Mercer has selected financial services technology provider EV to deliver DC pension forecasting capabilities and financial APIs to power its upgraded pension modeller. The modeller is deployed within the Mercer Money app, which is the digital front door for member’s online accounts, and is used predominantly by Mercer Master Trust members.
Using open banking capabilities, Mercer Money provides money management functionality and allows users to view their finances holistically, including earnings, savings, pensions, borrowing, and assets. Alongside the app’s existing functionality, the enhanced modeller will add a sophisticated, intuitive tool to help Mercer Master Trust members better understand their retirement outlook. It breaks the modelling process down into simple, bite-sized chunks that members can work through, one question at a time.
Powered by EV’s enhanced modelling capabilities and four of its Software-as-a-Service (SaaS) retirement APIs, the new tool shows members their pension savings in terms of projected income based on current pot size and contributions. It invites them to build on that at their own pace, gradually bringing other pension pots and assets into the picture. The outputs are compared against the PLSA living standards, or another benchmark of the member’s choosing. Further APIs will be added over time, ensuring that the modeller continues to evolve, allowing members to build an increasingly detailed picture of their future.
Stephen Coates, Head of Proposition, Mercer, commented:
”Sound decision-making requires a basic level of engagement. But building engagement is really about building trust. The approach we have taken with EV aims to encourage greater interaction with members’ financial information by making the process of learning easier. By breaking down potential choices into simple questions and allowing members to explore what it means for them at their own pace, we can help them understand the impact of their decisions and the trade-offs they may need to make. The more they explore and find it easy, and the more times they receive relevant insight, the more confident they will be to interact again, building trust in the tool, the product and their own decisions. We’re aiming to build better financial decision-making, one simple question at a time.”
Gary Wheeler, Chief Commercial Officer at EV, comments:
“With the upgraded modeller being accessed from their member app, Mercer is further enhancing their approach to the issue of low engagement among pension scheme members by focusing on improving overall wellbeing and financial outcomes. It is a prime example of how EV’s range of over 40 flexible, configurable APIs, based on our proven calculation engine, empowers financial institutions to seamlessly incorporate innovative solutions across retirement, investment, risk suitability and holistic financial planning within their existing technology.”
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Jenette Greenwood, PR Director, the lang cat
07710 392303 / jenette@langcatfinancial.com
Jenny Burt, Director of Marketing, EV
07557 681 080 / jennifer.burt@ev.uk
EV is one of the UK’s market-leading digital financial planning solutions providers. We have operated as an independent organisation for over a decade, backed by a further 18 years of financial services consultative experience. We connect and empower our intermediary financial partners with intuitive, customer-centric advice, guidance software, and investment solutions.
We have a history of developing engaging tools that help financial advisers and their clients navigate the complexities of financial markets, ultimately delivering simplified financial planning and enabling clarity over investment options, cash flow forecasting and aligned client risk profiles.
Powered by our proprietary market-leading stochastic asset model, our powerful calculations and strategic multi-asset allocations are used globally across the financial ecosystem by financial advisers, pension and platform providers, asset managers, banks, and building societies, to name but a few.