PQM READY - information for employers
Why choose a PQM READY scheme?
- It automatically meets two out of three PQM standards: governance and communications. So, if you are using a PQM READY master trust, you only need to meet the criteria for contributions.
- Assurance that you are selecting a good quality scheme for your employees.
- Employers who use their scheme will be able to get PQM through a fast-track process that just looks at the standards not covered by PQM READY, and will pay a reduce application fee.
What standards does an employer using PQM READY scheme need to meet in order to attain PQM or PQM PLUS?
For PQM, the overall contribution rate must be at least 10% with a minimum employer contribution of 6%. For PQM PLUS the overall contribution rate must be at least 15% with a minimum of 10% employer contribution.
Different rules apply to different contribution structures - for example, with matching contributions only one of the levels needs to meet the standards, regardless of which level you are auto-enrolling your employees at.
The standards document explaining all options is available to download. The PQM team will be happy to take you through the standards and apply them to your scheme.
I want to apply for PQM or PQM PLUS. What do I do next?
The process could not be easier. Simply register via PQM website by clicking 'Apply Now' button and start completing the application form. Don't forget to select which PQM READY scheme you are using from the drop down list on the first page of the application form.
If you need any assistance with the application - or prior to the application - please contact the PQM team.
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By providing a benchmark the PQM can help people judge the quality of pension scheme offered and companies will be able to easily promote that aspect of their employment package.
Doug Taylor, Which?