Pension schemes to face 'quality mark' test
Following the launch of the new "pensions quality mark" scheme, launched by the National Association of Pension Funds (NAPF), in order to provide a simple way for employers to promote good quality schemes, Jay Doraisamy, pensions partner at international law firm Eversheds comments:
"There is now an increasing focus on the management and governance of defined contribution (DC) pensions schemes, particularly as a result of the growing trend of employers looking to close their defined benefit schemes to future benefit accrual and the consequential need for sustainable pension provision. Indeed, the Pensions Regulator has recently chosen to issue a statement on DC governance and he will be keeping the position under review. The introduction of the "pensions quality mark" by the NAPF is therefore timely and to be welcomed. Having a benchmark to assess the quality of the DC scheme they are in, or which they could join, should greatly assist employees in understanding how good their employer's DC scheme is and assist employers including those who are considering replacement DC benefits."
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