The National Association of Pension Funds (NAPF) has today launched the Pension Quality Mark to help employers demonstrate the value of their defined contribution (DC) pension scheme.
Marks and Spencer and IBM are among the first seven companies to be awarded the Pension Quality Mark, which certify that the companies’ DC pension schemes have 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, Kellogg's, Standard Life and The Royal College of Physicians.
Joanne Segars, NAPF chief executive, said: “The Pension Quality Mark is an exciting new initiative which will benefit both employers and employees. It shows these employers’ commitment to encouraging their staff to save for retirement, which is becoming ever more vital.
“The Pension Quality Mark will also help to rebuild and promote public confidence in workplace pensions. I urge more employers to apply so that they can tell the story of their good quality schemes with confidence.”
Lynn Collins, head of corporate pensions at Marks and Spencer, said: “We are delighted to have been awarded the Pensions Quality Mark. It will give us an edge over our competitors and makes sound business sense. We always try to be competitive and offer great benefits and this pension scheme is a good example of our approach to reward”.
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