The National Association of Pension Funds has launched a quality mark for defined contribution schemes in a bid to recognise firms providing good schemes for their staff.
The trade body said DC schemes would have to meet a set of requirements on contribution rates, governance and communication in order to obtain the Pension Quality Mark or the Pension Quality Mark Plus. The criteria are: - contributions of 10% must be available, with at least 6% (double the 2012 statutory minimum) paid by the employer. If contributions are 15%, with at least 10% from the employer, then schemes can apply for a Pension Quality Mark Plus. - governance arrangements must be in place to ensure that the scheme is operating in the best interests of members. This can take a ...
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