Colt Group Pension Scheme recognised among the best

The Colt Group Personal Pension Scheme (Colt GPP) has been awarded the Pension Quality Mark PLUS by the National Association of Pension Funds (NAPF), recognising how the company helps staff save for their retirement with one of the very best defined contribution pension schemes in the UK.

The Colt GPP earned the Pension Quality Mark PLUS, an independent quality accreditation awarded to a small number of best practice schemes, by meeting the three exacting standards required:

• High employer contribution levels;
• Strong governance to ensure the scheme is well run and reviewed on a regular basis so that it operates in the best interests of members;
• Clear, simple and regular communications about the scheme and the important decisions employees need to make when planning for their retirement.

The new pension scheme was extremely well received by Colt’s employees in the UK, with 97% having chosen to join the Colt GPP by 1st April 2013.

Colt’s founder, Jack O’Hea, said, “People are the greatest asset a company can have.” This accreditation is testament to the value Colt places on its employees’ contribution to the company and their well-being, as is also shown by its numerous safety awards, including the 9th consecutive RoSPA Gold Award for Occupational Health and Safety it has recently won.

Under PQM PLUS, the scheme’s total contributions must equal at least 15 per cent of an employee’s salary, with a minimum employer contribution of 10 per cent.