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 were completely revised and updated in 2019, reflecting changes in regulation and practice over the last 10 years. To meet the PQM Standards, the employer must commit to offer all employees 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 150 pension schemes currently hold either PQM or PQM PLUS, with over 650,000 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: Redington Limited Workplace Savings Plan, University of Salford Pension Plan, and MotoNovo Finance Group Personal Pension Plan.
T: 020 7601 1736
12/06/2020 - Mike Nixon on why holding the Pension Quality Mark matters at Leonardo read more
09/03/2020 - Redington on gaining the Pension Quality Mark read more
We welcome the Pensions Quality Mark as an independent benchmark to help employers with this important communications task, and we?re delighted to practice what we preach in securing the Pension Quality Mark PLUS for our own scheme.
Lisa Sarjeant - HR Director, CIPD