The Pensions Quality Standard (PQS) - An award for your DC scheme
As Defined Contribution (DC) pension provision becomes increasingly widespread there is a growing need for individuals to develop a better understanding of DC pensions, especially of the DC pension offered by their employer.
Do you have a good quality DC scheme in place for your employees?
Too often, employees have only a vague idea of how much they need to save and the amount their employer is willing to contribute. Many employers say that their employees have a poor understanding of the pension offered and tend to value pension contributions less than take home pay. This is despite the fact that many employers dedicate significant time and resources to communicating the benefits of the DC pension they offer.
Do you want to be able to demonstrate this to your employees
The IAPF promotes improved communications. If members do not understand or act appropriately at an early stage in their working lives this may result in unfulfilled pension expectations and extended working lives. As a result, the IAPF believes that appropriate education and information must be provided to ensure the reasonableness of member expectations.
While it is recognised that the responsibility for providing this is shared by the State, employers, trustees, pension professionals, representatives and individual members themselves, the IAPF wants to recognise those pension schemes that attain a certain standard which reflects qualitative contribution, communication and governance strategies for DC Schemes.
PQS with Merit:
Schemes with contribution rates of greater than 15% (of which the employer contributes at least 8%) may be awarded a PQS with merit, assuming that appropriate governance, investment and communications strategies are also in place.
Highlight the value of your scheme now!
Download the PQS booklet to learn more about how you can highlight the value of your scheme. You can also apply for the Pensions Quality Standard using our online form.
“The Pensions Board welcome’s the IAPF’s work to support and recognise good defined contribution pensions. This work acknowledges the increasing importance of DC schemes and of the importance to members of good scheme design and communication.”
Brendan Kennedy, Chief Executive of the Pensions Board
“The PQS award re-enforces to our membership that the company pension plan is one of the best in the Irish market place in terms of qualitative contributions, communications and governance strategies for DC pension plans in Ireland and the company is willing to invest the time in offering a pension plan that is fit for purpose and is at the core of the overall benefits package for our employees. The PQS award gives members the comfort that their company pension plan is at the forefront of best practice.”
Colm Fortune, Microsoft