How to apply for the Pension Quality Mark
What is the application process?
How are the applications assessed?
How long does the assessment process take?
What if you are unhappy with our decision?
How much does it cost?
Still not quite sure about the application process?
What is the application process?
The applications are completed online. You will be asked a series of questions about your scheme, focusing on contributions, governance and communications. We recommend you refer to the PQM Standards when completing the application.
After you completed the application you will need to print it, sign it and send it to us together with signed Terms and Conditions, the relevant evidence and the asssment fee payment. The required evidence documentation is:
- evidence how you meet the pensionable pay standard
- example of joining communications
- example of ongoing communications
- example of 'at retirement' communications
You can also provide additional evidence in support of your application, such as:
- Trustee Board meeting agenda
- Management Committee meeting agenda
- information about the annual scheme review
- presentation to new and/ or existing scheme members
- investment options explanation document
- newsletter
How are the applications assessed?
We check your answers in the application form and then read through all the evidence you sent us. We will contact you if we are missing any information or if we need further explanation about certain points.
How long does the assessment process take?
The length of assessment depends on each individual application. It can be as short as four weeks, depending on how quickly you answer any additional questions we might have. You can follow the progress of your application by logging in to your account.
If you need to have the PQM by a certain date, please let us know at the time of your application and we will do our best to push the application along as quickly as possible.
What if you are unhappy with our decision?
The purpose of the PQM is to raise quality of the pension provision, so we will not fail schemes on issues that can be easily rectified. You will be given a few months to put things right and then we should be able to pass your application.
However, some schemes do not meet the required standards and are unable to make the necessary changes to comply with the PQM. If the scheme is unhappy with our final decision, they have the opportunity to appeal to the PQM Advisory Panel. Please contact us for more information about the appeal process.
How much does it cost?
The application assessment fee is £285 + VAT and should be sent with the application.
The PQM is renewed every 12 months and annual fee of either £285+VAT (for schemes with 500 or less active members) or £565+VAT (for schemes with over 500 active members) is payable once the scheme gains the PQM and at each annual renewal.
Still not quite sure about the application process?
We are happy to talk to you about any aspect of the application and guide you though the process, Or we can put you in touch with a scheme that has already achieved the Pension Quality Mark.
