Mercer To Team With Kiwibank

8 December, 2006

Mercer To Team With Kiwibank To Deliver Kiwisaver Default Scheme

Mercer Human Resource Consulting, one of the largest providers of corporate superannuation services in New Zealand, plans to work with Kiwibank, the bank with the country’s most extensive branch network, to provide a default KiwiSaver scheme.

Mercer, which has been named as one of six default providers, plans to join forces with Kiwibank to offer a KiwiSaver scheme when the products are made available on 1 July, 2007.

“Kiwibank has a reputation for great value banking and service delivery, this combined with Mercer’s global expertise and investment and scheme administration capabilities will help the default scheme deliver excellent value. Our vision is to give New Zealanders easy access to a product that incorporates the world’s best practice in savings schemes,” Mr Jenkins said.

“KiwiSaver will change the approach to workplace savings in this country. Mercer has been committed to developing corporate superannuation schemes here for over a decade and naturally we are delighted to play such an important role in making workplace savings schemes accessible to all working New Zealanders,” Mr Jenkins said.

He said that Mercer had demonstrated its long term commitment to the financial services industry in New Zealand, and also brought the global scale and experience in researching investment managers, financial markets and investment strategies.

“While we encourage individuals and employers to take an active approach to managing KiwiSaver, it is still important that the default option offers access to the latest investment strategies and ideas from around the world to provide a best practice solution with a best value outcome for members,” he added.

In addition to the Mercer Super Trust which has $1billion in funds under management, Mercer also provides consulting and administration services to workplace superannuation schemes in New Zealand, with over 80,000 members under administration.

-ENDS-

Danielle Murdolo/ Kyahn Timms

Media Consultant to Mercer Human Resource Consulting

Buchan

Phone: +61 3 9866 4722 / + 61 40 101 8828

dmurdolo@bcg.com.au/ ktimms@bcg.com.au

About Mercer

Mercer Human Resource Consulting is a global leader for HR and related financial advice and services, with more than 15,000 employees serving clients in more than 190 cities and 40 countries and territories worldwide. The company is a wholly owned subsidiary of Marsh & McLennan Companies, Inc., which lists its stock (ticker symbol: MMC) on the New York, Chicago, Pacific and London stock exchanges. For more information, visit mercerHR.co.nz

In Australia and New Zealand, the company specialises in:

• People strategies: Mercer assists employers to develop links between their people management, rewards systems, employee performance and business results.

• Superannuation: Mercer is a leading provider of superannuation products and services to employees, employers and trustees in the region with more than $12 billion in funds under management.

• Wealth Solutions: Mercer has a unique and proven approach to ensure that Australians/New Zealanders can effectively plan and manage their wealth.

Ends

© Scoop Media