Smart Pension and Mercer launch new SME pension solution

By Gloria Methri

UK-based workplace pension provider Smart Pension has joined hands with Mercer, the specialist in consulting and investments, to launch a new pension solution. The partnership aims to meet the accelerating demand for modern retirement technology amongst the UK’s small and mid-sized enterprises (SMEs).

The new offering, Mercer Smart Pension, brings the Smart Pension Master Trust, underpinned by the digital-first technology platform Keystone, together with Mercer’s investment capabilities, governance support, and retirement services.

Mercer Smart Pension can assist employers who seek to enhance the financial security, long-term planning, and personal well-being of a wide range of UK workers. It levels the playing field, offering the same benefits that employees in larger companies enjoy, as well as the top technology they would expect from an e-commerce app or digital bank.

“Speaking to SMBs and their employees, we heard frustration from many clients who were not positioned to benefit from the tools, support, and investment research larger employers can access,” said Phil Parkinson, Head of Wealth, and Investments at Mercer.

“Knowing Smart Pension’s digital and FinTech credentials, we recognised an opportunity to bridge this crucial gap. Mercer has combined the strength of its global investment research, experience in delivering global DC products and consulting, with a fintech solution from Smart Pension to provide a low-cost, feature-rich pension and benefits platform for a largely overlooked section of the UK economy.”

Jamie Fiveash, CEO of Smart UK, said, “This is a game-changer for pension provision in the UK. Combining Mercer’s unrivalled reputation for client focus and solutions with Smart’s industry-leading technology and customer experience will deliver a very exciting prospect for SMEs.

“Our aim is to reshape how employers and employees think about retirement planning. By combining our expertise with Mercer, we are democratising financial wellbeing and setting a new standard for the industry.”

Smart Pension and Mercer aim to open the full potential of digital retirement technology, and both are signatories to the Mansion House Compact announced in July 2023 by Chancellor of the Exchequer, Jeremy Hunt. The two companies aim to ensure that the accelerating demand for modern retirement technology amongst employers is met.