What is the PQS?
The PQS is an award for a DC pension scheme that meets a certain benchmark quality standard. There are two levels awarded; the PQS standard and the PQS with merit
Who is the PQS for?
The PQS is for employers who want to highlight the value of their scheme to their employees. The PQS helps them to do this by showing that the pension plan they offer has received a highly recognised award and is an integral part of the benefits package they offer to employees.
What is measured during the pension scheme assessment?
Schemes with contribution rates of at least 10% (of which the employer contributes at least 6%) may be awarded the PQS, assuming that appropriate governance, investment and communications strategies are also in place.
If the contribution rate is at least 15% (of which the employer contributes at least 8%), the scheme may be awarded a PQS with merit.
More information is available in the PQS Booklet
How long does the PQS last for?
The PQS is awarded to a pension scheme for 3 years. After this, we will contact you for information on the scheme as it currently stands and if it still meets all the requirements, the PQS will be renewed for a further 3 year duration.
Who can apply for the PQS?
Applications for the PQS will be accepted from IAPF members who run a DC pension scheme.
How do I apply?
We provide an online form for you to fill out and submit. We also require that you forward us on your scheme membership booklet, either by email to firstname.lastname@example.org, or post it to IAPF, Suite 2, Slane House, 25 Lower Mount Street, Dublin 2.
Why do IAPF offer the PQS to DC schemes
We want to recognise those pension schemes that attain a certain standard which reflects qualitative contribution, communication and governance strategies for DC Schemes. We believe this promotes improved communications and greater appreciation of the pension scheme. This in turn can lead to greater engagement by members and better outcomes in retirement.