100,000 Workers Have Schemes That Hit The Pension Quality Mark
02/03/2010
Just six months after its launch, over 100,000 people are now saving in pension schemes that have the Pension Quality Mark. They now have a simple way to see that the pension scheme they are offered at work is a good one.
Electrical specialist Comet is the latest scheme to receive the award, bringing to 37 the number of schemes that have hit the Pension Quality Mark. Comet’s scheme has 3,000 members all of whom qualify for a company contribution of at least 7.5%. Comet joins a host of household names who have received the PQM to date, with more waiting in the wings.
NAPF Chief Executive Joanne Segars said:
“The Pension Quality Mark continues to go from strength to strength. It is really exciting to see so many schemes qualified and so many people saving in schemes covered by the Mark so soon after its launch.
“The schemes that have received the award can use it to demonstrate the value of their pension to staff. Employers can use it to attract and retain good people and it can help improve employee contributions in pensions. There really are benefits for everyone.
“I encourage employers with DC schemes to go online and apply for the Pension Quality Mark today.”
Julie Hendey, Head of Human Resources at Comet said:
“We want to help our employees to prepare for the future so they can maximise their retirement opportunities. Having the PQM demonstrates that we provide a good quality scheme and encourage our employees to think about saving for their retirement.”
Nearly 7 million people in the UK fail to join a pension scheme at work – despite missing out on valuable employer contributions. This is often through a lack of understanding about pensions. The Pension Quality Mark is an important way to encourage people to start saving for retirement, and it gives people a clear signal that they can have confidence in their scheme.
