NAPF pension quality standard protects 100,000 employees

More than 100,000 people are now members of workplace pension schemes that meet the NAPF’s new Pension Quality Mark.

The mark, overseen by the National Association of Pensions Funds, is awarded to employers that contribute 6% or more to their defined contribution schemes, and can prove their scheme is run in its members’ best interests and is well communicated.

Electrical retailer Comet is the latest scheme to receive the award, bringing to 37 the number of schemes that have hit the Pension Quality Mark.

Comet’s scheme has 3,000 members, all of whom qualify for a company contribution of at least 7.5%.

Julie Hendey, head of HR at Comet, said: “We want to help our employees to prepare for the future so they can maximise their retirement opportunities.

“Having the quality mark demonstrates that we provide a good-quality scheme and encourage our employees to think about saving for their retirement.”

The NAPF said more than 100,000 employees are now covered by the mark, but nearly seven million people in the UK fail to join a pension scheme at work – missing out on valuable employer contributions.

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