Minister Praises Leading Homebuilder For Its Staff Pension
Pensions Minister Steve Webb congratulated Taylor Wimpey, a leading UK homebuilder, for its staff pension, and for achieving a top mark of pensions excellence.
Taylor Wimpey was given the Pension Quality Mark (PQM) PLUS, alongside oil and gas company TOTAL E&P UK Limited and global aerospace, defence and security firm Finmeccanica, at the National Association of Pension Funds’ (NAPF) Annual Conference in Manchester, before an audience of over a thousand of pensions professionals.
The PQM PLUS standard is given to those employers who provide an outstanding defined contribution (DC) pension to staff, with employer contributions of at least 10 per cent.
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Taylor Wimpey is a residential developer, which employs approximately 3,500 people in its operations in the UK and Spain. 1,600 of the 2,500 eligible employees are active members of the PQM PLUS accredited pension scheme.
Steve Webb, Pensions Minister, said:
“It is really good to see schemes like these setting the example and offering a good quality standard of pension for their employees, especially in these quite difficult times.
“I hope that come automatic enrolment we will see even more companies awarded the Pension Quality Mark, as we get millions more saving into workplace pensions.”
Julian Waller, Head of Pensions at Taylor Wimpey, said:
“We are delighted to be awarded the Pensions Quality Mark PLUS in recognition of the excellence of the Taylor Wimpey Personal Choice Plan.
“We are committed to attracting and retaining the best people in order to deliver high quality homes for our customers and increase shareholder value.
“Providing an outstanding defined contribution pension scheme is a key element of our approach and we are pleased that this award places our scheme amongst the best in the country.”
Joanne Segars, Chief Executive of the NAPF, said:
“We are living a time of deep economic uncertainty and many businesses are under great financial pressure. But these schemes receiving the PQM PLUS show that employers understand the importance of providing good quality pensions to their staff.
“We are delighted that Taylor Wimpey has attained our top mark of excellence. We encourage more employers to offer pensions like these, with this level of employer contribution, to help people build a decent income for retirement.
“The Pension Quality Mark is our way of encouraging employers to go beyond the statutory minimum contribution of 3% required by auto-enrolment. We hope that it will help drive standards of pensions provision higher. With household names like these coming on board, we have every confidence it will.”
The Pension Quality Mark (PQM) was launched by the National Association of Pension Funds (NAPF) in September 2009. Over 125 schemes now qualify and 250,000 active scheme members are now covered by schemes that carry the Mark. There are two standards, PQM and PQM PLUS.
PQM PLUS is the superior standard, which recognises DC schemes whose total contributions are of at least 15 per cent, with a minimum employer contribution of 10 per cent.
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