The firms acknowledged that for many British businesses and their employees, size, affordability and access to technology are considerable hurdles when it comes to pension provision and related employee benefits
Smart Pension and Mercer have partnered on a new pension solution, Mercer Smart Pension, designed to meet the growing demand for modern retirement technology amongst Britain’s small and mid-sized enterprises (SMEs).
The firms acknowledged that for many British businesses and their employees, size, affordability and access to technology are considerable hurdles when it comes to pension provision and related employee benefits.
Given this, Mercer Smart Pension aims to help employers who are looking to improve the financial security, long-term planning and personal wellbeing for a wide range of UK workers.
Particularly, the new offering aims to “level the playing field”, by offering the same benefits that employees in bigger firms enjoy, as well as the technology they would expect from an ecommerce app or digital bank.
As part of this, the new solution will look to bring together Smart Pension Master Trust and Keystone platform together with Mercer’s investment capabilities, governance support and retirement services.
Commenting on the news, Mercer head of wealth and investments, Phil Parkinson, stated: 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 bigger employers can access.
Knowing Smart Pension’s digital and fintech credentials, we recognised an opportunity to bridge this crucial gap, he added.
Smart UK Chief Executive Officer, Jamie Fiveash, said: This is a game-changer for pension provision in the UK.
Fiveash said: Our goal 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.