Global consulting firm Mercer is buying the PwC unit that handles the dissolution of employer pension plans in Canada, in an effort to bolster its retirement consulting business.
Mercer said Thursday that it has signed a definitive agreement to acquire the pension wind-up business of PwC in Canada. Terms of the deal were not announced. However, it said that it expects the transaction to close by the end of the third quarter, and that PwC’s pension wind-up team will join Mercer as a result.
“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.”
Pension wind-ups can occur when a defined benefit plan sponsor falls into bankruptcy; or, on a voluntary basis, when an employer decides to wind up its plan, the firm notes.