Pensions Quality Mark Launched

Pensions “Quality Mark” Launched

The National Association of Pension Funds (NAPF) has launched a new quality assurance scheme for pensions, called the Pension Quality Mark.

The scheme, which company pensions and group personal pensions, can apply for is designed to promote employer pensions schemes by giving people at work, or prospective new employees confidence that the scheme being offered to them is a good one.

To qualify the pension scheme must:

• 10% of a salary contribution rate including

• 6% minimum employer contribution

• Maximum fund charges of 1% pa

There is a fee for assessment of the pension scheme of £250 plus a yearly fee of from £250 to £500 for larger schemes.  

What a complete load of twaddle! This scheme is similar to:

• Existing Stakeholder pensions rules combined with

• Old Government CAT standards (for ISAs) combined with

• New Compulsory Pension contributions and rules starting supposedly in 2012

Stakeholder failed and CAT standards failed.  We suggest the Pension Quality Mark will fail.

It is interesting to note that not one Independent Financial Adviser is on the PQM Advisory Panel – no surprises there then.  The people that advise on and sell employee benefits and pensions are not included in the advisory panel to promote good quality pensions.

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