Mercer has won contracts to provide over 50 clients, including UK Greetings Limited, with its Mercer Workplace Savings (MWS) offering. Since its launch in February 2011, client appetite for the solution is continuing to grow, with committed assets under management now hitting £2.2bn. The wins reflect an increasing focus by clients on pension scheme governance in light of auto-enrolment and to meet regulator goals.. Some clients are also looking to offer savings plans (ISAs and general investment accounts) to their employees as an alternative or supplement to pensions.
UK Greetings Limited chose to work with MWS earlier this year. Brian Capps, Director, Group Human Resources at UK Greetings Limited, said: "'We needed a new pension provider and the MWS solution was able to deliver a complete package, from provider selection through to ongoing investment and operational governance. We liked the fact that the governance services were built into the MWS framework, and the fact that the MWS services are flexible enough to cope with the changing DC and wider savings environment.”
Emma Douglas, Head of Mercer Workplace Savings, said: "We are delighted with the response to MWS. Employers have responded to the innovative approach that MWS offers as it addresses their concerns about escalating costs and the risks of benefit provision. Increasingly, employers are recognising the need to boost member outcomes and are hungry for more flexibility in meeting employees' wider savings needs; MWS delivers a full selection box.
"Our solution is completely flexible and clients can pick and mix the elements that fit their needs. These include investment-only and bundled trust-based plans, Group Personal Pensions, stand-alone savings plans, which include Cash and Stocks and Shares ISAs, as well as a general investment account, or a fit for purpose selection. Many of our clients have started by addressing their pension issues and are looking to sweeten their pension package by picking up wider savings options at a later date."
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