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...
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