Smart Pension and Mercer have partnered on a new pension solution, Mercer Smart Pension, designed to meet the accelerating demand for modern retirement technology amongst the UK's small and mid-sized enterprises (SMEs).

The duo acknowledged that for many UK businesses and their employees, size, affordability and access to technology are significant barriers when it comes to pension provision and related employee benefits.

Given this, Mercer Smart Pension aims to assist employers who are looking to enhance the financial security, long-term planning and personal wellbeing for a wide range of UK workers.

In particular, the new offering aims to "level the playing field", by offering the same benefits that employees in larger companies enjoy, as well as the technology they would expect from an ecommerce app or digital bank.

As part of this, the new solution will look to bring together Smart Pension Master Trust and Keystone platform together with Mercer’s investment capabilities, governance support and retirement services.

Commenting on the news, Mercer head of wealth and investments, Phil Parkinson, stated: “Speaking to small and mid-sized businesses 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.

“Knowing Smart Pension’s digital and fintech credentials, we recognised an opportunity to bridge this crucial gap."

Smart UK CEO, Jamie Fiveash, added: “This is a game-changer for pension provision in the UK.

“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.”

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