The National Association of Pension Funds (NAPF) has launched a search for at-retirement providers to help develop a range of services for defined contribution (DC) savers.
The organisation has announced a call for expressions of interest from advisers, brokers and other parties in the at-retirement market to establish solutions for trustees and employers looking for advice and brokering services for members.
NAPF chief executive Joanne Segars (pictured) said that while at-retirement support is improving, "too many savers are failing to make the right choices" when it comes to their pension pots.
She said: "Our aim is to act as an independent source to tackle some of the market barriers and take some of the hassle out of finding the right adviser or broker."
Three models of support for DC members making decisions around annuities and income drawdown have been proposed.
A quality mark scheme that assesses advisers and brokers against minimum quality standards could be established, creating a shortlist of accredited bodies.
The NAPF already backs the Pension Quality Mark (PQM) for DC schemes and providers, which has tightened its requirements in recent months in order to put downward pressure on charges (PP Online, 25 February - www.professionalpensions.com/2250405).
Alternatively, a limited panel of adviser or broker preferred services could be formed - with selected providers undergoing a "rigorous" selection process. NAPF said this option could "simplify processes and reduce costs", as well as assuring proper due diligence is applied to panel members. Additional services, such as workforce education on at-retirement options, could be provided.
Other proposals, such as insurer-sponsored solutions that could widen the scope of provision that is considered too costly to serve, are also being considered.
Any organisations wishing to register their interest should contact NAPF by 9 August, before submitting full expression of interest responses by 3 September.
A formal request for proposal stage will likely be held at a later date with shortlisted parties.
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