Australia, July 1, 2021 – Mercer has successfully completed the transition of all TAL Superannuation and Insurance Fund (TSIF) members to Mercer Super. The successor fund transfer (SFT) of the $1.1 billion TSIF marks the expansion of Mercer Australia’s relationship with TAL, which encompasses services across superannuation and investment consulting.
As of 1 June, 23,000 accumulation members of TSIF have joined Mercer Super, with a further 15,000 risk only (retail insurance) members joining the existing Accelerated Protection division of Mercer Super.
Head of Mercer Super, Tim Barber, said the SFT would result in better long-term retirement outcomes for TSIF members.
“Mercer has enjoyed a strong relationship with TAL over the years, and we’re pleased to be taking it to the next level by creating a future for their fund within Mercer Super,” Mr Barber said.
“Working closely with TAL, we’ve developed solutions to complex issues in order to deliver a simpler proposition for members. The vast majority of TAL members will have lower fees, and all will have access to a wider array of investment options,” he said
Mr Barber said Mercer Super was actively pursuing a range of growth opportunities.
“It’s an exciting time at Mercer Super as we invest further in improving the efficiency and competitiveness of our fund. We’ve already made significant changes by making adjustments to our products and fees. We’re pleased that TAL has recognised this work and chosen us for their members. We will continue to evolve as we seek to build a better life in retirement for our members.
“Our corporate superannuation division has been a significant part of Mercer Super and we continue to grow our proposition for our employer clients. We’re also investing in a number of initiatives outside of corporate superannuation to strengthen our presence, and we look forward to sharing our progress in due course,” said Mr Barber.
Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with 76,000 colleagues and annual revenue of $17 billion. Through its market-leading businesses 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. Follow Mercer on Twitter @MercerAu and LinkedIn.