MySavings launched to meet demand for workplacesavings solutions in the Middle East
May 6, 2018
Head of Communications
Zurich and Mercer are partnering to provide a savings platform aimed to help employees achieve financial security for life
Zurich has launched a new pioneering solution; 'MySavings' - a holistic solution utilising the investment expertise of Mercer, who is the largest investment consultancy firm in the world. MySavings is a workplace savings platform offered by Zurich combining access to a range of dynamic investment solutions designed and managed by Mercer with Zurich’s administration and record-keeping services.
MySavings will give employees exclusive access to a bespoke range of Mercer investment solutions. The proposition is based on their innovative investment ideas and manager research, covering more than 30,000 global investment strategies. The combined scale and institutional buying power of Mercer ensures competitive pricing and reduces time spent evaluating different investment approaches and negotiating with managers.
A YouGov survey commissioned by Zurich and Mercer in 2017 found that 78% of individuals think their employer should be doing more to help them prepare for their financial future. Employees are increasingly looking to their employers to offer a cost effective way to assist with their long-term savings and an employer-facilitated savings plan can provide a key part of an overall remuneration package. At the same time, the plan can be used to attract and retain top talent or reward individuals who choose to stay with the employer on a long-term basis.
Walter Jopp, CEO Zurich Middle East highlights the benefits of this partnership: “Partnering with Mercer helps address a known issue in the Middle East – there is an obvious need for quality, workplace savings and gratuity funding advice in the region, and our partnership with Mercer is an ideal fit; Zurich is a market leader in the international corporate savings market, with more than USD 4 billion of assets under management for 730 companies and their 84,000 internationally mobile employees worldwide, and Mercer is a major provider of investment services with USD 227 billion of assets under delegated management globally”.
Mustafa Faizani, CEO, Mercer Middle East, India, Africa and Turkey comments: “Individuals want to live well later in life and are concerned if they will be able to maintain their desired lifestyle. Long-term savings decisions can be complex and there is no one-size-fits-all solution. For this reason, MySavings offers flexible and tailored investment options by segmenting employees based on their preferences. Some employees prefer to have decisions made for them, some simply want assistance in allocating investments and others prefer to make investment choices on their own. MySavings’ investment solutions have been designed by Mercer based on our extensive manager research and asset allocation expertise to cater for diverse preferences. And importantly, these solutions are proactively reviewed to ensure they continue to meet the evolving needs of employees”.
Peter Cox Head of International Pension Plans Sales, Zurich further added: “In most developed economies, the facility to save through the workplace would be an accepted part of any employment package. However, across the Middle East, this important benefit is missing. For this reason, workers across the region have a real need for attractive workplace savings solutions, which could include the End of Service entitlement. Those employers who facilitate workplace savings will find that they become an employer of choice with significantly improved recruitment and retention results”.