Leading pension providers RPMI and The People’s Pension have become the latest multi-employer schemes 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, RPMI’s scheme administrator 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 means that employers who participate in RPMI and The People’s Pension PQM READY schemes will 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.
Notes to editors:
1. Multi-employer pension schemes and master trusts are types of pensions that are governed by a single trustee board, but which can be used by many different employers. More information on PQM READY can be found at http://www.pensionqualitymark.org.uk/pqmready.php
2. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
3. RPMI offers a complete range of pensions administration services for all types of scheme, including Final Salary, Career Average Revalued Earnings and Defined Contribution along with pensioner payroll, data cleanse, co-sourcing and hosting and scheme accounting. The company also provides a range of services to pension scheme trustees, such as communications, trustee training, scheme balloting, pensions technical and regulatory services and scheme governance. RPMI has offices in Darlington, London and Coventry, and looks after the pension interests of around 500,000 people for more than 200 clients in the UK.
4. B&CE and The People’s Pension is a not-for-profit organisation, which operates for the benefit of its members and their dependants. Established in 1942 and founded in construction, B&CE’s current offerings include a workplace pension, employee accident cover, employee life cover, employee healthcare and holiday pay. Today it manages assets of £1.7 billion and provides financial benefits to over 181,000 individuals on behalf of over 5,200 corporate accounts. (Information correct as of February 2013.)
For the past 30 years, B&CE has been providing workplace pensions to employers with transient, low to moderate earning workforces, both large and small. B&CE has been operating a form of automatic enrolment for over ten years through its stakeholder product. In November 2011 B&CE announced details of The People's Pension, as an additional product to assist employers in complying with their automatic enrolment duties. It has quickly evolved to become one of the UK’s leading providers of workplace pensions and was awarded Auto-Enrolment Provider of the Year at the UK Pensions Awards 2013 and best ‘DC Master Trust’ at the Pension and Investment Provider Awards 2013.
The People's Pension, a Super Trust, is a multi-employer scheme with independent trustees and is operated on a not-for-profit basis. It is a hassle-free, flexible and portable workplace pension designed for people, not profit and is suitable for any organisation, large or small, in any sector.
5. NOW: Pensions and the National Pension Trust also hold PQM READY.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Aimee Savage, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]
Stuart Mackintosh, Communications Manager, 01325 342882 or 07969 762841, [email protected]
The People’s Pension
Chris Tuite, Account Director, Rostrum, 0207 440 8673, 07789 202 494, [email protected]
Mike Jones, Head of Marketing Communications, B&CE Benefit Schemes, 01293 586 690, [email protected]