Consultation on PQM Standards
The Pension Quality Mark Ltd (PQM) has today announced a wide ranging consultation on the future standards for defined contribution (DC) pension provision in the U.K. This will cover the Pension Quality Mark (PQM) for individual employer schemes and the Pension Quality Mark Ready (PQM Ready) for multi-employer schemes.
Interested parties are invited to respond before the consultation closes on 4 August 2017. One key area the PQM is seeking feedback on is whether scheme excellence should be judged on the employer offering or the scheme member uptake.
Since being launched, PQM (2009) and PQM Ready (2013) have become the highest accreditation available for the provision of individual and multi-employer DC pensions in the U.K. However, since both were introduced there have been considerable developments in the DC market. As a result regulation and best practise now meet many of the PQM standards.
To continue this success the PQM board is proposing to review and enhance the standards required to achieve the PQM and PQM Ready accreditations.
Sir Steve Webb and Gregg McClymont join the Pension Quality Mark Board
The Pension Quality Mark (PQM) has today (Tuesday) announced the appointment of ex Minister of State for Pensions, Sir Steve Webb and ex Shadow Minister of State for Pensions, Gregg McClymont, as Non-Executive Directors to the PQM Board.
Karen McArthur was also appointed to the PQM Board in December 2016. Sir Steve and Gregg bring with them a strong understanding of the at-retirement market, adding to Karen’s expertise in consumer focussed business.
In 2017 PQM has a new initiative to recognise pension schemes that are exceeding the PQM Standards.
PQM Award Presented to the Canal and River Trust
Ian Jarvis of the Canal and River Trust was presented with a Pension Quality Mark trophy at the PLSA Trustee conference.
Assessor panel recruitment
We are adding to our PQM and RQM Assessor Panel, which appraises applications for our quality marks.
The PQM Board is recruiting three new Non-Executive Directors.
Consultation finds widespread support for development of Retirement Quality Mark
The Pension Quality Mark (PQM) Board has today (Tuesday) published an overview of responses to its consultation on developing a Retirement Quality Mark (RQM). The responses show widespread support for the role a RQM could play in helping savers secure a good retirement income and trustees to support pension scheme members.
For savers, there was agreement that a quality mark would:
• Build on current guidance and act as an enabling tool to help consumers make informed decisions.
• Signal products that had met an independent quality standard in relation to governance and communications. 85% of consumers thought it was important for a good retirement product to be independently accredited by a third party.
• Help build confidence in pensions and retirement saving.
Pension Quality Mark consults on developing a Retirement Quality Mark
Today (Monday) the Pension Quality Mark (PQM) asked its holders, friends and stakeholders to respond to its consultation paper on developing a Retirement Quality Mark. The consultation document outlines how the Board of PQM wishes to consider how a quality mark for retirement products could be developed to meet the needs of savers and trustees...
06/07/2017 - Consultation on PQM Standards read more
28/02/2017 - Sir Steve Webb and Gregg McClymont join the Pension Quality Mark Board read more
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We are delighted to support any initiative that recognises the value and importance of employee communications. The Pension Quality Mark does just that and we are excited to be involved. We look forward to having more of our clients having their communication programmes recognised by the Pension Quality Mark and to promote the required standard amongst our other clients going forward.
Nigel Ferrier - Executive Chairman, Ferrier Pearce