Quality Qualifying Workplace Pension Scheme (QQWPS)

Quality Qualifying Workplace Pension Schemes (QQWPS) are enhanced over standard Qualifying Workplace Pension Schemes (QWPS). These are for employers that wish to provide a better pension scheme to employees. To qualify as a "Quality" Qualifying Workplace Pension Scheme the scheme would need to equal 11% of the employees wage or more. This would normally be the standard 4% paid in to the pension by the employee, 1% by the Government and 6% paid by the employer rather than the required 3% from the standard QWPS.

There is a benefit to employers who take the opportunity of adopting a QQWPS in that they will be able to postpone the start of auto-enrolment by 90 days in order to put the scheme in place. This is an initiative that the Government have put together to help encourage employers to adopt QQWPS thus provide more of the population with a better pension scheme.

If you would like to discuss what is involved in a QQWPS or would like to know more of the benefits of a Quality Qualifying Workplace Pension Scheme then please contact us...