Mercer has been named Innovator of the Year at the 2015 Conexus Financial Superannuation Awards. The award makes it an ‘innovation hat-trick’ for Mercer and for the game-changing retirement income solution, Mercer LifetimePlus.
The Conexus Financial award for Mercer and for LifetimePlus is the third nod this year to Mercer’s innovative retirement income solution. It follows the 2015 CANSTAR Innovation Award, where it was the only superannuation product to be awarded, and more recently, the Chant West Award for ‘Best Fund: Innovation’.
Mercer’s LifetimePlus investment option was commended as a ground-breaking product in the Australian retirement income market, allowing funds to enhance their account based pensions to incorporate a longevity solution and provide their members with an income for life.
Leader of Mercer’s Retirement business in the Pacific market, Mr Guy Thorburn, said, “Australia’s superannuation industry has grappled, for years, with how to offer Australians simple, affordable and flexible retirement income options that offer longevity risk protection. We firmly believe we changed the game with the launch of our longevity solution, LifetimePlus and we’re thrilled to be recognised with this award from Conexus Financial.”
“Creating a solution for Australians that can help ensure their super nest egg can last for as long as they do is a very difficult challenge. To rise to this challenge, we needed a commitment to innovation right across our business, at every level of the organisation. We embraced this challenge and delivered a new retirement income product for Australians,” said Mr Thorburn.
Mercer’s LifetimePlus is a world-first longevity pooled investment fund within an account based pension. It combines an investment strategy focused on capital preservation with a unique longevity pool structure, which means members share the risk together and there are no third party shareholders or insurance premiums. It provides three key deliverables: investment returns, living bonus payments, and capital return payments; it is an income for life.
“LifetimePlus addresses longevity risk in a way that has never been offered in Australia, this is definitely raising the bar in terms of providing Australians with more choice and more protection in retirement.
“We’re very proud to receive this award from Conexus Financial” Mr Thorburn said.
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 20,000 employees are based in more than 40 countries and the firm operates in over 130 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. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.com.au Follow Mercer on Twitter @MercerAu