Global superannuation expert Mercer has expanded its partnership with Virgin Money Australia to develop a fully featured public offer superannuation product, in a first-of-its-kind deal for the business.
Mercer has been providing Virgin Money with superannuation administration services since 2015, and today announces that it has completed a landmark successor fund transfer of Virgin Super into the $21 billion Mercer Super Trust (MST) - allowing the two businesses to jointly market Virgin Money Super.
Andrew Godfrey, Mercer’s Financial Services Business Leader said the deal represents a strategic expansion for the future of Mercers’ wealth business by partnering with such a strong direct-to consumer brand.
“Partnering with one of the world’s most iconic brands allows both Mercer and Virgin Money to leverage the best capabilities from each organisation.”
“It also provides a new opportunity for significant growth in Mercer’s superannuation business, opening up a direct to consumer offering and the potential for us to service the micro, and small-to-medium employer markets,” he said.
Greg Boyle, CEO of Virgin Money Australia said the partnership marries Virgin Money’s commitment to delivering beautifully simple and rewarding financial products with Mercer’s industry-leading customer experience offerings and cutting edge digital capabilities.
Virgin Money Super offers some of the lowest administration and investment fees in public offer superannuation, whilst delivering high value to customers in the form of market-leading investment options, simple super advice, a state-of-the-art digital experience and the ability for customers to choose how much involvement they want in managing their investments.
“Virgin Money Super is about helping our customers retire comfortably and look forward to a bigger future. This partnership provides our customers with access to a market-leading superannuation offering, which meets our commitment to delivering low-cost, high-value financial solutions.”
“We know super is complex, so Virgin Money Super allows customers to take as much control as they are comfortable with – you can create your own blend of investment options, or we’ll do it for you,” he said.
The partnership also means that Virgin Money Super has access to Mercer’s market leading consumer insights via MercerEdge - Mercer’s proprietary big data and analytics platform.
“Our customers are tech-savvy and will appreciate the next-generation digital experiences made possible by Mercer – allowing them to see their retirement savings in a whole new light,” Boyle added. The new Virgin Money Super will be launched to the public early in 2017.
Information about Mercer
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and careers of their most vital asset – their people. Mercer’s more than 20,000 employees are based in 43 countries and the firm operates in over 140 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 annual revenue of $13 billion and 60,000 colleagues worldwide, 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.
Follow Mercer on Twitter @Mercer.
Information about Virgin Money
You probably know the Virgin brand – trusted globally and well-known for shaking things up and providing real alternatives when we think people deserve a fairer go. It’s in our DNA to challenge the norm and do things differently.
At Virgin Money, we’re passionate about helping people realise bigger possibilities through the delivery of beautifully simple and rewarding financial products, all backed by Virgin’s great customer service. We reject the notion of complex financial services. Instead we aim for clarity and simplicity in everything we do. Our current offering spans credit cards, home loans, superannuation, life insurance, income protection, home & contents insurance, car insurance and travel insurance.
Our lawyers would like you to know:
Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869 is the promoter of Virgin Money
Super. Mercer Superannuation (Australia) Limited ABN 79 004 717 533 AFSL 235906 is the issuer and trustee of Virgin Money Super, a plan in the Mercer Super Trust ABN 19 905 422 981.