Upon the closing of the transaction, which is expected by the end of third quarter, 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 (DB) pension plan sponsor or when an employer voluntarily 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 market retirement leader for Mercer Canada. “The transaction is evidence of Mercer’s commitment to Canada and to investing in the expansion of our retirement consulting business.”
Christopher Kong, national managing partner of PwC’s tax practice in Canada, added, “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.”