Sir Steve Webb and Gregg McClymont join PLSA's PQM board
Former pensions minister Sir Steve Webb and former shadow pensions minister Gregg McClymont have been appointed to the Pensions and Lifetime Savings Association's (PLSA) Pension Quality Mark (PQM) board.
The pair will sit as non-executive directors from 28 February, joining Institute for Corporate Responsibility and Sustainability founder Karen McArthur, who was appointed in December.
The PQM, which was launched in 2009, aims to raise confidence in institutional pensions by recognising high quality defined contribution (DC) schemes. There are two tiers: PQM and PQM Plus.
The PQM is awarded to schemes where total contributions are at least 10% of an employee's pensionable salary, with at least 6% employer contributions. The PQM Plus requires 15% contributions, with a minimum employer contribution of 10%.
Sir Steve, McClymont and McArthur will serve three terms on the board, with Sir Steve and McClymont replacing Chris Hitchen and Baroness Jeannie Drake.
Sir Steve is currently Royal London's director of policy, while McClymont is Aberdeen Asset Management's head of retirement.
PQM chairman Adrian Boulding welcomed the trio's experience.
"The appointment of three highly-experienced board members signifies the increasing influence of PQM and Retirement Quality Mark [RQM] within the industry," he said.
"All three board members bring with them a wealth of experience from within government and the private sector, forming and establishing the intention and commitment of all those at PQM and RQM to push up the standards of the industry."
Sir Steve said he admired the PQM's work: "I've long been an admirer of the work done by PQM in driving up the standards of the industry. I'm very much looking forward to supporting PQM in its priorities for the next few years."
McClymont added he was looking forward to developing the PQM and RQM.
"Since 2009, PQM has been challenging the industry to improve, with great success," he said. "I'm enthusiastic to be joining the team and to use my experience to contribute to the development of the industry through both PQM and RQM."
McArthur added it was more important than ever for schemes to aim for the PQM.
"The necessity for consumers to identify the best in class when it comes to pensions and the products available in retirement is as important now as it ever has been," she said. "Holding a PQM or RQM accreditation means consumers can be confident that the pension scheme they're enrolled on and the at-retirement product they have purchased has been independently ranked as top quality."
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