Lisa Mundy appointed to Mercer Master Trust board
Mercer Master Trust has appointed a new board member, in the form of Lisa Mundy. The appointment comes as pension firms look to deal with headwinds resulting from the global Covid-19 pandemic.
Following its merger with JLT, Mercer became the UK’s largest pension consultancy, with a combined 2018 revenue of over £513 million. As the firm prepares for a period of keen demand, Mercer announced that it has appointed Lisa Mundy to the firm’s Master Trust board. She will lead the Mercer Master Trust board's administration and communications sub-committee.
A Master Trust is a multi-employer occupational scheme where each employer has its own division within the master arrangement. Master Trusts offer employers the benefit of a governance function but with generally low operating costs and greater simplicity and expediency than a single employer scheme.
Mundy has close to three decades of experience in financial services, having held a variety of senior roles with LV= over 12 years of that, including being service director of life and pensions. Before this, she worked across advertising and sales at Lloyds Bank, and served as a trustee for both defined contribution and defined benefit schemes since 2016. In 2019, she was appointed to BESTrustees, one of the UK's leading independent pension trustee companies.
Mercer Partner and Master Trust strategies Roger Breeden said, "We are delighted to welcome Lisa and her considerable and diverse knowledge and experience to our trustee board. Lisa's proven member-first approach, from her background in customer service and communications, means her contribution will be invaluable."
The financial impact of coronavirus in 2020 has contributed to the rise of UK DB pension scheme deficits by around £100 billion. In this time of significant stress for the pensions market, then, consultants in the sector are playing a crucial role in stabilising its future. Relating to this, Breeden also flagged the importance of governance as markets continue to struggle across the world under the mounting pressure of the Covid-19 pandemic.
He added, "Active governance is vital as the Covid-19 pandemic has illustrated [and] the Mercer Master Trust trustees are working hard with us to ensure members are in a safe and secure financial position, supported by strong administration and communication. Our administrates are closely monitoring the investment portfolios performance and strategy, particularly for those members who are approaching retirement and therefore more immediately affected by market volatility."
