Age UK, the charity that aims to improve later life, has achieved the Pension Quality Mark (PQM) for its staff pension.
Age UK is one of the 157 organisations to be awarded the Mark that now covers 300,000 scheme members, including 1,050 of Age UK’s staff. It joins other charities whose staff pensions have been recognised by a PQM standard. These include Royal British Legion, Sightsavers, the Royal National Lifeboat Institution, and BMS World Mission.
PQM is the standard given to those employers who provide good-quality Defined Contribution (DC) pensions to their members of staff. It distinguishes pension schemes that are well run by employers, whose contribution rates are good, and which are clearly communicated to members of staff.
Alexandra Kitching, PQM Manager, said:
“Age UK achieving the PQM is particularly symbolic as this organisation works to improve the lives of older people. By offering its staff a good pension, the charity is emphasising the importance of saving for later life. I am very pleased that Age UK’s staff pension scheme has qualified for the PQM.”
Jane Vass, Head of Public Policy from Age UK, said:
“Age UK is delighted to have received the Pension Quality Mark which plays a useful contribution in recognising good practice in employer pension schemes. It is more important than ever for people to plan for their future, and offering a good pension is a vital step in helping our staff prepare for what’s ahead.”
PQM was launched by the National Association of Pension Funds (NAPF) in September 2009. Among its holders are Volkswagen, L’Oreal and Michelin.
PQM recognises DC pension schemes with good governance and communications, and with a total contribution of 10% (with at least 6% from the employer).
Notes to editors:
1. For further details on the Pension Quality Mark: http://www.pensionqualitymark.org.uk/
2. There are two standards, PQM and PQM PLUS. PQM PLUS recognises DC schemes with good governance and communications, and with a total contribution of 15% (with at least 10% from the employer).
3. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
4. Age UK:
Age UK is the new force combining Age Concern and Help the Aged, dedicated to improving later life. We provide free information, advice and support to over six million people; commercial products and services to well over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well-being, home and care, work and training and leisure and lifestyle. We work with our national partners, Age Scotland, Age Cymru and Age NI (together the Age UK Family), our local Age UK partners in England and local Age Concerns. We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.
Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group (“we”). Charitable services are offered through Age UK and commercial products are offered by the Charity’s trading companies, which donate their net profits to Age UK (the Charity).
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]