Mercer Aspire Pension Funds

Institutional-grade governance with strong member engagement focus

Mercer Aspire is a Master Trust pension solution from Mercer, one of the world's largest investment consultants. It combines institutional-grade governance and investment expertise with a strong focus on member engagement and retirement readiness.

Funds tracked

Risk Rating Scale

Mercer Aspire uses Zurich Life’s risk rating infrastructure (as the product is administered on Zurich’s platform). Investors are categorised into one of seven risk profiles. The risk rating methodology changed in January 2025, which may result in different ratings compared with previous periods, though no change was made to actual fund management or risk.

Funds are also defined by target volatility levels (e.g. less than 25%, less than 15%, less than 10%, less than 5%, less than 2%, less than 0.5%).

Very Low Risk

Low Risk

Low to Medium Risk

Medium Risk

Medium to High Risk

High Risk

Very High Risk

1 - Very Low Risk

Not willing to accept any significant risks with money, accepting the prospect of low returns to achieve this.

About Mercer Aspire

Key Considerations

Trust-based structure: Governed by an independent trustee board (not an insurance product) - trustees act in members' interests
Three levels of involvement: "Do It For Me" (automatic lifecycle), "Help Me Do It" (risk-based portfolios), or "Leave Me To It" (self-select)
Manager-agnostic: Not tied to one investment manager - selects from highly rated managers globally
One-to-one retirement advice: Provided to all members at the point of retirement
Operational since 2006: Ireland's longest-established master trust
Independent governance: QPT-certified trustee directors with power to remove/appoint service providers

Investment Approach

Mercer operates as an Outsourced CIO (OCIO):

Manager selection: Independent view - selects from highly rated managers globally regardless of origin, using Mercer's proprietary ratings process
Global research: Covers strategies across equities, bonds, real estate, private and public assets in virtually any sector or region
Ongoing due diligence: Operational assessments of asset managers on a continuous basis
Flexible partnership: Employers can delegate as much or as little of design and implementation as they choose

Three Investment Pathways

Members choose their level of involvement:

Do It For Me: Automated lifecycle strategies. The policy is invested automatically on the member's behalf, targeting different levels of risk and return over time. All of the policy must be invested in the chosen strategy. The asset mix is regularly reviewed by Mercer and may change.

Help Me Do It: Risk-based portfolios managed by Mercer. Members choose a portfolio matching their risk tolerance; Mercer handles ongoing decisions between managers and asset classes. Five risk-graded portfolios: High Growth (risk 5), Moderate Growth (4), Cautious Growth (4), Low Growth (3), Stability (2), plus Cash (1).

Leave Me To It: Self-select from a broad range of individual funds. Members mix and match as they see fit. Mercer selects, monitors, and where necessary replaces investment managers for each fund.

Fund Range

28 funds available on PRB (Personal Retirement Bond - for transfers from employer schemes); 25 on ARF (Approved Retirement Fund - stays invested after retirement with withdrawal flexibility); 11 on Investment Bond; 4 on Group Savings.

SFDR Classification

The SFDR (Sustainable Finance Disclosure Regulation) is an EU regulation requiring funds to be categorised by sustainability: Article 8 funds promote environmental or social characteristics, while Article 6 funds consider sustainability risks without specifically promoting them.

Product	Article 8	Article 6	Total
PRB	16	13	28 (inc. strategy components)
ARF	16	10	25 (inc. strategy components)
Investment Bond	8	3	11
Group Savings	3	1	4

Article 8 Funds (PRB/ARF)

Aspire High Growth Portfolio IS, Aspire Moderate Growth Portfolio IS, Aspire Cautious Growth Portfolio IS, Active Global Equity Hedged, Active Global Equity Unhedged, Diversified Growth, Diversified Growth Partial Hedged, Eurozone Equities, Low Volatility Equity, Emerging Markets Equity, Global Credit Fund, Passive Corporate Bond, Passive Emerging Markets Equity, Passive Global Equity Unhedged, Passive Global Listed Infrastructure, Passive Sustainable Equity.

Article 6 Funds (PRB)

Aspire Cash Portfolio, Aspire Low Growth Portfolio IS, Aspire Stability Portfolio, Annuity Matching, Emerging Markets Debt, Euro Bond, Passive Europe ex UK Equity, Passive Global Equity Partial Hedge, Passive Global Listed Property, Aspire PRB Lifestyle Growth, Aspire PRB Retirement (Annuity), Aspire PRB Retirement (ARF), Passive Climate Transition Listed Infrastructure.

Management styles: mix of active and passive. Passive funds track indices; active funds aim to outperform. Both styles available across equity, bond, and multi-asset categories.

ESG / Responsible Investment

ESG (Environmental, Social, and Governance) is a framework for evaluating companies on climate impact, working conditions, and corporate ethics. Mercer has had a specialised Responsible Investment Team advising investors since 2004. ESG factors are integrated on the basis that they can have a material impact on risk, return, and member outcomes.

Four-pillar ESG framework:

Pillar	Approach	Objective
Integration	Include ESG and climate change risk in investment analysis/decisions	Broader perspective on risk/opportunity
Stewardship	Actively engage with companies failing to address ESG risks through voting and engagement	Company/market improvements
Investment	Allocate to sustainability themes or impact investments (e.g. renewable energy)	Long-term growth and positive impact
Exclusions	Screen out sectors or companies deemed irresponsible or not acceptable to profit from	Mission/values alignment

SFDR classification: Mercer Aspire overall promotes environmental and social characteristics under SFDR (Article 8 at product level), with no commitment for making sustainable investments. The environmental and social characteristics are met where the member invests in at least one Article 8 fund.

Fund-level SFDR: 16 Article 8 funds available on PRB/ARF (see Fund Range above).

Governance

The governance framework is a key differentiator:

Independent trustee company: Designated Activity Company (DAC) with independent chair
Trustee Directors: Brian Buggy (Paramount Pension Trustees), Dave Cooney (Irish Pensions Trust), Jennifer Richards - all QPT-certified
IORP II compliance: All required policies adopted and reviewed regularly
Conflict of Interest: Standing agenda item at all trustee meetings
Capital protection: Legally binding capitalisation structure ensures adequate capital for ongoing operations
Risk management: Internal audit function holders in place
Value for money: Trustees assess charges and value regularly

Member Engagement

Dedicated communications team
Mix of multimedia communication approaches
Employer and plan-specific arrangements with dedicated client teams
Comprehensive communications to both employers and members
Supplementary communications and seminars approaching retirement

Retirement Support

One-to-one advice at retirement: Provided to all members
Supplementary communications and seminars in the approach to retirement
Designed to ensure members are supported at the point of making retirement decisions

Charges

Charges are set out to members and employers in their plan documentation. Trustees assess value for money regularly.

Page content last reviewed 6 August 2026. Fund performance data is updated daily.

Frequently asked questions about Mercer Aspire pensions

Mercer Aspire is Ireland's longest-established corporate master trust, operating since 2006. It is a trust-based pension structure (not insurance-wrapped) with an independent trustee board. Administration is handled by Zurich Life, and it is part of Marsh McLennan.

Mercer Aspire provides three pathways: "Do It For Me" (a lifecycle strategy that automatically adjusts), "Help Me Do It" (five risk-graded portfolios to choose from), and "Leave Me To It" (self-select from the full fund range). The range includes 28 funds on PRB and 25 on ARF.

The "Do It For Me" PRB strategy has two phases: a Growth Phase (10+ years to retirement, emphasis on equities) and a Risk Reduction Phase (final 10 years, gradual shift to conservative assets). Three variants are available targeting ARF, Annuity, or Cash outcomes.

Mercer Aspire uses a four-pillar ESG framework: Integration, Stewardship, Investment in sustainability themes, and Exclusions. They have had a specialised Responsible Investment Team since 2004. The product is Article 8 at the product level, with 16 individual Article 8 funds.

As a trust-based structure, Mercer Aspire has an independent QPT-certified (Qualified Pension Trustee) trustee board. This provides fiduciary oversight of the scheme, including regular value-for-money assessments. It is IORP II compliant.

Yes. Mercer Aspire provides one-to-one retirement advice for all members as part of the scheme benefits. They also use an OCIO (Outsourced Chief Investment Officer) model, selecting from globally rated managers rather than being tied to a single investment house.

Fund factsheets are available at zurichlife.ie/aspire. Queries can be directed to aspire@zurich.com. The scheme also uses multimedia member communications to keep members informed about their pension.