Pensions Minister Steve Webb today (Thurs) gave out awards to Manchester United, Goldman Sachs and Molson Coors for achieving the Pension Quality Mark (PQM) of excellence that recognises their staff pensions.
Mr Webb congratulated the three leading companies at the National Association Pension Funds’ Annual Conference in Manchester, before an audience of more than a 1,000 pensions professionals.
The PQM standard was presented to representatives from Goldman Sachs and Molson Coors. The PQM PLUS benchmark was given to Premier League football champions, Manchester United, for its Group Pension Scheme, which has around 578 active members.
Both standards are given to those employers that provide good-quality DC pensions to their staff and distinguish pension schemes that are well run by employers. Under PQM, the scheme’s total contributions must equal at least 10 per cent of an employee’s pensionable salary, with a minimum employer contribution of 6 per cent. PQM PLUS standard is given to those employers who provide outstanding pension schemes to their employees. Under PQM PLUS, the scheme’s total contributions must equal at least 15 per cent, with a minimum employer contribution of 10 per cent.
Since it launched four years ago, PQM has become a major part of the pensions landscape. There are now 186 schemes with the PQM, covering more than 300,000 scheme members.
Steve Webb, Minister for Pensions, said: “Employers are vital to encouraging workplace saving and have made a major contribution to delivering our landmark reforms. That’s why I’m very pleased to congratulate the companies who have been chosen to receive the Pension Quality Mark today.”
Joanne Segars, NAPF Chief Executive, said: “We are delighted that Steve Webb has presented Manchester United, Goldman Sachs and Molson Coors with this mark of excellence. We aim to raise awareness of the importance of providing strong workplace pensions. With millions of workers being automatically-enrolled into workplace pension schemes, the PQM has a key role to play in driving up standards, helping employers communicate their pension scheme to employees and ensuring these workers save in a good scheme.”