QBE staff pension in the spotlight thanks to PQM
02 May 2012
QBE, the business insurance specialist, has achieved the Pension Quality Mark (PQM) for its staff pension scheme.
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, Pension Quality Mark (PQM) Manager, said:
“We are delighted that an insurer of the calibre of QBE has achieved our standard of excellence.
“QBE is joining other major companies that have PQM. It reflects the increasingly welcome trend that sees many companies making it crystal clear that they care about pensions.”
PQM recognises DC schemes whose total contributions are of at least 10 per cent of an employee’s salary, with a minimum employer contribution of 6 per cent.
Cheryl Curtis, Human Resources Director from QBE, said:
“We are very pleased to have achieved the PQM for our UK employee pension scheme, therefore, confirming our pension arrangements for employees are among the best in the UK and demonstrating our ongoing commitment to being recognised as an employer of choice.”
The Pension Quality Mark (PQM) was launched by the National Association of Pension Funds (NAPF) in September 2009. Almost 150 schemes now qualify and over 250,000 active scheme members are now actively saving in schemes that carry the mark. There are two standards, PQM and PQM PLUS.
PQM is the basic standard. PQM PLUS is the superior standard. It recognises DC pension schemes. Under PQM PLUS, the scheme’s total contributions must equal at least 15 per cent of an employee’s salary, with a minimum employer contribution of 10 per cent.
Notes to editors:
1. For further details on the Pension Quality Mark: http://www.pensionqualitymark.org.uk/
2. 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.
3. QBE Insurance Group is Standard & Poor’s A+ rated and one of the world’s leading international insurers and reinsurers with operations in all the key insurance markets and over 16,000 staff worldwide. Listed on the Australian Securities Exchange, QBE is a lead underwriter in its chosen markets, setting rates and conditions. For the year ended 31 December 2011, QBE’s gross written premium was US$18.3 billion. QBE European Operations, which accounts for over 25% of the group’s turnover, is a specialist in business insurance. Active in both the Lloyd’s and company markets, QBE offers considerable diversity and distribution power to its UK and European customers via three product focused underwriting divisions: property, casualty (liability) and motor, marine, energy and aviation and reinsurance.
QBE is proud to be an Official Partner of England Rugby and Premiership Rugby.
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]