Mercer has recently passed two significant milestones: obtaining a market services licence under the Financial Markets Conduct Act, and approval to merge Mercer’s two KiwiSaver schemes into one.
Mercer was granted its market services licence on 11 June and will now be able to operate as a licensed Manager of Managed Investment Schemes. Under the Act, KiwiSaver and superannuation providers are required to be licensed by December 2016 if they wish to continue to operate retail schemes.
Mercer New Zealand’s Managing Director, Martin Lewington, said: We are very pleased to be one of the first KiwiSaver providers to gain a licence. As well as meeting regulatory requirements, we are helping our clients with their decisions and requirements under the Act and discussing wider issues such as post-employment solutions, education and investments.
Mr Lewington said Mercer had also gained approval from the Financial Markets Authority to transfer Mercer Super Trust KiwiSaver scheme members into the Mercer KiwiSaver scheme.
Combining our two KiwiSaver schemes ensures our KiwiSaver members have access to the best possible products and services in the market. Existing members of the Mercer Super Trust KiwiSaver scheme will also benefit from lower fees.
The transfer is expected to be completed this month. To find out more about the Mercer KiwiSaver scheme visit www.mercerkiwisaverscheme.co.nz
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 20,000 employees are based in more than 40 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.com.nz. Follow Mercer on Twitter @Mercer_NZ.