NOW: Pensions has become the first master-trust to receive the PQM READY standard due to its low charges and member communication standards.

PQM READY was set up by PQM, which recognises good quality defined contribution pensions to help employers choose the right multi-employer scheme or master trust for them. Schemes must show that independent trustees are in the majority or have a casting vote, and that member communications are clear, regular and engaging.

PQM chairman said: “Multi-employer pension schemes and master trusts are becoming an important part of the UK pensions landscape as a result of auto-enrolment. Good quality schemes can deliver better results for savers by reducing pension charges, good governance and clear communications. Not all employers are familiar with pensions and they need guidance. PQM Ready will help employers choose a good quality multi-employer scheme.”

NOW: Pensions chief executive Morten Nilsson commented: “NOW: Pensions strongly believes that a quality mark which helps employers find value for money and eliminates poor practice relating to charges and investment governance is essential if auto-enrolment is to succeed.”

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