Standard Life achieves Pension Quality Mark

by Gill Montia

Story link: Standard Life achieves Pension Quality Mark

Standard Life is among a handful of companies to have received the Pension Quality Mark (PQM) of the National Association of Pension Funds (NAPF).

The initiative, launched today, is the first quality mark for defined contribution pensions and aims to give workers a better insight into their employees’ schemes.

The award is only given where certain minimum standards of communication and management are met.

In addition, employers need to contribute at least 6%, double the amount required under the Personal Accounts scheme due to be introduced in 2012

According to the NAPF, the PQM will help employers attract new staff.

Research by the body indicates that 67% of people looking for work would favour a potential employer who has the Mark.

Furthermore, 52% of workers questioned said they would be more likely to join their current employer’s scheme if it achieved the PQM.

In addition to Standard Life, six companies have so far received the accolade: Accenture, BG Group, IBM, Kellogg’s, Marks & Spencer and The Royal College of Physicians.

The NAPF represents around 1,200 UK pension funds and the body’s chief executive, Joanne Segars, is hopeful that 100 schemes will receive the quality mark in the next 12 months.