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 firstname.lastname@example.org