Pensions Quality Mark 'could aid staff recruitment and retention'

The new Pension Quality Mark could improve staff recruitment in businesses, according to one expert.

The mark, which was recently launched by the National Association of Pension Funds (NAPF), helps firms to demonstrate the value of their defined contribution pension scheme.

It is hoped that by making pensions more "understandable and attractive", employees may be encouraged to join businesses which bear the mark.

Research by the NAPF found that 67 per cent of people looking for career development would "look favourably" on an employer who held the mark.

Kellogg's was one of the first seven companies to be awarded the Pension Quality Mark.

Tom Stevenson, pension's manager at the firm, told Personnel Today that pensions are "very important to use for recruitment and retention".

He added: "When people want to come to us, the pension is the second major benefit after salary, but many don't realise the importance and worth of the pension scheme, and the Mark award demonstrates this."

The NAPF recently claimed government plans to alter tax relief on pension contributions was at odds with incentives to save.