The Retirement Quality Mark recognises excellence in drawdown and blended retirement products
LifeSight, Willis Towers Watson’s DC master trust, has announced that it is one of the first master trusts in the UK to be awarded the new Retirement Quality Mark (RQM) in recognition of the outstanding governance, communications, investment options and value for money displayed by its drawdown product.
The RQM award has been developed and launched by the Pensions and Lifetime Savings Association (PLSA) and Pensions Quality Mark (PQM) and is currently available to qualifying drawdown and blended retirement products in the UK.
Jo Kite, managing director of LifeSight UK, said: “LifeSight’s drawdown offering is one of an elite few products available on the market to have achieved this mark of quality and we are delighted to be among the first to achieve it. It reflects the confidence that independent assessors of quality have in our drawdown product and demonstrates our leading position in the market.
“It’s important that people approaching retirement are able to have confidence in making the right decisions for their financial future. But it’s clear from our research that people find the decisions bewildering. The level of complexity people are confronted with can lead to paralysis. Accreditations such as RQM and PQM are important in providing people with the confidence to select the right option for their circumstances.”
Matthew Doyle, managing director of RQM, said: “We congratulate LifeSight in gaining this independent award which endorses its commitment to meeting customer needs, high quality communication, clarity on charges and value for money.
“When our research shows that 85% of people expect their pension pot to provide an income throughout their retirement and 75% are planning to use their pot just to make ends meet, the importance of choosing a good quality drawdown or blended retirement product cannot be overstated. We hope that LifeSight’s achievement will encourage other providers to follow suit.”