From The BBC:
A scheme aimed at rebuilding confidence in workplace pensions and making them understandable and attractive to employees is being unveiled.The Pension Quality Mark will be awarded to employers meeting a list of criteria, including having a minimum 6% employer contribution rate. Marks & Spencer and Standard Life will be among the first recipients later. The scheme is being run by the National Association of Pension Funds (NAPF), which represents 1,200 UK funds. The scheme comes amid a tough climate for pensions with a number of companies having closed final-salary schemes in recent times. SignalEmployers have closed most final-salary schemes to new joiners and replaced them with money purchase or defined contribution versions. In these, the eventual pension depends directly on the amount of cash built up through investment, with no direct relationship to the number of years for which members have been contributing or their final salary at retirement. The Pension Quality Mark is desi…
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