PQM Standards 2019
Welcome to the new PQM Standards. These are the first revised Standards since PQM launched in 2009.
So much has changed in pensions since then, and some of the original Standards are now regulatory requirements or industry practice. It seemed time to have a thorough review, and re-evaluate what PQM is aiming to achieve.
PQM is a PLSA initiative, which contributes to our mission to help everyone achieve a better income in retirement. PQM recognises high quality pension schemes which meet minimum contribution levels (12% of pensionable pay), good governance, and which encourage employees to save for their future.
In 2017 we consulted on what should be included in the new Standards. We invited responses from PQM holders and other stakeholders, and had in-depth discussions with pension professionals, PQM assessors, and the PQM Board. We believe we have developed a set of Standards that are fit for 2019 and beyond.
The core principles of the new PQM Standards are that a pension scheme should have: a commitment from the sponsoring employer, minimum contribution levels, an effective board, a quality default investment strategy, a value for money assessment, an understanding of its members with an inclusive engagement strategy, and support members at retirement.
We have described what we consider would be good practice in the above categories, and how the scheme might demonstrate that it meets these Standards.
We hope you will agree that the new Standards are more appropriate to the current pensions landscape. We have also aimed to make them easy to use. Nevertheless, we recognise that it is quite a different style and approach, and we would welcome the opportunity to discuss any comments you might have.
We are currently developing the new application form and guidance and will publish more information on that in the next couple of months. In the meantime please continue to apply using the current process.
The new Standards should be used from 1 May 2019 for new PQM applications. Existing PQM holders may also use them for renewals from this date, or alternatively from 2020.
For further information on applying for PQM or renewing please contact us
New PQM Standards
The existing Standards can be used by new applicants until May 2019, and by renewing applicants until 2020.
24/01/2019 - PQM Standards 2019 read more
18/10/2018 - PQM Distinction award 2018 read more
T: 020 7601 1770
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