Mercer has welcomed reports that the UK Chancellor, George Osborne, will not alter pensions tax relief in the March 2016 Budget. Mercer praises the move as bringing some much needed stability to the industry after decades of changes. The consultancy has also questioned the wisdom of any future reform.
Mark Condron, Senior Partner and Head of Mercer’s Retirement business in the UK said: “We welcome the decision at this time. We see no appetite amongst our clients for further disruption at what seems a critical phase of recovery for the economy. The companies we work with certainly don’t feel a burning desire to re-vamp the UK system.
“Looking at this more broadly, a major change at this time would undoubtedly lead to a period of material uncertainty as we go through further consultations and drafting of new laws. It is unlikely to be viewed positively by the working population.
“We should remember that a huge amount of progress has been made in recent years, most of it good, to help to try to re-engage employees, through the emphasis on the importance of retirement saving and introducing greater flexibility in access to pensions after age 55. It would be a huge pity to lose engagement at this critical time. We would prefer to see more focus and emphasis on helping people understand the importance of providing for a secure future. As an industry I think we all have an important role to play here.”
Notes to Editors
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and careers of their most vital asset – their people. Mercer’s more than 20,000 employees are based in 43 countries and the firm operates in over 140 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC) a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. Marsh is a leader in insurance broking and risk management; Guy Carpenter is a leader in providing risk and reinsurance intermediary services; Mercer is a leader in talent, health, retirement and investment consulting; and Oliver Wyman is a leader in management consulting. With annual revenue of $13 billion and approximately 60,000 colleagues worldwide, Marsh & McLennan Companies provides analysis, advice and transactional capabilities to clients in more than 130 countries. The Company is committed to being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information and follow us on LinkedIn and Twitter @MMC_Global. In the UK, Mercer Limited is authorized and regulated by the Financial Conduct Authority.