Welcome to the Pension Quality Mark
The Pension Quality Mark (PQM) is an accreditation for workplace DC pension schemes. It was developed in 2009 by NAPF - now the Pensions and Lifetime Savings Association (PLSA). The PLSA's mission is to help everyone achieve a better income in retirement. Schemes which meet PQM standards are contributing to this aim, by helping employees and members save for their retirement.
PQM standards go beyond the minimum requirements required by regulation. PQM recognises high quality pension schemes which have good contribution levels, good governance, and which encourage employees to save for their future.
The PQM Standards have been completely revised and updated for 2019, reflecting changes in regulation and practice over the last 10 years. To meet the new PQM Standards, the employer must commit to enrol all employees with a minimum contribution of 12% (with at least 6% from the employer) or 15% for PQM Plus. Schemes must be well-run and the pensions board or committee must understand the members and act in the best interests of those members. This includes choosing a suitable default investment strategy, appropriate communications, value for money and listening to member feedback.
Why apply for PQM?
Holding the PQM demonstrates that a pension scheme is of good quality and that the employer is committed to encourage and support employees to save for retirement. Around 175 pension schemes currently hold either PQM or PQM PLUS, with over 600,000 employees actively saving in these schemes. Pension schemes which hold PQM are from a wide range of sectors, including financial services, charities, retail, pharmaceuticals and engineering. Check which pension schemes have PQM.
It is simple to apply for PQM and we are happy to assist you if you have any queries.
The most recently awarded schemes are: University of Salford Pension Plan, MotoNovo Finance Group Personal Pension Plan, and B.Braun UK Group Personal Pension Plan.
T: 020 7601 1736
17/10/2019 - PENSION QUALITY MARK DISTINCTION AWARD WINNER ANNOUNCED read more
02/07/2019 - New Pension Quality Mark open for applications read more
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