Michelin awarded PQM for fourth year

Michelin has retained its Pension Quality Mark (PQM) for a fourth consecutive year.

The award recognises the tyre manufacturer’s commitment to helping employees save for retirement through its trust-based defined contribution (DC) pension scheme.

The PQM, which was launched in 2009 by the National Association of Pension Funds, recognises DC schemes with total contributions of al least 10%, with a minimum employer contribution of 6%. It also distinguishes pension schemes that are clearly communicated to employees.

Michelin’s offer age-related pension contributions, with staff given the option to pay additional matched contributions. Employee contributions increase every year, up to 6.25% and employer contributions increase to a maximum of 9.25%.

The organisation auto-enrolled all its staff into the scheme on 1 August 2013. It has 96% of employees in its pension scheme.

Pauline Molloy, department manager for pensions, compensation and benefits at Michelin, said: “We’ve had to demonstrate that our pension scheme is run in the best interest of our employees.

“We contribute more than is required by law, as a way of recognising the hard work and commitment of our staff, and supporting them in their planning for retirement.”