What is the PQS?
The PQS is an award for a DC pension scheme that meets a certain benchmark quality standard. There are three levels awarded: PQS, PQS With Merit and PQS With Merit Plus.
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?
If the contribution rate is at least 20% (of which the employer contributes at least 15%), the scheme may be awarded a PQS With Merit Plus.
If the contribution rate is at least 15% (of which the employer contributes at least 10%), the scheme may be awarded a PQS With Merit.
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 and communications strategies are also in place.
More information is available here in the PQS Booklet, which we require you to read in full before you apply.
How long does the PQS last for?
The PQS is awarded to a pension scheme for three years. After this, if the scheme still meets all the requirements, the PQS will be renewed for a further three 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?
First, we ask you to read the PQS Booklet as you will be required to meet the standards therein. We provide an online form for you to fill out and submit. We also require that you forward us on your scheme membership booklet by email to firstname.lastname@example.org.
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.
Click here to download the PQS Booklet
Click here to apply online