Minister awards employers for outstanding staff pension | Pensions and Lifetime Savings Association

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Minister awards employers for outstanding staff pension

17 October 2013

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.”


Notes to editors:

  1. 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.
  2. There are two standards, PQM and PQM PLUS. For further details on the Pension Quality Mark & the Friend of the Pension Quality Mark initiative: http://www.pensionqualitymark.org.uk/ and http://www.pensionqualitymark.org.uk/friendofpqm.php
  3. Manchester United has a 135-year heritage, won 61 trophies, and a global community of 659 million followers. Its large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and match day.
  4. Molson Coors Brewing Company is one of the world’s largest brewers. The Company’s operating segments include Canada, the United States, Europe, and Molson Coors International. The Company has a diverse portfolio of owned and partner brands, including signature brands Coors Light, Molson Canadian, Staropramen and Carling. Molson Coors is listed as the beverage industry sector leader on the 2012/2013 Dow Jones Sustainability World Index, the most recognized global benchmark of sustainability among global corporations. For more information on Molson Coors Brewing Company, visit the company’s web site, www.molsoncoors.com.
  5. The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

 

Contacts:

Dee Sullivan, Head of Media and PR, (interim), 020 7601 1717 or 07917 506 683, [email protected]

Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]