Has anyone used Mercer financial advisors for pensions?
- Thread starter Purple07
- Start date
When I took a severance deal from my public sector employer, there was a financial advice meeting set up by the employer.
Mercer provided the advice.
I attended a one on one meeting and advice was given for gaining extra Prsi contributions. This was an important factor as I had paid class D for most of my employment period.
This advice consisted entirely about working at class A and signing on for Jobseekers Credits.
At the meeting I informed the advisor that I had 100k in ACVs.
No advice was given to me about the facility to gain Reckonable class S Prsi from an ARF.
I later discovered this myself by accident when I started my ARF.
Basically the advice was of a very poor standard.
Mercer provided the advice.
I attended a one on one meeting and advice was given for gaining extra Prsi contributions. This was an important factor as I had paid class D for most of my employment period.
This advice consisted entirely about working at class A and signing on for Jobseekers Credits.
At the meeting I informed the advisor that I had 100k in ACVs.
No advice was given to me about the facility to gain Reckonable class S Prsi from an ARF.
I later discovered this myself by accident when I started my ARF.
Basically the advice was of a very poor standard.
They're not tied agents, but they do have a 'white label' deal with Zurich to offer Mercer Aspire products, and I believe this includes an ARF.
Mercer are the administrators for the DC scheme I'm a member of. Had a presentation with them, and the opportunity to ask questions afterwards. Their reps knew less than I did. Not particularly impressed with their administration of the scheme day to day either.
Same here.
They also manage my pension.
They have not submitted my December 2024 payment to revenue.
The 2024 total in my form 11 is incorrect.
Thanks for the info!
That’s pretty bad. It’s supposed to be submitted within 21 days I think.
Actually I had a similar experience but was hoping with a 1 to 1 meeting it would be better
That’s good to know.
I would suggest the following... (the last one may be strictly execution only though?):
Ferguson and Associates
Pensions (including Self Administered) Life Assurance - Income Protection Savings - Investments
www.ferga.com
PRSA Ireland | PRSA.ie
Low Cost Pensions Ireland Zurich LIfe The Value Pension Website Execution Only PRSA AVC PRSA Pensions www.prsa.ie
www.prsa.ie
No advice on the selection of the provider, product or fund/s and no schmoozing discussions
Help with application, processes and any technical queries.
Was surprised to see the negative experiences above. Overall my experiences of them have been very good. They’d be a well respected company in comparison to a lot of the brokers in the market. Would be seen as experts for pension advice but not sure if they do other advice.
Welcome to AAM Homefarm. You'll also be surprised to learn the reports in this thread are not the only negative experiences reported on this forum. As for being well respected the reviews on Trustpilot would suggest otherwise.
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if you haven't already done some research and gathered information to understand your pension there is very little point in meeting pension advisors if you cannot make an informed decision,
to get the best out of a meeting you have to have some idea what is best for you,
Talking to lots of people having come out of a one to one meetings at work with what I would consider a good pension adviser you would think each met a different adviser, Down to miss understanding due to taking little or no interest in there pension before meeting advisor,
I could see from general work group meetings people showing very little interest in understanding there pension and later not really understanding there pension in one to one meetings with pension advisor, as they say you can lead a horse to water but you can't make him drink,
to get the best out of a meeting you have to have some idea what is best for you,
Talking to lots of people having come out of a one to one meetings at work with what I would consider a good pension adviser you would think each met a different adviser, Down to miss understanding due to taking little or no interest in there pension before meeting advisor,
I could see from general work group meetings people showing very little interest in understanding there pension and later not really understanding there pension in one to one meetings with pension advisor, as they say you can lead a horse to water but you can't make him drink,
I have found them to be poor in their knowledge, which would limit their ability to give advice. I have heard many reports of dissatisfaction with their service.
A few days ago I received an annual statement from them. Last year's statement showed a global equity index fund with an AMC of 0.15%. This year's statement shows that same fund as having an AMC of 1.05%. Can even get basic things right.