Xafinity, Lifesight and L&G were handed the first Retirement Quality Mark (RQM) awards at the PLSA conference in Liverpool yesterday, in recognition of the quality of their at-retirement products.
The RQM was launched in September, through the Pension Quality Mark, in a bid to raise confidence in the at-retirement market by helping consumers quickly identify quality products and help trustees and employers signpost those products to savers.
The awards were presented by Richard Harrington MP, Parliamentary Under Secretary of State for Pensions.
Pensions Quality Mark Board chair Adrian Boulding said: “In the age of pension freedoms, today’s awards mark the start of a new chapter for the pensions industry. Guiding savers to the right at-retirement product is important in driving up the standards of the products in the industry.”
Xafinity head of DC solutions Ken Anderson said: “We’re delighted to be among the very first pension schemes to be awarded the RQM. Having this award demonstrates to individuals and their employers that the National Pension Trust is a high quality master trust designed with their interests in mind.
The National Pension Trust is committed to helping individuals save for their future, and when the time comes to access their benefits, to make informed decisions on how they access their pension benefits throughout their retirement.”
LifeSight UK managing director Jo Kite said: “Having the RQM means our products will stand apart from the many different at-retirement products in the market right now. We’re very pleased that we can demonstrate the quality of what we have on offer through this independent quality standard.”
L&G head of DC Emma Douglas said: “Achieving the RQM not only means we can help savers build confidence in the at-retirement products they choose from us, but it is also testament to our commitment to raise the standards of pensions in collaboration with the industry.”