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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.”