Mercer Money - Hacked
Discussion
More a case of raising it for others. Also to see if others are affected
My UK employer pension is with Mercer Money. Apparently in Denver, CO
Few of us (inc myself) have received emails (from allegedly the correct email) saying "your account is now closed and the money is no longer available to you"
Our HR team have sent out emails to all of us saying this is not correct and they are investigating and not to click any links in emails
Someone at another site to us said they'd had an attempted transfer but the company had blocked it (I guess she DID click the link in the email)
Quick Google suggests this is not the first time Mercer have been hacked. (ShinyHunters have form for this)
https://www.investmentnews.com/regulation-legal-co...
Is it worth trying to get our employer to change to a UK based firm such as Aviva/Pru/ AN Other? And getting the money out? Or should we sit tight?
(Hopefully hypothetically) if Mercer was to lose the money, I'm guessing there's little to f
k all redress for us from either Mercer or my employer for any resulting st show?
My UK employer pension is with Mercer Money. Apparently in Denver, CO
Few of us (inc myself) have received emails (from allegedly the correct email) saying "your account is now closed and the money is no longer available to you"
Our HR team have sent out emails to all of us saying this is not correct and they are investigating and not to click any links in emails
Someone at another site to us said they'd had an attempted transfer but the company had blocked it (I guess she DID click the link in the email)
Quick Google suggests this is not the first time Mercer have been hacked. (ShinyHunters have form for this)
https://www.investmentnews.com/regulation-legal-co...
Is it worth trying to get our employer to change to a UK based firm such as Aviva/Pru/ AN Other? And getting the money out? Or should we sit tight?
(Hopefully hypothetically) if Mercer was to lose the money, I'm guessing there's little to f
k all redress for us from either Mercer or my employer for any resulting st show?If it's the Mercer that I'm thinking of then it's an old brand under Marsh and their administrator was Aviva.
It should all be kosher and covered by FSCS etc.
US entities are probably getting spanked by Iran, Russia, China and every virgin living with mother around the world currently so hacks probably to be expected.
Absolutely no harm at all is asking your employer to explain their partner choice and your security though. Never hesitate to ask and if the response isn't completely clear to you then never hesitate to ask for clarification. It is your money, your future and your right. Just be polite and don't call anyone 'sugar tits' and you'll have no issues.
It should all be kosher and covered by FSCS etc.
US entities are probably getting spanked by Iran, Russia, China and every virgin living with mother around the world currently so hacks probably to be expected.
Absolutely no harm at all is asking your employer to explain their partner choice and your security though. Never hesitate to ask and if the response isn't completely clear to you then never hesitate to ask for clarification. It is your money, your future and your right. Just be polite and don't call anyone 'sugar tits' and you'll have no issues.
Panamax said:
DA - I'm pretty sure there's no connection between these people and the Mercer brand used by some parts of the Marsh organisation. As you say, OP can ask for clarification of the whole set-up.
Ah. Thanks. OP certainly needs to drill down on exactly what the business is, what it is doing for him (admin, custody, management etc). Google says,
"No, Mercer Global Advisors (based in Denver, CO) is not owned by Marsh McLennan. It is a private equity-backed wealth management firm, primarily owned by Oak Hill Capital, Genstar Capital, and Altas Partners. It is important to distinguish this RIA (Registered Investment Adviser) from the consulting firm Mercer (or "Mercer LLC"), which is a subsidiary of Marsh McLennan."
Confirms they are nothing to do with Marsh McLennan, the US group which owns Mercer pension administration in UK. Just a coincidence of names. Bear in mind this is only a google answer, although it confirms my own understanding.
"No, Mercer Global Advisors (based in Denver, CO) is not owned by Marsh McLennan. It is a private equity-backed wealth management firm, primarily owned by Oak Hill Capital, Genstar Capital, and Altas Partners. It is important to distinguish this RIA (Registered Investment Adviser) from the consulting firm Mercer (or "Mercer LLC"), which is a subsidiary of Marsh McLennan."
Confirms they are nothing to do with Marsh McLennan, the US group which owns Mercer pension administration in UK. Just a coincidence of names. Bear in mind this is only a google answer, although it confirms my own understanding.
Panamax said:
Google says,
Confirms they are nothing to do with Marsh McLennan, the US group which owns Mercer pension administration in UK. Just a coincidence of names. Bear in mind this is only a google answer, although it confirms my own understanding.
Marsh Mclennan, now know simply as Marsh, no longer owns Mercer pension administration UK. it owned by Aptia. Mercer UK is very much ongoing.Confirms they are nothing to do with Marsh McLennan, the US group which owns Mercer pension administration in UK. Just a coincidence of names. Bear in mind this is only a google answer, although it confirms my own understanding.
R.
Zigster said:
Why is a UK employer setting up a pension with a firm based in Denver? That sounds odd to me, particularly given the risk of confusion with Mercer in the UK (who are a large and well-known employee benefits adviser).
You may find that Denver is where the company originated from, according to their website they operate in 130+ countries world wide not just the UK.https://www.corporate.marsh.com/global/home.html
Groomio said:
You may find that Denver is where the company originated from, according to their website they operate in 130+ countries world wide not just the UK.
https://www.corporate.marsh.com/global/home.html
I used to work for Mercer in the UK (the part of Marsh Mac) so I know who they are. The point that someone flagged earlier is that the entity in the OP’s post appears to be an entirely different company. https://www.corporate.marsh.com/global/home.html
[quote=BunkMoreland]
My UK employer pension is with Mercer Money. Apparently in Denver, CO
/quote]
I doubt if your pension "is with Mercer Money".
As I understand it, Mercer Money is simply an app that can enable you to see and managed your finances all in one place. It is not where the pension is.
Could still be hacked though.
I suggest you raise concerns with your employer.
R.
My UK employer pension is with Mercer Money. Apparently in Denver, CO
/quote]
I doubt if your pension "is with Mercer Money".
As I understand it, Mercer Money is simply an app that can enable you to see and managed your finances all in one place. It is not where the pension is.
Could still be hacked though.
I suggest you raise concerns with your employer.
R.
Zigster said:
I used to work for Mercer in the UK (the part of Marsh Mac) so I know who they are. The point that someone flagged earlier is that the entity in the OP s post appears to be an entirely different company.
If you look at their website it does seem to be part of the Marsh and Mercer brand.R.
DonkeyApple said:
If it's the Mercer that I'm thinking of then it's an old brand under Marsh and their administrator was Aviva.
The weird thing is their workplace pensions often seem to be administered in the UK by Aviva or Scottish Widows. That's kind of the opposite way round to what you'd expect.Sheepshanks said:
The weird thing is their workplace pensions often seem to be administered in the UK by Aviva or Scottish Widows. That's kind of the opposite way round to what you'd expect.
If it's an admin service provided by Aviva or Scottish Widows, then it is not the Mercer associated with Marsh. Must be another company.R.
The Leaper said:
I doubt if your pension "is with Mercer Money".
As I understand it, Mercer Money is simply an app that can enable you to see and managed your finances all in one place. It is not where the pension is.
Could still be hacked though.
I suggest you raise concerns with your employer.
R.
I dont actually know to be honest.As I understand it, Mercer Money is simply an app that can enable you to see and managed your finances all in one place. It is not where the pension is.
Could still be hacked though.
I suggest you raise concerns with your employer.
R.
This is one of the emails I've got from them relatively recently. (Its just an invite to a webinar, not the one saying "No money, all closed" )
Who is this company then?
BunkMoreland said:
I dont actually know to be honest.
This is one of the emails I've got from them relatively recently. (Its just an invite to a webinar, not the one saying "No money, all closed" )
Who is this company then?
Email your HR and ask them. This is one of the emails I've got from them relatively recently. (Its just an invite to a webinar, not the one saying "No money, all closed" )
Who is this company then?
Establish who they are, then what service they're providing. Your HR dept knows.
We seem to be talking about a number of different things here. The Mercer Master Trust is a UK-based DC pension arrangement, ultimately owned by Marsh. A master trust is just a DC pension scheme which has lots of different employers using it, since it's much cheaper than setting up your own DC scheme in order to meet auto-enrollment obligations.
Mercer Money (also owned by Marsh) just seems to be a money management app, which is pulling in information from multiple sources, but isn't actually holding or managing any investments.
Mercer Global Advisors is an entirely separate entity in the US and nothing to do with either of the other two.
Mercer Money (also owned by Marsh) just seems to be a money management app, which is pulling in information from multiple sources, but isn't actually holding or managing any investments.
Mercer Global Advisors is an entirely separate entity in the US and nothing to do with either of the other two.
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