Smart Pension, one of the UK’s workplace pension providers, and Mercer, the global consulting and investments leader and a business of Marsh McLennan (NYSE:MMC), launch a new pension solution to meet the accelerating demand for modern retirement technology amongst the UK’s 5.5 million small and mid-sized enterprises (SMEs).
The new offering, Mercer Smart Pension, “brings the Smart Pension Master Trust, underpinned by Smart’s digital-first technology platform Keystone, together with Mercer’s investment capabilities, governance support and retirement services.”
For many UK businesses and their employees, size, affordability and access to technology are significant barriers when it “comes to pension provision and related employee benefits for the workforce.”
Mercer Smart Pension can “assist employers who seek to enhance the financial security, long-term planning and personal wellbeing for a wide range of UK workers.”
It levels the playing field, “offering the same benefits that employees in larger companies enjoy, as well as the first-class technology they would expect from an ecommerce app or digital bank.”
Phil Parkinson, Head of Wealth and Investments at leading global consulting and investments firm, Mercer, said:
“Speaking to small and mid-sized businesses and their employees, we heard frustration from many clients who were not positioned to benefit from the tools, support and investment research larger employers can access.”
Jamie Fiveash, CEO of Smart UK said:
“Knowing Smart Pension’s digital and fintech credentials, we recognised an opportunity to bridge this crucial gap. Mercer has combined the strength of its global investment research, experience in delivering global DC products and consulting with a fintech solution from Smart Pension to provide a low-cost, feature-rich pension and benefits platform. For a largely overlooked section of the UK economy.”
As noted in the update:
“This is a game-changer for pension provision in the UK. Combining Mercer’s unrivalled reputation for client focus and solutions with Smart’s industry-leading technology and customer experience will deliver a very exciting prospect for SMEs. Our aim is to reshape how employers and employees think about retirement planning. By combining our expertise with Mercer we are democratizing financial wellbeing and setting a new standard for the industry.”
Smart Pension and Mercer are closely “aligned in their aim to open up the full potential of digital retirement technology, and both are signatories to the Mansion House Compact announced in July 2023 by Chancellor of the Exchequer, Jeremy Hunt.”
The two companies aim “to ensure that the accelerating demand for modern retirement technology amongst employers is met.”