First employer in Northern Ireland to get top mark for its pension
19/04/2011
Liberty IT has become the first employer in Northern Ireland to be awarded the pensions industry’s mark of excellence for its staff pension scheme.
The Pension Quality Mark standard is given to those employers who provide good quality defined contribution (DC) pension schemes to their employees.
It distinguishes pension schemes that are well run by employers, whose contribution rates are good, and which are clearly communicated to members of staff.
Commenting on the award, Sheila Fleming-Mitchell, Director of Human Resources at Liberty IT, said:
“We are delighted at achieving the Pension Quality Mark; this external accreditation gives our staff the reassurance that their scheme is managed to the highest standard and such a reputable accreditation is equally important in demonstrating this value to potential new employees.”
Liberty Information Technology Ltd. (Liberty IT) is a wholly owned subsidiary of global insurer Liberty Mutual Group and employs over 290 staff in the provision of software development services to its insurance operations throughout the world.
Joanne Segars, Chief Executive of the NAPF, said:
“We are delighted that Liberty IT has been awarded the PQM. It is the first employer in Northern Ireland to have received this important recognition.
“The PQM has had a lot of success and is now reaching many areas of the UK.
“The Mark highlights that employers increasingly understand the importance of providing a good workplace pension to their employees. They have a crucial role in helping Britain tackle its pensions saving crisis.”
The Pension Quality Mark (PQM) was launched by the National Association of Pension Funds (NAPF) in September 2009. Nearly 100 schemes now qualify and approximately 170,000 active scheme members are now covered by schemes that carry the mark. There are two standards, PQM and PQM PLUS.
PQM recognises the Defined-Contribution (DC) pension schemes whose total contributions are of at least 10 per cent, with a minimum employer contribution of 6 per cent. DC pension schemes are a popular type of pensions.
PQM PLUS is the superior standard, which recognises DC schemes whose total contributions are of at least 15 per cent, with a minimum employer contribution of 10 per cent.
