19th October 2016
FIRST RQM AWARDED TO XAFINITY, LIFESIGHT AND L&G
Today (Wednesday 19 October), Richard Harrington MP, Parliamentary Under Secretary of State for Pensions, presented the first Retirement Quality Mark (RQM) awards to Xafinity, Lifesight and L&G.
The RQM was launched in September, through the Pension Quality Mark, as a standard that recognises quality at-retirement products. The mark is designed 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.
Adrian Boulding, Chair of the Pensions Quality Mark Board, 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."
Ken Anderson, Head of DC Solutions at Xafinity, 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."
Jo Kite, Managing Director of LifeSight UK, 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."
Emma Douglas, Head of DC at L&G, 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."