Ensign appoints Punter Southall to provide member guidance; launches drawdown account
Ensign has selected Punter Southall Aspire to provide at-retirement guidance and regulated advice for its 4,450 master trust members.
The £100m shipping and maritime pension specialist appointed the consultancy earlier this month in a bid to help its members make decisions on how to access their funds in the most appropriate and efficient way.
Punter Southall Aspire managing director Stephen Greenstreet said: "We look forward to offering retirement guidance and advice to these members."
"Aspire Retirement Services provides specialist at-retirement services by means of which members can make informed financial decisions and achieve the best retirement outcomes.
"Members can also benefit from tax breaks through salary sacrifice with the Pension Advice Vouchers service."
Drawdown account
Ensign has also launched a drawdown account this month to support its scheme members and further improve their "engagement in effective personal retirement planning", it said.
The master trust noted that it is aiming to help members benefit from Freedom and Choice, without going through the hassle of transferring their pension at the same low charges accessible to them as they save.
It comes as the master trust's research undertaken in March last year of 87 employees and 44 employers, highlighted that while people are becoming more financially savvy, many still have big knowledge gaps around pensions.
The study found less than half of employees (42%) knew how much they were paying into their pension, while three quarters were in the dark about costs and charges, and most had no idea how much money they would need to enjoy a comfortable retirement.
Ensign chief executive Andrew Waring said: "Pensions communications can be full of jargon and overwhelming for even the most financially astute.
"The new Ensign Drawdown Account and at-retirement guidance and advice from Punter Southall Aspire will simplify the customer experience, support them in making informed financial planning decisions and ensure that we prevent a whole generation from financial turmoil at retirement."
The launch of the account follows The Pensions and Lifetime Savings Association's (PLSA) Hitting the Target report unveiled last year which set out a blueprint for retirement income targets. The trade body said the government, employers and the retirement savings sector must work together to help savers understand how best to meet their retirement income needs and plan accordingly.
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