Mercer has teamed up with the Open Market Annuity Service to offer enhanced annuity terms to members of its workplace savings platform.
Tomas will provide a non-advised medical underwriting service to members of the Mercer Workplace Savings offering.
Members will be able to answer a tailored questionnaire online, by phone, or via the post to determine whether or not they qualify for an enhanced annuity.
The service will be supported by advice from Mercer’s personal financial planning and wealth management team. Mercer will also offer the service to members of its other group schemes. Mercer UK chief executive Alan Whalley says: “Up to now, corporate provision has lagged behind the individual market, where there is often an adviser providing support.
“We are now bridging that gap so company schemes can enable all their members to search the market and secure the best deal on offer for their circumstances.”
Tomas sales and marketing director Graeme Riddoch says: “Mercer has recognised the benefits of the open market option. This agreement will make a real difference for many of its clients and employees. The difference in members’ retirement income could be up to 40 per cent more than the standard offer from the existing pension provider.”