PQM Ready helps employers to identifying high quality pension providers when choosing a solution for their employees. This is achieved by assessing governance and communications, and goes further than the minimums set out in regulation and the assurance framework:
Trustees must be fully independent and always act in the members' interests and independently of any commercial sponsor or founder
The scheme also needs to have clear and engaging communications to members
All employers using the scheme must be able to access a default investment option with charges no higher than 0.75%
The Aviva Master Trust offers an alternative to single employer trust and contract based schemes. It is designed for multiple employers, but delivered under a single trust arrangement and governed by the main independent trustee, PTL Governance Limited (PTL), one of the market leaders in this field. The impressive trustee schemes’ review, user focused communication options and default investment option journey were just three of the most striking aspects of the scheme.
Matthew Doyle, Managing Director, PQM said: The Aviva Master Trust joins a select group of high quality pension providers who have achieved the PQM Ready accreditation. It is great news for the industry and consumers to see another master trust has demonstrated that they go beyond the minimum requirements required by regulation and the assurance framework, to deliver real positive outcomes for consumers.
“The Aviva Master Trust stood out to the PQM Assessors for a number of reasons when they applied for accreditation. The meticulousness of the trustees’ scheme review to ensure it meets the needs of employees and members was impressive. Allowing members to select a communication channel they feel most likely to engage with was also particularly notable and the process for determining the default investment option was one of the best we have seen.”
Stuart Gash, Pension Governance Manager at Aviva said: Aviva is proud to have achieved the PQM Ready accreditation for our Master Trust proposition. This is a reflection of the quality of the proposition we offer. Our Master Trust will continue to see significant investment to match the ambitions we have in this vibrant market. Employers who choose our Master Trust can be confident that they are choosing a high quality scheme that meets the governance and communication standards set out by PQM enabling them to get the best outcome for their employees.”
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