Ladbrokes has become the first betting and gaming company to achieve the Pension Quality Mark (PQM) for its staff pension.
The benchmark is given to employers who provide good quality defined contribution (DC) pensions to their staff. They distinguish pensions that are well run by employers, whose contribution rates are good, and whose benefits are clearly and regularly communicated to members of staff.
Alexandra Kitching, PQM Manager, said:
“PQM will help show employees that the Ladbrokes Pension Scheme is a well-governed pension scheme with low charges and good member communications. We commend Ladbrokes for achieving the mark of excellence that recognises their staff pension and welcome other gaming companies on board.”
Sara Davies, Ladbrokes Reward and Resourcing Director, said:
"Ladbrokes is proud to receive the Pensions Quality Mark for our pension scheme, following the changes we made as part of our approach to Pensions Auto Enrolment.”
“This independent measure of quality will provide us with valuable assistance in supporting colleagues' retirement planning in both the accumulation and decumulation phases.”
PQM was launched by the NAPF in September 2009. 175 pension schemes covering over 300,000 active scheme members have been awarded the PQM to date.
There are two levels, PQM and PQM PLUS. PQM recognises DC schemes whose total contributions are of at least 10 per cent, with a minimum employer contribution of 6 per cent. PQM PLUS recognises DC schemes whose total contributions are of at least 15%, with a minimum employer contribution of 10%.
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]