PQM Distinction is back

Jacqueline Shoard, PQM Administration Executive, introduces a new theme for 2022.

Pension Quality Mark is pleased to tell you that the PQM Distinction award is back in 2022. This is our special award for schemes which are exemplary in a particular area covered by the PQM standards.

The theme for PQM Distinction this year is Adequacy, which is a key policy priority for the PLSA. That is, ensuring that pension contributions are sufficient to build up savings for an adequate income in retirement. We will look for schemes employing innovative and effective actions that encourage members to participate in the scheme, to make the most of the employer contribution, and perhaps save a little extra if they can. Of particular interest are schemes that assist lower paid workers to save, and those that that include all employees, under 22 and from the start of employment.

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 be made at the PLSA Annual Conference in October.

Background

The Pension Quality Mark (PQM) was established to set aspirational standards for the industry and to lead the way in improving outcomes for savers. In assessing a wide range of schemes for accreditation we have a unique insight into best practice and innovation.

Therefore In 2017 we established the PQM Distinction award to schemes that are 'the best of the best' and exceed in one area of the PQM Standards. This recognises those schemes that are already excellent and hopefully inspires others to go further.

In 2019 the theme of PQM Distinction was good communications which help with understanding of pensions, promote engagement and encourage members to save for retirement. The winner was My LV= Pension Plan.

LV commented “Finding out we'd been nominated for a Pensions Quality Mark distinction award was brilliant news. The PQM is all about demonstrating quality, and the quality of the pension scheme we offer is really important to LV= and the Trustees (and) allows us to demonstrate the quality of the scheme to our members - helping build confidence in pension savings.”

Find out more about the Pension Quality Mark