Mercer announced today that it has signed a definitive agreement to acquire the pension wind-up business of PwC in Canada. Upon the closing of the transaction, expected by the end of the third quarter 2013, the team of PwC professionals will join Mercer’s own specialists in the pension wind-up business.
Terms of the transaction were not disclosed.
Pension wind-ups can occur following a bankruptcy of a defined benefit pension plan sponsor or, on a voluntary basis, when an employer decides to wind up its pension plan. In the case of an Ontario wind-up due to bankruptcy, the regulator, the Financial Services Commission of Ontario (FSCO), appoints a qualified firm as an Administrator.
“We are delighted that the highly professional, well-regarded team from PwC will join Mercer,” said Paul Forestell, senior partner and the Market Retirement Leader for Mercer Canada. “This is an excellent fit for Mercer Canada, as it enhances our own successful business in pension wind-ups. The transaction is also evidence of Mercer’s commitment to Canada and to investing in the expansion of our retirement consulting business.”
“As professionals joining Mercer’s wind-up team, we are committed to ensuring continuity and excellence of client service,” said Sharon Carew, Associate Partner with PwC. “We are members of a highly focused specialist field and we know our team and that of Mercer share a common dedication to professionalism. The combined specialist resources of Mercer Canada and PwC in Canada will enhance our joint capabilities as an Appointed Administrator.”
“Moving our pension wind-up practice to Mercer is consistent with our long term strategy, positive for FSCO and provides a great opportunity for our pension wind-up team,” said Christopher Kong, National Managing Partner of PwC's Tax Practice in Canada. “We are delighted to see our pension wind-up practice find a new home with an organization such as Mercer.”
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s 20,000 employees are based in more than 40 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a global leader in management consulting.
For more information, visit http://www.mercer.ca. Follow Mercer on Twitter @MercerInsights.
About PwC Canada
PwC Canada helps organizations and individuals create the value they’re looking for. More than 5,700 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 180,000 people in 158 countries. Find out more by visiting us at www.pwc.com/ca