Three more employers have been awarded the Pension Quality Mark (PQM), which recognises good quality defined contribution (DC) pension schemes.
Global biopharmaceutical firm Bristol-Myers Squibb was recognised with the PQM for its group personal pension (GPP) plan. Controls and process automation firm Koso Kent Introl and national charity Motability were awarded the PQM Plus for their pension schemes.
More than 160 employers have been recognised with the PQM, including BBC, E.On and L’Oreal,
The PQM, which was introduced by the National Association of Pension Funds (NAPF), recognises DC schemes with total contributions of at least 10%, with a minimum employer contribution of 6%. It also distinguishes pension schemes that are clearly communicated to employees.