Like other pensions, a seafarer’s pension is taxable income.

The Seafarer’s Pension Fund withholds tax from your pension in line with the rate shown on your tax card. You should obtain a tax card before you start to receive your pension payments. When you go to the tax office, take along the pension decision issued by the Seafarer’s Pension Fund and explanations of your income and tax rate for the year you transfer to a pension.

We send pension tax information directly to the tax authority every year, so you do not declare pension income on your tax return form. In subsequent years, we receive your tax percentage directly from the tax authority.

If the tax rate is not known when your pension starts, tax is withheld in line with the rate shown in your pension application. If there is no tax information, tax is deducted at 60 per cent of your pension. When the Seafarer’s Pension Fund receives your correct tax rate, excess levied tax is returned.

You only need to provide the Seafarer’s Pension Fund with your tax information in the year when you start to receive your pension payments. In subsequent years, the Pension Fund receives information directly from the tax authority.

You should visit the tax office to check your tax rate if there are changes in your pension amount other than those due to index reviews.