Applying for PQM ready
1.Who can apply?
PQM READY is available to trust-based multi-employer schemes.
2.Can I apply prior to the launch of the master trust or multi-employer scheme?
Yes you can. We have worked with some schemes on this basis, where they wanted to display the PQM READY logo on their communications from day one, or even on communications leading to the launch of the scheme.
Please contact us if you would like to apply for PQM READY on this basis and one of the team will be happy to guide you through the process.
3.What is the application process for PQM READY?
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.
4.What is the assessment process and how long does it take?
It usually takes 4-6 weeks to complete the first phase of the assessment. It is common, however, for the PQM team to then request further information to understand fully how the scheme works.
The time taken to complete the full assessment can vary depending on how much further information is required.
5.Why does the PQM READY have to be renewed every year?
We need to ensure that the schemes don't meet the standards only at the initial application but on an ongoing basis. We therefore require for schemes to renew their PQM every 12 months.
6.What evidence do I need to supply with the application or renewal?
There is a checklist of evidence required in the PQM READY application form. This includes:
- Training log or trustee skills/ knowledge record.
- Agendas or minutes (redacted if appropriate) from trustee board meetings held in the last 12 months
- Copy of the trust deed and rules, and any other documents (redacted if appropriate) dealing with or constraining the trustees powers of appointment.
- Examples of how any difference in charges is communicated to scheme members on joining the scheme and on becoming a deferred member.
- Member communication that explains investment options.
- Example of new scheme member communication.
- Example of ongoing communication.
- Example of 'at retirement' communication.
You will also need to submit a signed application form, and Terms and Conditions. To request these documents please contact the PQM team.
7. 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.
8.What if I have not supplied enough evidence? Will my application be automatically rejected?
No, your application will not be rejected. We will simply ask you for additional information or clarification.
28/02/2017 - Sir Steve Webb and Gregg McClymont join the Pension Quality Mark Board read more
01/01/2017 - PQM Distinction 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