Stena Line UK Group has chosen not-for-profit master trust Ensign to be its main defined contribution (DC) pension provider for the majority of its employees.
The shipping and maritime industry-wide master trust yesterday (15 October) transferred contributions from 2,200 active and deferred members of the Stena Line (UK) Pension Scheme.
This doubled Ensign's membership to 4,450 and raised its assets under management to over £100m - an increase of £36m, the master trust said.
The master trust's chief executive Andrew Waring said this was a "huge vote of confidence in Ensign" from one of the "biggest names in the global shipping and maritime sector".
He added: "We are run by and for the industry, and I am delighted that growing numbers of maritime companies are coming on board, with all the benefits that brings both for them and for their employees.
"Pensions are one of the most important benefits to employees, so it's important their future is in good hands. In the shipping industry, workers face unique challenges, so we are committed to providing a service that reflects those unique requirements."
Since its launch in 2015, over 80 maritime industry employers have signed up to Ensign's scheme. It has no shareholders, and therefore, does not pay dividends.
Stena Line trustee director Les Stracey added: "At Stena Line we value our employees highly, and so selecting the right pension fund is an important part of ensuring their financial wellbeing and security in the future."
In April, Ensign's master trust reduced its annual management charges from 0.36% to 0.31%, and introduced an income drawdown facility.
The transfer comes as Ensign prepares for authorisation under The Pensions Regulator's new authorisation and supervision regime.
While this particular transfer was not a consolidation of master trusts, many are expecting to see the industry shrink considerably by March next year when the authorisation window closes. So far, around 30 master trusts have confirmed they will quit the market.
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