Pension Quality Mark covers 100,000 savers

Over 100,000 employees are now saving in pension schemes with the Pension Quality Mark.

This symbol, launched six months ago, allows people to ensure they are being offered a good scheme by their employers.

The number of schemes with the Pension Quality Mark has now reached 37, the latest addition being electrical specialist Comet's pension scheme.

Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), said: "It is really exciting to see so many schemes qualified and so many people saving in schemes covered by the mark so soon after its launch."

She explained that the scheme benefited both employers and employees. Employers can use the scheme to recruit and keep good staff and employees can increase their pension contributions.

In the UK, nearly seven million people do not join a pension scheme at work, meaning that they are missing out on employer contributions to their retirement fund.

Over two-thirds (67 per cent) of employees would feel more favourable towards a potential employer when job hunting if they had an independent quality mark, according to research by NAPF.

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