Achieving the Pension Quality Mark (PQM) recognition helped The British Medical Association (BMA) highlight the excellent features and benefits of their pension plan to employees.
The BMA operates a defined benefits arrangement for its employees and we have been one of their providers for over 5 years. In 2008 we were re-introduced to the organisation to set up the 'BMA Stakeholder Pension Plan'.
Having set up the Plan, BMA Pensions Manager, Nav Makhan decided to apply for the Pension Quality Mark. Gaining this award, he felt, would help to raise awareness of the Plan's excellent features and benefits among BMA's employees.
The Pension Quality Mark has been set up and is wholly owned by The National Association of Pension Funds , a not-for-profit organisation. It is a new standard that recognises any high quality defined contribution pension schemes.
The BMA Stakeholder Pension Plan was awarded the Pension Quality Mark PLUS (PQM PLUS) standard in June 2010. This award is given to those employers who provide an outstanding defined contribution pension scheme to their employees.
Nav Makhan, Pension Manager for the BMA, talks about applying for the PQM:
"Legal & General worked closely with the BMA to develop what is now an award-winning pension arrangement. One of the areas the award focuses on is member communications and I am particularly proud of what we have achieved in this area. My aim is to give our employees a choice of ways to source information and to communicate in plain English.
One of our most frequently used communication tools is the website which Legal & General hosts. Consequently, it was a real joint effort to get this ready for launch and I thank my Legal & General Account Manager, Ruth Lancashire, and her team."
The British Medical Association (BMA) is the independent trade union and professional association for doctors and medical students, with around 110,000 members in the UK.
To find out how your organisation can achieve the Pension Quality Mark recognition please visit the website .
Legal & General worked closely with the BMA to develop what is now an award-winning pension arrangement.