The Ensign Retirement Plan is the flagship master trust pension for the shipping and maritime industry. Its default fund strategy is a series of BlackRock-administered target date funds, each of which has a different composite benchmark. All members in the default fund are charged a single annual management fee of 0.31 per cent of funds under management, following a 5bps cut announced by trustees in April 2018, making it the cheapest master trust in the survey for members. No other charges are applied to members. Employers are charged a single annual fee.

A range of 13 other funds – 2 of which are alternative target date fund options, targeting annuity purchase and cash at retirement, are made available to cater for members specific needs. The funds invest predominantly in specific asset classes, mostly using passive management, although two actively managed funds are also offered, at varying levels of risk.

Guidance is provided by the administrator, BlackRock, although the not-for-profit scheme is introducing an in-scheme income drawdown facility and tailored financial guidance and advice for members, to help them negotiate the transition from work to retirement.

The current default does not yet have a three-year track record.

Data as of 31.03.18