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The Mercer DB Master Trust has evolved from the Federated Pension Plan, an existing master trust initially set up by Jardine Lloyd Thompson that currently has about £260m of assets and 73 participating employers.
Under its revised offering, Mercer will provide all services including investment with fiduciary management, journey planning, actuarial services, covenant assessment, scheme management and administration, with trusteeship provided by professional trustees from PAN Trustees, Independent Trustees Services and PTL.
In August, a spokesperson for the DWP told mallowstreet that the department “will provide a fuller update on the outcome of this work in due course”.
Employers have so far been slow at showing enthusiasm for DB master trusts despite the potential cost savings; many seem to prefer fiduciary management or buy-ins and buyouts, if they can afford them. The Mercer offering now combines a DB master trust with fiduciary management.
Traditionally, the FPP focused on public sector outsourcing, and according to Mercer is one of only a limited number of master trusts with a passport from the Government Actuary’s Department declaring that it can provide broadly comparable pension benefits to the public sector.