Scottish Power, BNY Mellon and IHG awarded for pensions quality

NAPF-PQM-2014

Intercontinental Hotels Group (IHG), BNY Mellon and Scottish Power have been awarded the Pensions Quality Mark (PQM) for their defined contribution (DC) pension schemes, while Lloyd’s Register has been awarded the PQM Plus.

The organisations were all presented with their awards by pensions minister Steve Webb at the National Association of Pension Funds (NAPF) annual conference in Liverpool on 16 October.

The PQM, which was launched in 2009 by the NAPF, is awarded to schemes that:

            Have total contributions of at least 10%, with a minimum employer contribution of 6%.

            Have governance arrangements in place to ensure the scheme is operating in members’ best interests.

            Have clear, engaging and easy-to-understand member communications.

In order to qualify for the PQM Plus, schemes must have overall contribution rates of 15% including an employer contribution rate of 10% or more.