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?
Once we have assessed and passed the application for PQM Ready there is an annual licence fee of £6420 + VAT and an active scheme membership (per member) charge of 0.015p + VAT. The total payable is capped at £18,650 + VAT.
The PQM Ready is renewed annually, when you will have to demonstrate that the Standards are still being met.
5. I want to apply for PQM Ready. What do I do next?
The process is simple. Please contact the PQM team or email email@example.com to request an application form. You'll need to complete the form and send us the supporting evidence requested, such as examples of communications and agendas of your trustee meetings. A full list of evidence required can be found on the last page of the application form. We are always happy to discuss your application with you at any point if you have any queries.
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
We were delighted when our DC scheme was accepted, as it provides external endorsement of the quality that we offer our employees. The work we are doing in promoting the DC scheme within Michelin is having positive results, with 90% of our employees choosing to join.
Colin Porteous, Head of Pensions Compensation & Benefits, Michelin