What we offer
This site is solely for members who are eligible to join the Mercer Master Trust Retirement Section and are considering transferring their retirement savings to draw flexibly on them.
The site contains information about this option and includes a form for you (or your financial adviser) to fill in to request a call back from the Mercer Master Trust administrator to explore this option.
Your retirement savings can be used in other ways and it's important to choose the option that's right for you. It's important to shop around as it might help you obtain better terms. Please read the Retirement Options Letter received from your existing pension scheme administrator to find out more.
How does the Mercer Master Trust Retirement Section work?
This option allows you to have your retirement savings invested whilst drawing an income from them.
If you join the Mercer Master Trust Retirement Section, the retirement savings you have built in the company pension scheme that introduced you to this service, will be transferred to it. You can then choose how you want to invest your retirement savings and how and when you want to take payments from them to support you in retirement.
You can normally take up to 25% of the retirement savings you transfer to the Mercer Master Trust Retirement Section as a tax-free lump sum. Any subsequent withdrawals will be added to other income for the tax-year and the income tax you will pay will be based on that amount.
Tax rules can change and any benefits will depend on individual circumstances.
The money you move into Income Drawdown remains invested and can go down as well as up in value. How long your money lasts will depend on how your investments perform, the amount of income you take, and charges. It's important that you regularly review your level of income as it is not guaranteed.
There is more information in the guides linked to below. We recommend you read them carefully.
The documents can be downloaded or viewed at any time on this site.
Details about the Mercer Master Trust Retirement Section, including answers to some questions you may have about it.
Member guide
A more detailed guide to the main features of the Mercer Master Trust Retirement Section.
Investment guide
This sets out your options for investing your savings in the Mercer Master Trust Retirement Section
Mercer Master Trust - Fair Processing Notice
This describes how the Mercer Master Trust Trustees use members' personal data.
What are the charges?
There is no charge for transferring to the Mercer Master Trust Retirement Section. However, you will pay an Annual Management Charge (AMC) based on the value of your retirement savings. The AMC you pay will depend on how you choose to invest your account.
If you invest in the Mercer Retirement: Drawdown M1 fund the AMC is currently 0.45%. This figure includes:
- A scheme AMC of 0.29% - which is the charge covering the costs of running your account; and
- Fund charges of 0.16% - these are the charges applied by the investment fund manager and are split 0.11% Fund AMC and 0.05% additional expenses.
A range of other investment funds are available, some of which may have higher AMC. Some funds may also apply additional expenses on top of the AMC.
Full details of all the investment funds available, their current costs and charges, their aims, risk ratings, risk warnings and type can be found in the Investment Guide above.
Taking the first step
If you are a member
Arranging a call back to discuss your options
If you are a member thinking about transferring retirement savings to the Mercer Master Trust for income drawdown, you will need to speak to the Mercer Master Trust administrator, Aviva.
This call is free and you can arrange it by submitting the form below. The Aviva representative will discuss the options available to you and highlight some of the things to think about when considering transferring your retirement savings.
Please note that this call is for information purposes only, as Aviva representative cannot offer advice. We are unable to offer call backs on weekends or bank holidays. Please note, we require 24 hours’ notice for a call back.
Making the most of your call back
To make the most of your call back, we recommend you read the above guides beforehand and have your Retirement Options Letter from your existing scheme administrator to hand.
Use of your personal information
We will only use the information you provide in the above form for the purposes of your call back. We will not use it for any other purposes. If you decide to transfer, we will ask you for more information so we can set up and administer your new account. Further details on Aviva's privacy policy can be found here.
Getting help with your decision
It's not always easy to decide how best to use your retirement savings when you retire and it’s important that you make the right decision for you. That’s why you should take your time and consider all the choices.
Different pension providers may offer you different options with different charges. It's important to shop around and obtain a few quotes to make sure you’re getting a good deal and one that’s right for you.
The Retirement Options Letter you received from your existing pension scheme administrator will tell you how you can contact the Pension Wise guidance service. Pension Wise from MoneyHelper is a free, government-backed service, offering impartial and specialist guidance on your retirement options. If you're aged 50 or over, this service is available to you. Visit moneyhelper.org.uk/pensionwise or call 0800 138 3944 for full details of the service.
If you decide to go ahead, how will the transfer from the Mercer Master Trust work?
The transfer process will broadly be as follows:
Please be aware that the transfer may take several weeks to complete, particularly if you are paying additional voluntary contributions (AVCs) into your existing pension scheme. It will also take a short period of time for Aviva to set up your new account in the Mercer Master Trust Retirement Section and make any payments you have requested.
We therefore recommend that you plan to allow sufficient time for the transfer to be completed.
If you are an adviser, please provide the information below
If a member decides to go ahead, how will the transfer from the Plan work?
The transfer process will broadly be as follows:
- Complete the form - The adviser needs to complete the form, and send it back to Aviva. The Aviva administration team will then carry out their checks on it.
- Checks - If the adviser does not meet the requirements, Aviva will notify them that the transfer will not be able to go ahead. If the adviser does meet the requirements Aviva will notify the member and, Aviva will then issue the pack to the member.
- Complete application – Aviva will provide an illustration and an application form which the member needs to complete and return to Aviva. The illustration will be based on the member’s guaranteed transfer value from the Plan and will show the charges which will apply based on their preferred investment choices.
- Account set up – Aviva will process the application form and request a transfer from the Plan.
- Completion – Aviva will set up the new account and trigger any tax-free cash lump sum or drawdown payments requested in the application form. Once the transfer is made, the member will no longer be a member of the Plan.
Please be aware that the transfer may take several weeks to complete, particularly if you have additional voluntary contributions (AVCs) in your current scheme. There will also be a short period whilst we set up your new account in the Mercer Master Trust Retirement Section before you will be able to receive any payments.
We therefore recommend that you plan to allow sufficient time for this transfer to be completed.