PQM Distinction AWARD
The Pension Quality Mark (PQM) was established to set aspirational standards for the industry and to lead the way in improving outcomes for savers. Since the PQM was launched in 2009, it has become the recognised quality mark for the top quality defined contribution pension schemes. Assessing a wide range of schemes for accreditation and renewal gives us a unique insight into how leading schemes are innovating and how best practise is evolving.
In 2017 we established the PQM Distinction award to recognise schemes that are 'the best of the best' and exceed in one area of the PQM Standards. Awardees may be used as case studies for other schemes to learn and improve from.
Schemes do not need to apply for PQM Distinction; our assessors will look for especially good practice in the course of assessing for PQM accreditation, and nominate those schemes for a shortlist. A small panel comprised of PLSA team members and industry experts will consider the shortlisted schemes, and decide a winner. Awards will usually be made at the PLSA conference in October.
In 2017 and 2018 the award focused on good communications. The 2017 winner was Heineken Flexible Retirement Plan.
2018 Winner: Tesco Retirement Savings Plan
Also shortlisted in 2018 were: CCEP Personal Pension Plan; Lend lease UK Pension Scheme; MSD Pension Scheme; The Nationwide Group Personal Pension Plan; Total UK Pension Plan, Upstream (DC) Section.
PQM Distinction Award winner and runners up 2018
02/07/2019 - New Pension Quality Mark open for applications read more
24/01/2019 - PQM Standards 2019 read more
T: 020 7601 1736
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