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Pension Funds

Stena Line moves to multiemployer plan

Stena Line U.K. Pension Scheme, Sevenoaks, England, joined the Ensign Retirement Plan, Gatwick, England, the 64 million ($84 million) multiemployer plan for employees in the shipping and maritime industry, a spokesman for Ensign said.

Along with its more than 36 million in assets, Stena Line will transfer around 2,200 active and deferred participants to Ensign, boosting the total number of participants to 4,450.

"At Stena Line we value our employees highly, and so selecting the right pension fund is an important part of ensuring their financial well-being and security in the future," Les Stracey, trustee director at Stena Line, said in a news release.

Andrew Waring, CEO of Ensign, added in the release: "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."

A spokesman at Stena could not be reached to provide additional details.