Money4life Account
Demetrius Dade
With Open Banking technology, manual account/asset linking, and Zoopla integration, Mercer Money enables you to see all your finances together at the same time, and to track your net worth. Transactions and balances are updated as they happen, so you're always in touch with the way your money is moving.
By connecting and adding all your different accounts and assets, Mercer Money helps you to categorise your incomings and outgoings, curate your spending, and figure out your money habits. The more you find out, the easier it is to pick up good habits and ditch bad ones.
The Mercer Money app (available for iPhone, iPad and Android devices) means your holistic financial picture, and all your accounts and assets, are just a tap away - no need to remember multiple usernames and passwords. Mercer Money is also available as a secure desktop site, compatible with all modern browsers.
Bring details of all your pension pots together in Mercer Money, see the critical role that your pension accounts play in your wider finances, and use our Retirement Calculator to get a handle on how your retirement savings are shaping up.
People who feel in control of their finances are happier, more productive and appreciate the benefits you provide as an employer. And if employees are able to retire when they choose that supports your HR planning and ability to bring on new talent.
Our Mercer Money app helps you achieve these goals. Its open banking capabilities enable your employees to build a full view of their finances including earnings, savings, pensions, borrowing and assets.
Mercer Money is one of only a few money-management apps that allow users to see all their finances in one place using open banking technology. No matter where your employee holds a financial account, they can connect it to Mercer Money as long as the account provider supports open banking.
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Taking money out of a pension is a major decision. So, before you request your withdrawal, there are a number of areas that you need to think about carefully. If you are unsure what the right choice is for you, or what the relevant tax implications might be, we recommend that you speak to an independent financial adviser.
Is someone pressuring you to access your pension savings? This could be a sign that you are at risk of fraud or financial abuse. It might be that you get an uninvited text, email or other contact that offers you something in return for letting them access your money. It may be that someone close to you is attempting to control access to your pension or forcing you to make decisions without considering your best interests. No-one should feel under pressure to access the savings in their pension. Remember - your pension is YOURS. Check the links to find out what to look out for and protect yourself.
Once you have decided to make a withdrawal, you should call us on 0800 3 68 68 73 between 8am and 6pm on a UK business day. A member of our retirement team will guide you through the process over the phone. Please allow up to an hour for the initial phone call as there is a lot we need to cover. We appreciate that this may seem a long time, but we find that plan members tend to prefer doing it this way than completing a long, complicated form. Please see this guide for more information on the process.
You may need to make an active decision about how you would like to invest any money that is left in your pension after your withdrawal. You will be able to choose from all the funds you currently have access to and you may also have access to our four Investment Pathways. These are simple, good-value options designed around a range of retirement income goals.
Once we have all the details of the withdrawal you are planning, we will send you details confirming everything we have discussed on the phone. The letter will contain a pension withdrawal declaration which you will need to read and sign to confirm that you want to go ahead with the withdrawal.
We will start working on your withdrawal as soon as we receive your signed declaration. If you are withdrawing a lump sum, it should take around seven working days for the money to arrive in your bank account. We usually need 18 working days to set up regular income payments. This means that if we receive your form less than 18 working days before a scheduled payment date, you may receive your first payment the following month. We will write to you confirming when your first payment will be.
You can delay taking money from your pension pot to allow you to consider your options. Reaching age 55 (57 from 2028) or the age you agreed with your pension provider to retire is not a deadline to act. Delaying taking your money may give your pension pot a chance to grow, but it could go down in value too.
You can leave your money in your pension pot and take lump sums from it as and when you need, until your money runs out or you choose another option. You can decide when you make withdrawals and how much to you take out. Any money left in your pension remains invested, which may give it a chance to grow, but it could go down in value too. Each time you take a lump sum, normally a quarter (25%) of it is tax-free and the rest will be taxable. You may need to move your pension to a different provider to do this.
You can leave your money in your pension and take an income from it. Any money left in your pension remains invested, which may give it a chance to grow, but it could go down in value too. A quarter (25%) of your pension pot can usually be taken tax-free and any other withdrawals will be taxable, whether you take them as a regular income or as lump sums. You may need to move your pension to a different provider to do this.
A lifelong, regular income (also known as an annuity) provides you with a guarantee that the income will last as long as you live. A quarter (25%) of your pension pot can usually be taken tax-free and any other payments will be taxed.
Flexible retirement income allows you to leave your money in your pension and take a regular income or lump sums from it when you like Any money left in your pension remains invested, which may give it a chance to grow, but it could go down in value too. A quarter (25%) of your pension pot can usually be taken tax-free and any other withdrawals will be taxable, whether you take them as a regular income or as lump sums. You may need to move your pension to a different provider to do this.
If you decide to take a flexible retirement income from your pension, you may have a Pension Drawdown Account. In this case, you will need to decide how the money in the account is invested. You will be able to choose from the same range of funds that were available before you had a Pension Drawdown Account, along with four Investment Pathways, each of which is based on a different retirement income objective.
With both options, the rest of your pension pot stays invested and you will be able to choose from the same range of funds that were available before your withdrawal. If you decide to take a flexible retirement income, you may have a Pension Drawdown Account. In this case, you will also have access to four Investment Pathways, each of which is based on a different retirement income objective.
With both options, you can pass money on after you die. The person who receives it can take it as a lump sum or as an income but they may pay tax on it if you are 75 or older when you die. Your beneficiaries have to move the money they receive from your pot to another company to be able to receive your money in the way they want.
Unlike a guaranteed income for life (an annuity), flexible income and lump sums may not last as long as you live. The more money you take out each time, the less money is left to provide a future income.
The Investment Pathways initiative from the Financial Conduct Authority (FCA) is designed to ensure that anyone with a Pension Drawdown Account should have access to simple, good-value investments that broadly match their retirement income goals.
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This information is not a personal recommendation for any particular investment, you are responsible for deciding whether an investment is suitable for you. In doing so, please remember that past performance is not a guide to future performance, the performance of funds is not guaranteed and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. You should regularly review your investment objectives and choices and if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser.