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.