Benefits Guru Workplace Pension Rating 2024

Congratulations to Mercer on their gold awards in the Benefits Guru Workplace and Auto-Enrolment Ratings!

As a leading pension trust company, this achievement is a testament to their unwavering commitment to excellence.

Mercer’s dedication to providing innovative solutions and exceptional service has undoubtedly established their position as one of the trusted industry leaders. We look forward to witnessing their continued success and growth in the years to come.

Member App & Portal:

Member App & portal: Mercer offers their members a portal and a native mobile app, both of which include all the features and functionality a user would expect from an online service. The app has transactional capability, supporting all (100%) of the same features and functionality as the online member portal. Both the portal and app include nudge messaging functionality. Members can also consolidate their pensions online and via the app.

At Retirement – Member Support:

At retirement options: Mercer offers comprehensive at-retirement support.  The offer a full suite of support services from guidance to full advice, and were the first to introduce digital retirement advice – brining the cost of advice within reach of many more scheme members.  It also includes targeted newsletters and documents that exceed statutory guidance, available via email and the member app with push notifications. They provide a plain English summary of members’ annual statements and have a retirement income tool on their website/portal covering tax-free cash, annuities, drawdown, and full encashment. Guidance on income tax for lump sum and income withdrawals, as well as non-pension-specific guidance, is also available. Members can crystalise their pension plans online and contact a dedicated at-retirement customer support team with industry-recognized qualifications. The support team can transact withdrawals/drawdowns over the phone. Members can access their pension benefits while still being part of the scheme.

Individual & Bulk Pension Transfers:

Individual & Bulk Pension Transfers: Mercer support both individual and bulk transfers, including deferred members. The system provides full support throughout the transfer process via web and telephone, and there is no minimum transfer amount. Transfers can be applied for online, and the process is simplified for transfers into replacement schemes. The platform uses Origo Transfer as the preferred service and ensures data is securely transferred electronically. The average turnaround time for bulk transfers is less than 10 days, and the system supports electronic tracking and pre-funding for bulk transfers.

Member & Worksite Communications:

Member & Worksite Communications: Mercer provides member communications at no additional cost. Their system generates various types of documentation automatically, including generic scheme documentation, client-specific documentation about opting in/out, and supporting documentation on retirement savings. Mercer offers templates for all statutory employee communications and can send bulk PDF attachments if member email addresses are not available. Mercer also integrates Salary Exchange information into communications and allows for tailored communications to different employee groups within an organisation.

Financial Inclusion:

Financial Inclusion: Mercer offers Cash ISAs and Investment ISAs, allowing payroll deductions and additional payments via the employer. Vulnerable customers can opt-out online or via telephone. Financial resilience is supported through automated processes for payroll integration and contribution calculations. Transfers from other ISAs are accepted manually for Cash ISAs and automatically for Investment ISA

Support Services:

Support Services: Mercer offers excellent support services to both advisers and employers. This includes dedicated teams to support scheme set-up, transfers, new joiners, and leavers. They provide call centre support (working hours only), WebChat, and online services. Mercer Master Trust offers comprehensive training to all parties, and the system implementation process takes from 2-3 months, depending on scheme requirements, which is monitored by a dedicated implementation team

Default Investment & ESG Strategy:

Default Investment & ESG Strategy: Mercer offers a wide range of funds on their platform, including default investments, ESG (Environmental, Social, and Governance) funds, and faith-based funds like the Shariah fund. They provide a core default fund named Mercer SmartPath, which is used for default options and can be customised by advisers. Mercer Master Trust monitors the objectives, volatility, and suitability of their chosen default funds on a yearly basis.

Our annual ratings are designed to assist advisers, providers and employers in their decision-making process and highlight which providers have the greatest strengths in different areas of their pension propositions.

To view the full medals tables, all the awards and the accompanying provider factsheets please visit www.benefitsguru.co.uk/ratings/