Mercer introduces outsourced plan governance for DC pensions

Mercer is introducing outsourced governance for employers with defined contribution pension plans.

The offering, Mercer Future Wise, will delegate employers’ plan governance to a team at Mercer, providing access to investment managers, competitive fees and governance and oversight, according to a press release. It will also provide employers with insight into their plan members’ engagement levels and will help to implement and evaluate plans, said Jillian Kennedy, partner and Mercer’s head of defined contribution and financial wellness in Canada.

Read: Top 50 DC Plans Report: A look at the latest governance trends

Through the offering, Mercer will conduct regular meetings with employers to manage plan design and benchmarking, assist with annual filings, fee negotiations and contracting, and help with regulatory monitoring and advice. The team will also conduct oversight of all investment managers and Mercer’s recordkeeping partner, Manulife Financial, will perform due diligence reviews and manage the onboarding process. The offering also provides access to Mercer Global Investment Canada Ltd.’s network of investment experts and funds, which may include selecting and monitoring managers and constructing portfolios.

“We wanted to bring delegated defined contribution solutions to the Canadian market so we can provide access to innovation and value for every plan sponsor and employee,” said Jean-Philippe Provost, senior partner and Mercer’s wealth business leader in Canada.

“Helping manage fiduciary obligations of plan sponsors and providing access to quality service can really move the dial in supporting the retirement preparedness of employees.”
 
Read: DC governance ‘doesn’t have to be onerous,’ says plan sponsor