Pension providers RPMI and The People’s Pension have been awarded the new Pension Quality Mark (PQM) Ready standard in recognition of their low charges, clear communications and strong governance.
Providers need to prove that independent trustees are in a majority or have a casting vote, and that member communications are clear, regular and engaging to qualify for PQM Ready.
David Maddison, RPMI’s scheme administrator and 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, added: “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.”