Standard Life first Scottish company to receive award for commitment to employees’ retirement savings
21/09/2009
Standard Life has become the first company in Scotland, and one of the first in the UK, to be awarded the prestigious new Pensions Quality Mark, launched today by the National Association of Pension Funds (NAPF).
The Pension Quality Mark will help employers demonstrate the value of their
defined contribution (DC) pension scheme and, by making workplace pensions more understandable and attractive, encourage more employees to join.
Brian Beveridge, Group Pensions Manager at Standard Life will be presented with the award in London later today by Angela Eagle MP, Minister of State for Pensions and the Ageing Society. To have received the award Standard Life’s pension scheme has met the key qualifying criteria on contribution rates, governance and communications. The other companies in the first wave to be awarded the Pension Quality Mark are Accenture, BG Group, IBM, Kellogg’s, Marks & Spencer and The Royal College of Physicians.
The Pension Quality Mark will help employers attract new staff and get more
employees to join their pension scheme, NAPF research shows. More than three quarters (76%) of Scotland’s employees looking for a new job said that a Pension Quality Mark would make them look more favourably on a potential employer, while over half of employees (57%) said that an independent quality mark awarded to their employer’s scheme would make it more likely that they would join.
Joanne Segars, NAPF Chief Executive, said:
“We are delighted that Standard Life has been awarded the Pension Quality Mark as it shows their level of commitment to helping their staff save for retirement. It will also help them to attract and retain high calibre employees and benchmark their scheme against their competitors.”
“The Pension Quality Mark is an exciting new initiative which will benefit both
Scotland’s employers and employees as well as helping to rebuild and promote public confidence in workplace pensions. I urge more Scottish employers to apply so that they can tell the story of their good quality schemes with confidence.”
Brian Beveridge, Staff Pensions Manager, Standard Life said:
"Standard Life prides itself on rewarding its employees with an attractive benefits package. I am delighted that our pensions scheme has been recognised by NAPF as this highlights our commitment to our employees' retirement savings. As Standard Life is one of the largest DC providers in the UK, it is fitting that our own scheme is up to the mark."
