Mercer is privileged to help more than 200,000 Australians provide for their retirement security through our Mercer Super Trust offering. We take seriously the responsibilities that come with this privilege.
Mercer does not support making it difficult for customers to find information about their product choices or to access other products. That would be entirely inconsistent with our values and our approach to conducting business. We regret any statements suggesting we advocate withholding information from members.
In January 2014, we made changes to the Allocated Pension Division (APD) of the Mercer Super Trust which served approximately 1,800 members. These changes were implemented in response to new requirements that fees for financial advice be provided on a “fee for service” rather than a bundled basis. Before 2014, the fee for Mercer’s APD offering had financial advice available as part of the fee. The lower fee for the more limited APD offering introduced in January 2014 did not include financial advice.
We are currently reaching out to all APD members to ensure they understand the product offer and have financial advice available to them to make an informed choice. We also are currently undertaking a review of our customer communication processes and will take advantage of opportunities for improvements.
Our Mercer team of more than 2,000 are committed to working hard to maintain the trust that we have earned over the last 40 years operating in Australia.
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Across the Pacific, organisations look to Mercer for global insights, thought leadership and product innovation to help transform and grow their businesses.
Mercer’s more than 22,000 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 more than 65,000 colleagues and annual revenue over $14 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.au.