Ensign Retirement Plan (“Ensign”) will be closing to future contributions and transferring its members and assets to Smart Pension over the spring/summer of 2023. The Trustee has taken this decision in the longer term interests of the scheme’s members and in pursuit of its principal objective of ensuring better retirement outcomes for seafarers and those associated with the UK maritime industry.
The Ensign Chair, Rory Murphy, said:
“For over three years, the Ensign Master Trust has been delivering a high quality, low cost, flexible pension, run by and for members and employers rooted in the maritime industry.”
“In joining with Smart Pension, we are now able not only to retain those qualities, but also to enhance them by reducing costs even further, offering greater digital efficiency and financial sustainability, all whilst retaining a strong and accountable governance structure.”
All individual members and employers have been communicated with and this will continue to be the case until the transfer is complete.
If you have any questions please click the link below to see a sample letter that has been issued to Ensign members.