PQSR – New feature available for LifeSight Master Trust clients.

We are delighted to announce that the LifeSight Ireland Master Trust has been awarded the PQSR (Pension Quality Standard Ready) award by the IAPF, an independent body representing pension savers in Ireland. The PQSR award confirms that a Master Trust satisfies the governance and communication requirements of the Pension Quality Standard, which is awarded by the IAPF to DC arrangements that meet a certain benchmark quality standard of governance, communications and contributions.

Below is a photo of Gary Morrissey of LifeSight and Ciaran Long (independent chair of the LifeSight Trustee company) accepting the PQSR certificate from Jerry Moriarty from IAPF.

This award essentially means that LifeSight Master Trust clients who are also IAPF members can apply for either the PQS, PQS with Merit or PQS with Merit Plus awards, and only need to satisfy the contribution standard to receive this accreditation. The PQS is for employers who want to highlight the value of their retirement benefits to their employees.  The PQS helps them to do this by showing that the pension benefit they offer has received a highly recognised award and is an integral part of the benefits package they offer to employees.

What award could your retirement structure receive?

• PQS Award – Contribution rates of at least 12% (of which the employer contributes at least 7%)
• PQS with Merit Award – Contribution rates of at least 15% (of which the employer contributes at least 10%)
• PQS With Merit Plus Award – Contribution rate of at least 20% (of which the employer contributes at least 15%)

More information is available here in the PQS Booklet. As noted above, LifeSight satisfies the applicable governance and communication requirements of the Award.