Australia, 1 December, 2020 – Mercer has announced a series of changes to its Mercer Super Trust products to deliver better investment and retirement outcomes for members, including a 38 per cent reduction to their headline MySuper asset-based administration fee, i.e. a $105 saving per annum for those with a balance of $50,000. Continuing growth, combined with greater operational efficiencies, have enabled these changes.
Mark Thompson, Head of the Mercer Super Trust, said the changes would improve outcomes for members and strengthen Mercer’s competitive position.
“The superannuation sector is increasingly competitive, and members are more discerning than ever. As such, we’ve made a raft of changes that include fee reductions, simplification of products and processes, and stronger sustainable investment products,” said Mr Thompson.
The reduction in administration fees for MySuper and Choice products means a significant saving for members paying headline administration fees.
Other changes include:
“Our greater scale and efficiencies achieved through the growth of our business has allowed us to pass on savings and benefits to our members without compromising the services we are delivering. While from an operational perspective it makes sense for us to simplify our product suite and create greater consistency across our products, it all boils down to our focus on improving the retirement outcomes of members,” Mr Thompson said.
“When it comes to ESG, members are demanding an ethical and sustainable approach to investing and we are continually improving our efforts in this area. Our commitment to ESG integration was externally recognised by the Principles of Responsible Investment, where we received an A+ rating for Strategy and Governance and an A rating across all asset sectors. Continued improvements to our ESG products extend our work in this area,” he said.
All impacted Mercer Super Trust members will be notified of changes in February 2021 with new pricing and product adjustments automatically applied as of 1 April 2021.
Notes to the editor:
Mercer Super Trust’s changes effective 1 April 2021 include:
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 more than 25,000 employees are based in 44 countries and the firm operates in over 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 USD $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 or LinkedIn.