The Pensions Quality Mark (PQM) has appointed former pensions minister Steve Webb and former shadow pensions minister Gregg McClymont as non-executive directors as part of a push to establish its influence in the industry.
The PQM scheme, launched in 2009 and run by the Pensions and Lifetime Savings Association, aims to improve consumer confidence and understanding in workplace pensions.
A PQM is awarded to employers who meet a list of criteria, such as having a minimum 6 per cent contribution rate.
PQM chairman Adrian Boulding said that the three appointments are part of the PQM’s efforts to become a greater force within the pensions industry.
“The appointment of three highly experienced Board members signifies the increasing influence of PQM and RQM within the industry.
"All three Board members bring with them a wealth of experience from within government and the private sector, firmly establishing the intention and commitment of all those at PQM and RQM to push up the standards of the industry,” Mr Boulding said.
Mr Webb, currently director of policy at Royal London, was the longest standing minister of state for pensions from 2010 to 2015.
During his time as pensions minister Mr Webb oversaw major reforms to the state pension system, introduced automatic enrolment, as well as helped to implement the pension freedoms in April 2015.
Aberdeen Asset Management’s head of retirement Mr McClymont served as shadow minister of state for pensions between 2011 and 2015 and Member of Parliament for Cumbernauld, Kilsyth and Kirkintilloch East from 2010 to 2015. He is also currently a visiting fellow at Nuffield College, Oxford.
Karen McArthur also recently joined the PQM board after roles developing strategic sustainability positions for UK companies like Vodafone and Thompson Reuters. She also promotes standards for professionalism at the Institute for Corporate Responsibility & Sustainability.
