18th October 2018
pqm distinction award 2018
The Pensions Quality Mark (PQM) has announced that Tesco Retirement Savings Plan is the winner of its annual Distinction Award, recognising the best of the best in pension communications.
The announcement was made at the Pensions and Lifetime Savings Association's (PLSA) Annual Conference in Liverpool by Matthew Doyle, PQM Managing Director.
Tesco and a select number of other pension schemes were put forward over the year by PQM Assessors to be considered for this award. The winner was then chosen by a panel of independent experts, including communications experts and financial journalists.
Tesco is a leading retailer with over 3,400 stores and more than 300,000 colleagues in the UK. Its pension scheme looks after the interests of 300,000 members of which around 210,000 are made up of its employees.
The pension scheme was seen as excellent at producing communications materials for its workforce. Judges praised the scheme for keeping employees in mind when compiling communications, ensuring staff would clearly understand the information included.
The judges also commented that they felt Tesco's communications focused on what savers would want to know, rather than just what the scheme wanted to tell them.
The emphasis of putting the pension scheme trustees in the employees' shoes also sat well with the judges.
The judges also highly commended the shortlisted schemes including CCEP Personal Pension Plan and Lendlease UK Pension Scheme - DC Section for their communications work.
Matthew Doyle, PQM Managing Director, said:
"Once again, this was a very difficult decision for the judges to make, which illustrates the calibre of the shortlisted schemes. There were numerous ways that Tesco stood out from the competition, including its commitment to providing clear and concise communications to its staff, and writing in an accessible way. I'd personally like to congratulate Tesco for its work in this area as well as for winning this prestigious award."
Emma Taylor, Tesco UK & ROI People Director, said:
"Our colleagues are the heart of what we do and we are committed to offering a total reward package that is competitive, simple, fair and sustainable, and recognises the important contribution they make in helping to serve our shoppers better every day. Ensuring colleagues understand the importance of planning for retirement is something we work hard to achieve. We are proud to have won this award, recognising our simple and engaging communications that help colleagues understand what can be a complex subject."