Smart Pension & Mercer launch new SME pension solution
First of its kind collaboration between fintech and employee benefits consultancy addresses accelerating demand for modern retirement technology amongst the UK’s 5.5 million1 SMEs.
London: 30 October 2023
Smart Pension, one of the UK’s leading workplace pension providers, and Mercer, the global consulting and investments leader and a business of Marsh McLennan (NYSE: MMC), today 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 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 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.
“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 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 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.
1 Source: https://www.gov.uk/government/statistics/business-population-estimates-2022/business-population-estimates-for-the-uk-and-regions-2022-statistical-release-html
About Smart Pension
Launched in 2015, the Smart Pension Master Trust exceeds £3bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
[Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension].
About Mercer
Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with more than 85,000 colleagues and annual revenue of over $20 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit mercer.com. Follow Mercer on LinkedIn and X.