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The rQM consultation

In December 2015 our Pension Quality Mark (PQM) team and our PLSA policy experts launched a specialist review into the changing governance needs for at-retirement products.

The objective of the consultation was to consider how a quality mark for in-retirement products could be developed to help meet the needs of savers and trustees.

Overview of the Consultation Findings:

Below is a summary of the responses.  You can view the full report here: Developing a Retirement Quality Mark

  • There was a general agreement on the need for a Retirement Quality Mark (RQM).
  • An RQM would bring an additional 'governance bonus' to at-retirement products;
  • Help to improve consumer confidence;
  • Create a better link between the accumulation and decumulation phases of retirement savings and pensions journey;
  • Deter 'less safe' product providers from entering the market;
  • Encourage better product regulation that would, in turn, lead to better member outcomes; and
  • Necessary to be clear that an RQM is not a product guarantee.

If you have any questions on the consultation please contact info@pensionqualitymark.co.uk

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