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Mercer Super expands offering with workforce super solutions
Mercer Super has announced the launch of Mercer Business Super, focusing on solving the needs of organisations that are seeking to enhance their employer-supported super offering.
The fund confirmed that it will offer services and products that have traditionally catered to large employers in the corporate sector, to micro as well as small and medium-sized businesses (SMEs). This will include businesses with 20 employees or fewer, which comprise the bulk of the country’s businesses.
Mercer Super noted that this segment, which represents approximately 2.5 million businesses in Australia, does not require complicated arrangements, yet has been “limited” in its ability to access the benefits of tailored super fees and insurance arrangements due to the smaller size of its employee base.
Tim Barber, chief executive of Mercer Super, said: “Having delivered corporate super solutions to employers for almost 30 years, we have the experience to make super simple for organisations from microbusinesses and SMEs to large companies, with or without bespoke requirements.”
Namely, Mercer Business Super’s features include a range of investment options including its life cycle MySuper default Mercer SmartPath and Mercer Super’s choice investment options.
The fund also confirmed that it accommodates accumulation plans and allows for employer-subsidised administration fees and insurance premiums as an employee benefit.
Mercer Super is additionally able to accept super guarantee contributions between five and 15 business days of completing an application and will provide access to its “Care & Living” service, which will help members and their families access their ageing care needs.
“We recognise that not every business requires a complex superannuation solution. Mercer Business Super was designed for simplicity and ease of implementation. This means a quick onboarding period and reduced administrative burden for employers,” Barber said.
Mercer Super announced that it had reached 850,000 members and $63 billion in funds under management in April last year, later revealing that it would acquire the Holden Employees Superannuation Fund (HESF) in May 2023.
This marked three acquisitions for the fund, all occurring in less than two years, following its mergers with BT Super and Lutheran Super.
“Mercer Super is on a growth trajectory, and our intention is to keep growing and investing in Mercer Super for the benefit of our members. Scale provides natural flow-on effects for members, with the identifiable benefit being competitive fees,” Barber said last year.
AUTHOR
Jessica Penny
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