Mercer, the benefits and investment consultancy, is aiming to shake up the UK's pensions market with an interesting new service that brings together rival providers Friends Provident, Standard Life and Zurich, and could generate billions in new business for Mercer's favoured fund managers.

Mercer has designed its new 'workplace savings solution' as a kind of one-stop-shop for companies, offering them a state-of-the-art workplace pension scheme with a range of added extras. According to Brian Henderson, in charge of investments for the new business, it will not cost significantly more than the standard schemes already available.