Global superannuation expert Mercer has expanded its partnership with Virgin Money Australia to develop a fully featured public offer superannuation product, in a first-of-its-kind deal for the business.
Mercer has been providing Virgin Money with superannuation administration services since 2015, and today announces that it has completed a landmark successor fund transfer of Virgin Super into the $21 billion Mercer Super Trust (MST) – allowing the two businesses to jointly market Virgin Money Super.
Andrew Godfrey, Mercer’s Financial Services Business Leader said the deal represents a strategic expansion for the future of Mercers’ wealth business by partnering with such a strong direct-to- consumer brand.
“Partnering with one of the world’s most iconic brands allows both Mercer and Virgin Money to leverage the best capabilities from each organisation.”
“It also provides a new opportunity for significant growth in Mercer’s superannuation business, opening up a direct to consumer offering and the potential for us to service the micro, and small-to-medium employer markets,” he said.
Greg Boyle, CEO of Virgin Money Australia said the partnership marries Virgin Money’s commitment to delivering beautifully simple and rewarding financial products with Mercer’s industry-leading customer experience offerings and cutting edge digital capabilities.
Virgin Money Super offers some of the lowest administration and investment fees in public offer superannuation, whilst delivering high value to customers in the form of market-leading investment options, simple super advice, a state-of-the-art digital experience and the ability for customers to choose how much involvement they want in managing their investments.
“Virgin Money Super is about helping our customers retire comfortably and look forward to a bigger future. This partnership provides our customers with access to a market-leading superannuation offering, which meets our commitment to delivering low-cost, high-value financial solutions.”
“We know super is complex, so Virgin Money Super allows customers to take as much control as they are comfortable with – you can create your own blend of investment options , or we’ll do it for you,” he said.
The partnership also means that Virgin Money Super has access to Mercer’s market leading consumer insights via MercerEdge – Mercer’s proprietary big data and analytics platform.
“Our customers are tech-savvy and will appreciate the next-generation digital experiences made possible by Mercer – allowing them to see their retirement savings in a whole new light,” Boyle added.
The new Virgin Money Super will be launched to the public early in 2017.
Source: Mercer / Virgin Money
