Master trust launches in-house drawdown and cuts fees

Not-for-profit operation

clock • 1 min read

The Ensign Retirement Plan has reduced its annual management charges and introduced an income drawdown facility, in a bid to better prepare members for retirement.

The shipping and maritime industry-wide defined contribution (DC) master trust lowered its annual charges from 0.36% to 0.31% on 1 April. The in-scheme income drawdown facility will mean members no longer having to transfer their money out of the plan in order to use income drawdown. It has also launched a personalised gudiance service for members. The move comes alongside the three-year anniversary of pension freedom legislation being enacted. The not-for-profit, occupational scheme's chief executive Andrew Waring said a well-run, sustainable pension scheme should not only provide...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

FCA to crack down on life insurers with 'slower' pension transfer service times

FCA to crack down on life insurers with 'slower' pension transfer service times

Regulator warns slow pension transfers risk harming client outcomes

Isabel Baxter
clock 15 August 2025 • 5 min read
Tony Müdd: The QROPS market is dead, isn't it?

Tony Müdd: The QROPS market is dead, isn't it?

'The tax a member pays on their QROPS income hinges on a dizzying array of factors'

Tony Müdd
clock 11 August 2025 • 11 min read
Average pension transfer times fall

Average pension transfer times fall

Origo data suggests simpler pension transfers average 10.8 days

Martin Richmond
clock 11 August 2025 • 2 min read