The PQM Standards have been extensively revised and updated for 2019, reflecting changes in regulation and practice since PQM was originally launched in 2009.
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 pensions 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 to enrol all employees at minimum contribution levels, an effective board, a good quality default investment strategy, an understanding of its members with an inclusive engagement strategy, and support for members at retirement. The Standards also set out what we consider to be good practice, and the type of evidence that a scheme can provide to demonstrate that it meets the Standards.
From June 2019, any new PQM applications will be assessed against the 2019 Standards. For existing PQM holders the new standards will take effect from 2020, although you may choose to use them sooner for renewals.
Previous Standards may be used by renewing applicants until the end of 2019.
For further information on applying for PQM or renewing please contact us
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T: 020 7601 1736
The PQM is a significant step forward in meeting the challenge of rebuilding confidence in workplace pensions.
Joy Moore - Head of Pensions, RWE Npower plc