National Pension Trust among the first to receive Retirement Quality Mark Accreditation from the Pensions Minister

20 October 2016

Xafinity’s National Pension Trust is delighted to announce that it is one of the first to be presented with the Retirement Quality Mark (RQM) accreditation by Richard Harrington MP, Parliamentary Under Secretary of State for Pensions.

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.

Ken Anderson, Head of DC Solutions at Xafinity commented: “We are delighted to be among the first pension schemes to be awarded the Retirement Quality Mark. This award demonstrates that the National Pension Trust continues to lead the market when it comes to innovation, helping members to make the most of the new pension freedoms.”

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.”

When selecting a Mastertrust there are now three key criteria that employers and their advisors should be mindful of.

First, is the Mastertrust on the Pension Regulator’s list of approved mastertrusts?  

Second, does the Mastertrust hold the PQM Ready accreditation demonstrating high quality governance and member support when saving for the future?  

And third, does the Scheme hold the Retirement Quality Mark demonstrating that members will be supported to make the most of their pension savings.

Launched in 2009, the National Pension Trust is a highly governed Mastertrust that meets all of the above objective criteria.

 

National Pension Trust among the first to receive Retirement Quality Mark Accreditation from the Pensions Minister

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Security & Governance - Pension Regulator’s ‘Approved’ List

There are 12 MasterTrusts on the Pension Regulator’s ‘Approved List’.  These MasterTrusts have been:

  • independently audited and assessed as meeting the criteria set out by the Pensions Regulator and the Institute of Chartered Accountants for England and wales (ICAEW).  
  • subject to additional due diligence by the Pension Regulator regarding the Provider and clarity of communications

Building Benefits - Pension Quality Mark (PQM)

8 of these MasterTrusts have been assessed by the Pension and Lifetime Savings Association (PLSA) as of being high quality when it comes to building pension benefits and thus awarded the PQM Ready accreditation. PQM is an independent ‘kitemark’ provided to high quality pension schemes that is recognised by HR professionals, the media, pensions industry and the Government.

Accessing Benefits - Retirement Quality Mark List

2 MasterTrusts, including Xafinity’s National Pension Trust, have further been assessed by the Pension and Lifetime Savings Association (PLSA) as of being high quality when it comes to helping members to access their benefits flexibly. The Retirement Quality Mark (RQM) is an independent ‘kitemark’ provided to high quality pension schemes by the PLSA.