L’Oreal awarded the Pension Quality Mark

L’Oreal has received the Pension Quality Mark (PQM) for its defined contribution (DC) pension scheme.

Awarded by the National Association of Pension Funds (NAPF), the PQM is awarded to employers that meet the following criteria: good quality governance and low charges, clear and ongoing communication with the scheme members, and good contribution rates.

L’Oreal is the 110th employer to receive the PQM, adding it to a list that includes Vodafone, Nationwide, Capital One, Roche, Centrica and Liberty IT.

Isabelle Minneci, HR director at L’Oreal UK and Ireland, said: “L’Oreal employs 3,000 of the UK’s leading beauty professionals, and we actively encourage our employees to take up our pension at an early stage in their career.

“We are delighted to have our pension scheme recognised by the awarding of the PQM. We believe that our pension reflects an excellent benefit to our employees and we have worked hard to make it more accessible and attractive, and to encourage our staff to think about their long-term financial plans.”

Joanne Segars, chief executive at the NAPF, added: “We are excited that L’Oreal has been awarded the PQM. This means its employees have access to a strong workplace pension. The ball is now in its court and we hope that it will take advantage of this good offer.

“The beauty industry tends to attract many young people. Too many of them are saving little or nothing when it comes to retirement. They are setting themselves up for an old age in poverty if they do not get into the habit of saving for their retirement.”

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