
Address: G/F ECJ Building, Real corner Arzobispo Streets, Intramuros, Manila
Tel: +632 405 0210
Fax: +632 405 0220
Email: filnor@info.com.ph
Recent Updates
Celebrating Captain Ismael’s AMOSUP Provident Fund Journey
AMOSUP’s Provident Fund features member benefits, including the option to claim funds at 65 years old. Captain Celestino R. Ismael, Jr. allocated his claim for business and savings, showcasing prudent financial planning. AMOSUP acknowledges and thanks Captain Ismael for participating in the 65 for 65 program, preparing for the union’s 65th anniversary.
AMOSUP Provident Fund Online Application Advisory
AMOSUP members are advised to access the Provident Fund online application through the provided link or by scanning the QR code for convenience. Stay updated and easily apply for your Provident Fund benefits through the online platform.
Video: Paano ba mag-claim ng Amosup Provident Fund online ngayong 2023?
Find out how easy the Provident Fund claim process is, as one seafarer shares their journey. Filing the claim on April 29, 2023, they received the deposit into their account on June 6, 2023, showcasing a seamless and efficient process.
Conclusion
AMOSUP Provident Funds offer seafarers a valuable advantage, guaranteeing financial stability in their retirement years.
By understanding the different types of funds, eligibility criteria, and claiming process, members can maximize their benefits.
Regularly update your Provident Fund Passbook and stay informed about your contributions and entitlements.
For more information, contact the Provident Fund Office or visit their official website.