Key Takeaways
- • Mercer is introducing Mercer Future Wise, an outsourced governance offering for employers that sponsor defined contribution (DC) pension plans, according to a press release reported by Benefits Canada.
- • The offering delegates plan governance to a Mercer team, providing access to investment managers, competitive fees, and oversight, and gives employers insight into plan member engagement levels.
- • Mercer's recordkeeping partner Manulife Financial will perform due diligence reviews and manage the manager onboarding process.
- • The offering draws on Mercer Global Investment Canada Ltd.'s network of investment experts and funds, which may include manager selection, monitoring, and portfolio construction.
Summary
Mercer is introducing outsourced governance for employers with defined contribution pension plans, according to a press release reported by Benefits Canada on September 11, 2017. The offering, Mercer Future Wise, will delegate employers' plan governance to a team at Mercer. The firm says the service provides access to investment managers, competitive fees, and governance and oversight. It will also give employers insight into their plan members' engagement levels and help them implement and evaluate their plans, said Jillian Kennedy, partner and Mercer's head of defined contribution and financial wellness in Canada.
Under the offering, Mercer will hold regular meetings with employers to manage plan design and benchmarking, assist with annual filings, and handle fee negotiations and contracting. The firm will also provide regulatory monitoring and advice. Mercer's team will oversee all investment managers. Mercer's recordkeeping partner, Manulife Financial, will perform due diligence reviews and manage the onboarding process.
The offering also provides access to the network of investment experts and funds at Mercer Global Investment Canada Ltd., which may include selecting and monitoring managers and constructing portfolios. Jean-Philippe Provost, senior partner and Mercer's wealth business leader in Canada, said the goal was to bring delegated defined contribution solutions to the Canadian market, providing access to innovation and value for every plan sponsor and employee.
Under the offering, Mercer will hold regular meetings with employers to manage plan design and benchmarking, assist with annual filings, and handle fee negotiations and contracting. The firm will also provide regulatory monitoring and advice. Mercer's team will oversee all investment managers. Mercer's recordkeeping partner, Manulife Financial, will perform due diligence reviews and manage the onboarding process.
The offering also provides access to the network of investment experts and funds at Mercer Global Investment Canada Ltd., which may include selecting and monitoring managers and constructing portfolios. Jean-Philippe Provost, senior partner and Mercer's wealth business leader in Canada, said the goal was to bring delegated defined contribution solutions to the Canadian market, providing access to innovation and value for every plan sponsor and employee.
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