Pension Quality Mark meaning

The Pension Quality Mark (PQM) is an independent accreditation used in practice to show that a workplace defined contribution (DC) pension provides contribution levels, governance and member communications that exceed automatic enrolment minimums. It supports employers and trustees when selecting, benchmarking and evidencing the quality of DC arrangements in tenders, governance reviews and employee communications. PQM is operated by the Pensions and Lifetime Savings Association (PLSA, formerly the national association of pension funds) and is available to employer‑sponsored DC schemes, including trust‑based occupational schemes, master trusts and group personal pensions. The PLSA sets minimum total and employer contribution rates for PQM accreditation and a higher standard, PQM Plus. These thresholds are reviewed periodically and published by the PLSA; they are deliberately above statutory automatic enrolment levels. PQM is not defined in legislation or case law and carries no statutory force. It is an industry accreditation and does not replace legal and regulatory duties under the Pensions Acts or The Pensions Regulator’s and FCA’s rules and guidance on DC governance and communications. Usage and meaning are consistent across England and Wales, Scotland and Northern Ireland. It has no direct legal status in Ireland, though Irish practitioners may encounter it in UK‑related pension arrangements.