The Pensions and Lifetime Savings Association (PLSA) has today (January 15th 2020) secured its first Fair Tax Mark certification, and joins the growing movement of responsible business and trade associations that are proud to ‘say what they pay with pride’.
The PLSA represent the defined benefit, defined contribution, master trust and local authority pension schemes that together provide a retirement income to 20 million savers in the UK and invest £1 trillion in the UK and abroad. Their members also include asset managers, consultants, law firms, fintechs and others who play an influential role in the governance, investment, administration and management of people’s financial futures.
The Fair Tax Mark an independent certification, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time. More than 50 businesses have now been certified. These include national brands such as Timpson, Lush, and Richer Sounds, FTSE listed companies including SSE and Marshalls Plc., as well as co-operatives, family businesses and social enterprises.
Mark Cooke, Chief Operating Officer of the PLSA, said: “UK pension funds invest around £2 trillion on behalf of the nation’s workers and retirees, and are required by law to manage these assets responsibly in the best interest of their members. Just as pension schemes demand the highest governance standards from the companies in which they invest, savers can expect the same from their pension funds. The PLSA is proud to be awarded the Fair Tax Mark as it demonstrates our commitment to these values.”
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “We are delighted to announce that Pensions and Lifetime Savings Association has secured the Fair Tax Mark, and is demonstrating a commitment to responsible tax conduct – not least via their policy to shun both tax avoidance and the artificial use of tax havens. The public rightly expects responsible behaviour, but far too often they’re reading headlines that describe the tactics businesses employ to avoid contributing the tax they should to the public purse. It is estimated that annually, due to corporate profits being shifted to tax havens, corporate tax revenue losses in the UK amount to at least £7bn. Just think of the nurses, doctors and teachers we could employ, or the renewable energy infrastructure we could build if that tax was paid as it should be?”