FAQs ABOUT PQM READY
1. Who can apply?
All trust-based multi-employer schemes that meet certain standards will be able to apply for 'Pension Quality Mark READY'. Once a scheme has achieved the standard, the employers that use that scheme will find it easier to get the Pension Quality Mark for themselves - all they need to do is show they meet the standards on contributions.
2. What are the advantages for multi-employer scheme or a master trust?
- Schemes can send a clear message to the industry, Government and the Regulator that they are raising standards in pensions and working to boost confidence in automatic enrolment.
- They can display the 'Pension Quality Mark READY' logo on communications aimed at employers and the industry to demonstrate they have met the standard.
- Employers are able to identify a scheme which offices good governance, low charges and clear member communications.
3. What are the governance and communications standards that the multi-employer schemes and master trusts have to meet?
The full standards document with notes and examples is available to download. The PQM team will be happy to talk to you about how the standards apply to your scheme.
4. How much does it cost?
For PQM READY applications there is no assessment fee.
Once we have assessed and passed the application there is an annual licence fee of £5,860 + VAT and an active scheme membership (per member) charge of 1.06 pence + VAT. The total payable is capped at £18,000 + VAT.
The PQM READY is renewed every 12 months.
5. I want to apply. What do I do next?
The process is simple. You will need to complete an application form and send it to us together with the evidence, such as examples of communications and agendas of your trustee meetings. Full list of evidence required can be found on the last page of the application form.
To request the application form and for more details about the application process please contact the PQM team.
28/11/2017 - Aon MasterTrust awarded PQM Ready read more
07/11/2017 - Aviva Master Trust awarded PQM Ready read more
T: 020 7601 1770
The IoD welcomes the PQM initiative. Employers and employees need to work together on tackling the retirement income challenges we all face, and on improving communication of scheme benefits. The focus of PQM in both these areas marks an important step forward in preserving and enhancing good quality workplace pension provision.
Malcolm Small - Senior Adviser, Pensions Policy, Institute of Directors