Are you helping your members try and make the best choices at retirement?
Pension freedoms gave defined contribution (DC) pension plan members more options about how and when to access their funds.
But greater freedom has created extra complexity that can lead to bad decisions, even when members have guidance.
Financial Conduct Authority figures show:
- Two-thirds (66.6%) of members accessing their pensions for the first time do not take regulated advice to support their decisions.
- 56% of all pots are cashed in entirely on first access, when leaving some funds in the pension might have led to better investment returns and a lower tax bill.
- 40% of people drawing down from their pension pots do so at a rate of more than 8%, meaning their money will run out too soon.1
Many pension schemes are struggling to keep up with ever changing legislation and digital innovation. This can leave members without the level of support they need to make informed decisions about their pension savings.
Mercer Retirement Services addresses these issues by offering a comprehensive range of options to help members plan effectively, sustainably and with flexibility if required.
Helping your members meet the retirement challenge
-
Income DrawdownIncome drawdown for people who wish to access and manage their pensions savings on a flexible basis.
-
Digital retirement adviceMercer’s Destination Retirement service offers affordable, fully regulated digital retirement planning and advice.
-
Fully supported advised solutionAn in-person advice service for people with more complex financial needs or larger pension pots — covering decision-making, consolidation, implementation and review.
Informing your members about Mercer Retirement Services
We have a robust implementation process to help you introduce Mercer Retirement Services to your members. Once you have agreed and signed the supporting engagement letter, we’ll do the rest to put the services in place.
We offer a range of materials to help you promote awareness of Mercer Retirement Services and we provide links to include in your existing communications for retirees:
Tried and tested
Signing up for Mercer Retirement Services
Related solutions
-
DC schemesMercer helps defined contribution pension schemes manage complexity and risk with the aim of delivering better outcomes for your members.
-
DB schemes
Defined benefit schemes
Trustees and sponsors of defined benefit pensions know the increasing complexities involved in managing their schemes. Find out how Mercer’s defined benefit… -
DC schemes
Mercer DC Master Trust
Outsourcing your workplace pension scheme to the Mercer DC Master Trust can deliver cost and time savings for your business and opportunities to improve outcomes…
Related insights
-
DC schemes
Is Your Business at Risk? Understanding auto-enrolment compliance challenges
Mercer’s research finds that many employers are unknowingly breaking auto-enrolment laws. A specialist advisor can help. -
DC schemes
Navigating Pension Consolidation: Insights for Trustees and Employers
In the evolving landscape of the secondary master trust market, employers are increasingly evaluating their current master trust pension scheme arrangements. -
DB schemes
Navigating governance challenges: Insights and strategies for trustees
We surveyed trustees across the UK pensions landscape, including defined benefit (DB), defined contribution (DC) and hybrid schemes to understand how they are…