Xafinity's National Pension Trust, Lifesight and Legal & General (L&G) have been named as the first awardees of the Pensions and Lifetime Savings Association's (PLSA) Retirement Quality Mark (RQM).
The accolade, which was launched last month, recognises drawdown providers which meet certain quality standards in relation to governance and communications.
The awards were announced at the PSLA's annual conference on 19 October, and were presented by pensions minister Richard Harrington.
The PLSA's pension quality mark board chairman Adrian Boulding said the awards will help guide savers to high-quality products.
He said: "In the age of pension freedoms, [these] 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."
Xafinity head of defined contribution (DC) solutions Ken Anderson commented: "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 Pensions Trust is a high quality master trust designed with their interests in mind."
Lifesight UK managing director Jo Kite added: "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."
L&G head of DC Emma Douglas said: "Achieving the RQM not only means we can help savers build confidence in the at-retirement products they choose from us, but is also testament to our commitment to raise the standards of pensions in collaboration with the industry."
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