Smart Pension, one of the UK’s leading workplace pension providers, and Mercer, a global consulting and investments leader and a business of Marsh McLennan, has launched a new pension solution to meet the accelerating demand for modern retirement technology among 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 Pension’s award-winning digital-first technology platform, Keystone, together with Mercer’s market-leading 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. Mercer Smart Pension can assist employers who seek to enhance the financial security, long-term planning and personal well-being 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 e-commerce app or digital bank.
“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,” said Phil Parkinson, Head of Wealth and Investments at Mercer.
“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 [defined contribution] 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.”
Jamie Fiveash, CEO of Smart UK, said: “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 democratising financial well-being 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 among employers is met.
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