Ensign Retirement Plan to be taken over by Smart Pensions

Ensign Retirement Plan “the Plan” in respect of takeover of this occupational pension scheme by Smart Pensions.

I would advise that the takeover of the Plan is a classed as a “listed change” under the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 (the main regulations) and therefore participating employers, such as Stena are expected to consult with employees and their representatives.

It has recently come to the attention of RMT that the Ensign Retirement Plan (ERP) will be taken over by Smart Pensions in the early part of 2023. The ERP is a Defined Contribution (DC) occupational pension scheme arrangement which is offered to employees working at shipping companies such as Stena Line, Northlink Ferries, PNTL and Foreland Shipping.

We are advised that over the past year the Ensign Trustees have been reviewing ERP in respect to costs and more importantly members are receiving value for money. The latter point is very important when it comes to DC arrangement as members potential retirement benefits are based on the amount of contributions going into their individual pension pot, the level of investment returns they receive over the lifetime of their membership of the ERP and level of charges deducted from their pot every year to administer the plan i.e. Annual Management Charges.

Following the review and carrying out detailed due diligence, the Trustees have decided that it would be in the best interests of members current and future retirement benefits that the ERP is wound up and that members benefits are transferred to Smart Pension. The Smart Pension Scheme is a Master Trust arrangement which offers comparable benefits as those offered to members currently contributing to the ERP.

I can advise that following correspondence from Stena Line management we are advised that they have started a statutory 60-day consultation period with their employees who contribute to the

Having approached another participating employer of the Plan, Northlink Ferries, they have also started a statutory consultation with their employees which started on 27th December 2022.

Further RMT has recently been in contact with the Chair of the ERP and asked several questions in respect of the takeover by Smart Pensions. RMT recently sent an email to our members employed by participating employers of the ERP and also a circular to Shipping Branches containing these questions as well as other information.

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We will keep you updated on developments.