Volkswagen and RNLI receive Pension Quality Mark

Volkswagen Group UK and The Royal National Lifeboat Institution are among the latest wave of companies to be awarded the NAPF's prestigious new Pension Quality Mark.

Along with the Wood Group, International Power and two of the Daily Mail's pension schemes, they were awarded the Pension Quality Mark in recognition of their good quality defined contribution (DC) schemes by NAPF Chairman, Chris Hitchen, at the start of the Association's Annual Conference. Thirteen schemes have now qualified for the Pension Quality Mark.

The Pension Quality Mark will help employers demonstrate the value of their DC pension scheme and, by making workplace pensions more understandable and attractive, encourage more employees to join.

The Pension Quality Mark is available to DC schemes that meet the qualifying standards on contribution rates, governance and communications.

Joanne Segars, NAPF Chief Executive, said: "Our research has shown that confidence in workplace pensions is improving. Exciting initiatives like the Pension Quality Mark are crucial to boosting confidence further.

"The award shows these employers' commitment to helping their staff save for retirement. It will benefit both employers and employees and we urge more companies to apply."

Ali Peck, RNLI HR and Training Director, said: "It is important for us to attract the highest quality staff and the PQM will help us to do this, as well as allowing us to demonstrate our commitment to helping our staff save for retirement."

Roy Platten, Group Pensions Manager, Volkswagen Group UK, said: "The PQM is a great award which will make it easier for us to explain to our employees the value of the pension we offer."

Mark Williamson, CFO of International Power, said "International Power is committed to providing a competitive pension arrangement for its highly valued staff and we are pleased to have qualified for the Pension Quality Mark which recognises this commitment."