Mercer has signed a deal to purchase PwC Canada’s pension windup business for an undisclosed amount.
Once the acquisition closes, the team of professionals will join Mercer’s own specialists in the pension windup business.
The number of employees expected to move over is expected to be in the high single digits, according to Mercer spokesperson Bruce Lee.
“This is an excellent fit for Mercer Canada, as it enhances our own successful business in pension windups,” says Paul Forestell, senior partner and the market retirement leader for Mercer Canada. “The transaction is also evidence of Mercer’s commitment to Canada and to investing in the expansion of our retirement consulting business.”
Pension windups can occur following a bankruptcy of a DB pension plan sponsor or, on a voluntary basis, when an employer decides to wind up its pension plan.
In the case of an Ontario windup due to bankruptcy, the regulator, the Financial Services Commission of Ontario, appoints a qualified firm as an administrator.
The deal is expected to close in the third quarter.
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