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Leading pension providers RPMI and The People’s Pension have become the latest master trusts to gain the new Pension Quality Mark (PQM) READY standard in recognition of their low charges, clear communications and strong governance.
PQM READY is designed to help employers identify a good multi-employer pension scheme or master trust, and it aims to promote best practice around charges and scheme governance.
In order to qualify for PQM READY a provider needs to prove, amongst other things, that independent trustees are in a majority or have a casting vote, and that member communications are clear, regular and engaging.
PQM READY was set up by Pension Quality Mark, the independent standard that recognises good quality defined contribution pensions.
Alexandra Kitching, PQM Manager, said:
“Interest in PQM READY is growing in the master trust world and we now have four big schemes on board, with more in the pipeline. It is very encouraging that these multi-employer schemes have been so quick to engage with an initiative to help flag good pensions. I congratulate RPMI and The People’s Pension on achieving PQM READY accreditation.
“Not all employers understand the finer details of how a pension works, but they do know that a good pension can make a big difference. This new standard will help them spot a good master trust into which they can auto-enrol their staff.”
David Maddison, scheme administrator RPMI’s Managing Director for Rail Services, said:
“Auto-enrolment is changing the face of pensions in the UK and it is vital that there is a way for employers to identify those following best practice. The award is testament to the quality of the Railways Pension Scheme’s IWDC Section and highlights to rail industry employers that they can be assured of the very highest standards.”
Jamie Fiveash, Director of Customer Solutions at B&CE, provider of The People’s Pension, said:
“We are proud to announce that we have received the Pension Quality Mark (PQM) READY award for The People’s Pension. Given that all employers now have a compulsory obligation to provide a pension scheme, it is a really important initiative for employers seeking good quality pension provision for their employees.
“At a very important time in the world of workplace pension provision, we are pleased to be associated with this initiative. We hope that the industry will rise to the challenge to improve quality, as well as transparency, in the world of pensions.”
Today’s announcement also means that employers who participate in RPMI and The People’s Pension PQM READY schemes will then be able to make a fast-track application for PQM. Employers will only have to meet PQM’s contributions standards to apply for the certification.