Ensign, which claims to be the UK’s only maritime pension specialist, has received master trust authorisation from The Pensions Regulator (TPR).

Andrew Waring, CEO of Ensign

Andrew Waring, CEO of Ensign

As the only bespoke pension provider for the maritime industry, Ensign’s master trust status assures its existing and prospective employers and members that it meets the highest standards and reaffirms the fact that big isn’t always better.

Andrew Waring, CEO of Ensign said: “After the change in regulation saw more than half of the 81 master trusts operating in January 2018 exit the market, earning our master trust authorisation was a huge focus and involved a great amount of work from the Ensign team. Our authorisation was part of a scrupulous process that many pension providers chose not to undertake.

Andrew continued: “The announcement of our master trust authorisation underpins our commitment to providing the best plan for our members and services for our employers. Our model, built by maritime industry specialists especially for the maritime industry, provides members with a bespoke not for profit scheme, that enables us to offer the lowest costs and value for members. It is now able to provide added reassurance to members through TPR’s authorisation process.”

The Ensign master trust, which operates a not-for-profit model, has 4,450 members through more than 65 employers in the maritime and shipping industry, with over £100 million under management.

By Jake Frith