In the UK, defined contribution (DC) has become the dominant form of pension provision for new employees. Membership was projected to exceed DB market share early in the next decade but, due in part to the economic crisis, this has arguably already occurred. Trust and contract-based services are in demand while the Pensions Regulator’s focus has been on DC governance.
Mercer’s DC offering helps clients control costs and manage financial, operational and reputational pension risks. Employer spend becomes more transparent to employees and enables them to manage their future wealth planning effectively.
DC SAVINGS FORUMS - ENABLING BETTER OUTCOMES : POST EVENT PAGE
In the session on “What do better outcomes mean to you?” we collectively established that some outcomes are more equal than others. But there was some commonality around engagement, income at retirement and certainty.
The risks along the way were brightly enacted by our resident employer and employee characters in the “Risky business” section, but the messaging is clear, risks are not singly the responsibility of the employee in the new DC world and are actually more aligned to the employer than expected.
Ultimately, enabling better outcomes can be distilled into Design, Engagement, Investment and Retirement, all wrapped up with good governance. In the last session of the day “Enabling better Outcomes” we provided some examples of our latest thinking, be it outcome-based investing or retirement services. The key takeaway is that, individually, each component can improve outcomes on their own, but when pulled together the impact can produce the best overall outcomes.
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MERCER WORKPLACE SAVINGS – A BEST OF BREED SOLUTION
The modern workforce is unlike any in history. It's the most diverse, rapidly changing, and comprises individuals with widely differing backgrounds, needs and aspirations. In terms of these people's requirements for pensions, savings and other investments, it's also subject to a totally new set of pressures.
To meet these new challenges, we've devised a new approach to pension and savings provision. We've called it Best of Breed. Best of Breed is a promise we've all made at Mercer Workplace Savings to deliver our clients truly market-leading providers, investment governance, operational governance, and 'at retirement' services to meet the diverse needs of diverse workforces – for now, and for the future.
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