Research has shown that the majority of consumers remain confused about the decisions available to them through pension freedoms. For many individuals this decision will be the largest financial decision they make in their lives after their family home. Therefore they are looking for reassurance on the decisions made when purchasing an at-retirement product.
The RQM helps identify which at-retirement products meet a high quality standard, including:
• Independent governance focused on the needs of the consumer;
• Ensuring that fees and charges are fair and reasonable and provide value for money;
• Communication is clear and concise, spelling out options available and associated risks; and
• Easy transfer out of the product should consumers wish to exercise this right.
The RQM is about empowering consumers to make informed decisions about at-retirement products.