The maritime industry master trust, Ensign Retirement Plan, has cut its annual management charge for members from 0.36 per cent to 0.31 per cent to reduce employer “pension burden”, the firm has said.

In addition, the master trust will introduce an in-scheme drawdown facility to help members transition from work to retirement.

Launched in 2015, the not-for-profit scheme looks after more than 80 maritime employers with more coming on board this year, the scheme said.

Ensign Retirement Plan chief executive, Andrew Waring, said: “We believe a well-run, sustainable pension scheme that provides a decent retirement income, benefits employers as well as scheme members.”

The scheme’s new drawdown facility will offer tailored financial guidance and advice for members to ensure its members have a smooth retirement.

Waring added: “This reduction in charges demonstrates our commitment to reducing the pension burden for employers, while ensuring scheme members keep as much of their savings as possible.

“By introducing an in-house income drawdown facility along with personalised guidance for members approaching retirement, we are providing tangible proof that a well-run defined contribution pension scheme can make a real difference to the overall retirement planning of its members.”

Ensign Retirement Plan has no shareholders, meaning it has no dividend payments to make and is run by and for the maritime industry.

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