Ensign publishes on its website:
“Ensign, the maritime pension specialist, submitted its application for master trust authorisation to The Pensions Regulator (“TPR”) on 20 March.
Commenting on the announcement, Rory Murphy, Chair of Ensign said the robust process was exceptionally thorough and understandably so given the size of the market and magnitude of pension liabilities.
“Quite rightly the Regulator has devised a high and stringent benchmark to deliver market clarity and employer confidence in master trusts. Our application is the result of a huge amount of work undertaken by the Ensign team. We now await the Regulator’s assessment, remaining completely confident we meet all requirements to ensure Ensign receives authorisation.
He added: “Ensign is a work-place pension for the maritime industry that is not only fit for purpose but delivers meaningful financial outcomes to our members in retirement. Obtaining authorisation will demonstrate that Ensign is a well run, quality scheme, that is able to compete against the commercial master trusts in the market.””
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