NEST comments on launch of PQM-Ready mark

Commenting on the launch of the NAPF's, PQM-Ready mark, Tim Jones, CEO of NEST, said:

'Employers need to be confident that the schemes they are considering for automatic enrolment have high standards, particularly in critical areas such as governance and communications.

'Establishing an indicator of good standards, such as the NAPF's Pension Quality Mark (PQM)-ready mark for multi-employer schemes is a helpful initiative.

'Employers who use NEST and meet the contribution requirements will be able to apply for the PQM in 2013, which is a great endorsement for the pension they offer their workers.'

Key facts about NEST:

The government is currently introducing reforms that mean employers will have to automatically enrol most of their workers into a workplace pension scheme that meets or exceeds certain standards. They'll also need to make a minimum contribution for many of these workers.
NEST, which was established by government as part of these reforms, is a national defined contribution workplace pension scheme available to all employers to use to meet their new duties. It is designed around the needs of people who are largely new to pension saving, with clear communications, low charges and easy online tools and services. It is run as a trust-based scheme, on a not-for-profit basis, and the trustee has a legal duty to act in its members' interests.
NEST has a public service obligation to accept any employer (whatever their size) who wants to use the scheme to meet their duties, as a sole scheme or alongside other provision.

www.nestpensions.org.uk

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