Mercer has launched a master trust service through its workplace savings platform.
The service will enable employers to select from three providers: Aegon, Friends Life and Zurich. Service levels have been agreed with each provider.
Mercer has also appointed BESTrustees as independent trustee for the service.
The master trust service has been designed with the Office of Fair Trading’s (OFT) defined contribution (DC) report in mind.
It aims to cater to employers that wish to be fully involved in their pension provision, as well as those that just want a well-governed option for employees.
Brian Henderson (pictured), UK DC leader at Mercer, said: “Through our Mercer workplace savings service, organisations will be able to enrol employees in selected provider schemes, over which Mercer exercises consistent, professional oversight.”
Alan Pickering, chairman at BESTrustees, added: “Hopefully, employers, and employees that adopt this scheme will benefit from our attention to detail, so the routes they choose can lead to improved member outcomes.”