News
Pensions Quality Mark renewal
We are happy to confirm that The Electricity North West Group of the ESPS: DC Section of the Scheme has met the Pensions Quality Mark Plus (PQM) standards for the 11th year running.
We are happy to confirm that The Electricity North West Group of the ESPS: DC Section of the Scheme has met the Pensions Quality Mark Plus (PQM) standards for the 11th year running.
The core principles of the PQM Standards are that a pension scheme should have:
- Commitment from the sponsoring employer
- Minimum contribution levels
- An effective Trustee board
- A quality default investment strategy
- A value for money assessment
- An understanding of its members with an inclusive engagement strategy
- Support for members at retirement
The PLSA assessors reviewed the application and noted that a high percentage of members are saving at PQM Plus levels or higher, which is 15% in total between the member and Company. This is aided by the regular communications and nudges from the in-house Pensions Team and administrator.
The accreditation lasts until 31st December 2024.
