Mercer Master Trust has been granted authorisation following a successful application to the Pensions Regulator (TPR).
The £2.2 billion Mercer Master Trust has successfully met the requirements* through its application, supported by its strong governance capability, scale and investment expertise. Focused on supporting employers in offering a secure and sustainable retirement arrangement for members, the Mercer Master Trust currently serves 71,000 savers in the UK and has committed significant investment in employee-facing digital capabilities, working to enhance financial wellness, customer journeys and ultimately member retirement outcomes.
“We are delighted to receive authorisation and would like to thank the trustees, advisers and Mercer colleagues whose contributions enabled us to achieve this goal”, said Roger Breeden, Partner at Mercer. “The bar set by TPR was high and appropriately so, given the importance of delivering retirement income to members across the UK. The Regulator has communicated in an open and transparent way throughout the process, which has helped to ensure that we were able to provide all the detail of the unique structure of the Mercer Master Trust.”
Alan Pickering, of BESTrustees and the Chair of the Mercer Master Trust, added, “Reaching this important milestone has required a considerable amount of hard work on the part of the Trustees, their advisers and the staff at Mercer. This authorisation will help improve the outcomes for both members and participating employers. As Trustees, we do not regard this as job done. Authorisation is an event, while good governance must be an on-going process. Knowing my fellow Trustees as I do, continuous improvement will be the name of the game going forward.”
Notes to Editors
*In order to operate in the UK, master trusts must meet all the criteria laid out by the Pensions Regulator’s code of practice for the authorisation and supervision of master trusts, which includes assessment of the experience of individuals running the arrangement, systems and processes in place, the long-term continuity strategy, financial stability and funding sources.
Given the importance of the master trust vehicle in delivering retirement income to the rising number of defined contribution pension scheme members across the UK, the Regulator’s rigorous assessment for authorisation has been a crucial test for the maturing master trust market.
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With nearly 75,000 colleagues and annual revenue over $17 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer. In the UK, Mercer Limited is authorised and regulated by the Financial Conduct Authority.