The Pensions and Lifetime Savings Association (PLSA) is consulting on whether to restrict its top quality mark to employers that achieve a total pension contribution with their employees of 18%.
The Pension Quality Mark (PQM) is currently given to employers whose employees all achieve a 10% contribution, with at least 6% contributed by the employer, but the PLSA is now questioning whether this should be raised to 12% for the PQM and 18% for a PQM 'Plus' award. It said this was because it believed savers should be putting away at least 12% to 15% of income to achieve "income adequacy" in retirement. Recognised by the government and pension industry, the PLSA's quality mark is the highest standard of excellence available to UK employers in recognition of "commitment to good qua...
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