Six UK DC schemes hit pension quality mark
UK - Six more UK defined contribution (DC) schemes have been awarded the new Pension Quality Mark by the National Association of Pension Funds (NAPF).
The new recipients of the award are:
Daily Mail & General Trust Plc - AN PensionSaver Daily Mail & General Trust Pllc - DMGI PensionSaver The Royal National Lifeboat Institution (RNLI) Group Personal Pension Plan (PQM PLUS) International Power UK Defined Contribution Pension Plan (PQM PLUS) John Wood Group PLC Group Personal Pension Plan (PQM PLUS) Volkswagen Group Pension Scheme Trustee Ltd
The PQM and PQM PLUS was launched last month as a way for employers to promote their DC pension scheme to employees, providing they meet minimum qualifying standards on corporate governance communication and contributions. For example for the PQM there must be a minimum of 10% contributions with 6% from the employer, and at least 15% in total for the PQM PLUS with 10% from the employer.
This means 13 schemes have now qualified for the quality mark, of which eight have achieved the higher PQM PLUS.
Ali Peck, HR and training director at the RNLI - one of the PQM PLUS schemes - said: “It is important for us to attract the highest quality staff and the PQM will help us to do this, as well as allowing us to demonstrate our commitment to helping our staff save for retirement.”
Mark Williamson, chief financial officer of International Power - another recipient of the PLUS award - said the firm is committed to providing “a competitive pension arrangement for its highly valued staff and we are pleased to have qualified for the PQM which recognises this commitment.”
Joanne Segars, chief executive of the NAPF, said: “Our research has shown that confidence in workplace pensions is improving. Exciting initiatives like the PQM are crucial to boosting confidence further. The award shows these employers’ commitment to helping their staff save for retirement. It will benefit both employers and employees and we urge more companies to apply.”
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