Pension scheme accreditation for Wolseley UK
24 November 2014
Wolseley UK’s Defined Contribution (DC) plan has been accredited with the highly-regarded Pensions Quality Mark (PQM) PLUS standard.
The PQM is an independent standard that recognises employers who provide a good quality defined contribution (DC) pension scheme. PQM PLUS, a higher standard than PQM, is only awarded to businesses that substantially contribute to their employees’ pension funds with an employer contribution rate available of 10% or more.
Wolseley UK joins an exclusive group of less than one hundred businesses in the UK to achieve the PQM PLUS standard, demonstrating its commitment to offering its workforce industry-leading benefits. Its employer contribution includes investment of more than three times the required statutory minimum of three per cent set in 2012.
The accreditation continues Wolseley UK’s successful year, where it has triumphed at a number of awards for the company’s DC pension plan. Plaudits include the ‘Defined Contribution Communication Innovation’ award at the UK Pensions Scheme of the Year event and ‘Best HR Communications’ accolade at the Institute of Internal Communication.
Neil McCawley, Head of Reward, Benefits and Policy at Wolseley UK, said: “Our pension scheme demonstrates our commitment to ensuring that the very best benefits are available for our employees when they retire. PQM PLUS shows why Wolseley UK is a company that people would choose to work – we are helping our employees to save for their retirement.
“There are less than 100 companies to have been accredited with the PQM PLUS standard and we are proud that Wolseley UK is one of them.”
To achieve PQM PLUS standard, Wolseley UK also had to demonstrate commitment to regularly reviewing its pension scheme, encouraging employee participation and providing employees with pension-related updates and information.