20 May 2013

Friend of Pension Quality Mark

Friend of PQM

As a leading pension provider, we're committed to promoting high quality workplace pension schemes. Which is why we have been awarded the status Friend of Pension Quality Mark (PQM).

We're committed to working closely with the PQM to promote their workplace pension standard and also to actively communicate the benefits of obtaining the PQM and PQM PLUS standard to employers and their employees.

Pension Quality Mark

Pensions can be confusing, and employees don't always understand the quality of the scheme on offer to them. The Pension Quality Mark is a simple way to highlight the value of the pension scheme through an independent standard.

Established by the National Association of Pension Funds (NAPF) with the backing of government, trade unions and the pensions and HR industry, the independent status has real credibility. It is only awarded to companies who meet high standards in pension provision and meet minimum requirements, including:

  • Minimum overall pension contributions of 10% with 6% being from the employer to achieve the PQM standard, and 15% overall contributions with 10% employer contributions for PQM PLUS
  • Clear and engaging employee communications throughout the customer journey
  • Good scheme governance to ensure the pension performs well, has a default fund for employees and does not have high management fees

Benefits of PQM Status

The PQM is only awarded to employers who meet high standards of quality pension provision, so it's a great way to easily communicate to their employees that their pension scheme is a valuable benefit that will help employees to save for their future.

Receiving the status will allow an employer to:

  • Demonstrate they are a responsible employer
  • Attract and retain high calibre employees
  • Benchmark their scheme against competitors
  • Encourage employees to save for retirement
  • Promote confidence in their company pension scheme.

More information

You are able to apply for PQM on your clients' behalf at their website where you'll also find up to date information about how to apply, benefits of the PQM and a list of employers who already have the status.