How the RQM works
The Pensions and Lifetime Savings Association (formerly the NAPF) is at the heart of the pensions industry. We strive to help everyone achieve a better income in retirement.
The pensions industry has evolved dramatically in recent years; the introduction of new legislation has given savers the freedom to take a much more proactive role in their pensions future. To support savers in taking this positive step forward, we conducted a consultation which recognised the need to provide guidance on what a 'good' in-retirement product looks like.
WHAT DOES A GOOD IN-RETIREMENT PRODUCT LOOK LIKE?
The consultation identified the following factors as indicators of product quality:
|Product features||- Provides value for money|
- Permits transfers to alternative products
- Meets customer needs over the product lifetime
- Includes default investment options
|Communication standards||Clear point of sale information on:|
And further information and advice as required
|Clear and regular communication||Including information on: |
- Factors affecting security
- Decisions for customer
Based on these features we have devised an accreditation process that assesses these factors, if all criteria is met, the product is awarded the Retirement Quality Mark.*
RQM is not a product guarantee