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Standard Life and M&S pension schemes get Napf quality mark

Standard Life and Marks & Spencer are among the first of seven companies to be awarded the new pension quality mark, which was launched last week by the National Association of Pension Funds.

The awards, presented by pensions minister Angela Eagle and the Ageing Society, certify that both companies’ defined-contribution schemes have fulfilled the key qualifying criteria on contribution rates, governance and communications.

Other companies in the first wave to be awarded the quality mark are Accenture, BG Group, IBM, Kellogg’s and The Royal College of Physicians.

The NAPF believes that the quality mark will help employers demonstrate the value of their DC scheme and encourage more employees to join.

NAPF research shows that 67 per cent of people looking for a new job would look more favourably on a potential employer that has been awarded a pension quality mark.

Chief executive Joanne Segars says: “This is an exciting new initiative that will benefit both employers and employees. It shows these firms’ commitment to encouraging staff to save for retirement, which is becoming ever more vital. I urge more employers to apply so they can tell the story of their good quality schemes with confidence.”

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