What is your ultimate defined benefit destination? Do you know the levers and opportunities on the asset and liability sides that will yield the greatest return on investment? Do you know how to best sequence and coordinate them to reach that destination?

We can help.


The Pension Lifecycle —
Getting You to Your Destination

Investment strategies today are more complex and dynamic than ever before. With regulatory and legislative changes, market volatility, and political uncertainty, you may be looking at a wide range of opportunities across the pension balance sheet to increase returns, reduce the size of your liabilities, and manage risk. A key tool for helping defined benefit (DB) plans meet their final obligations and funding objectives is to look at growth in assets relative to liabilities. Our investment team examines the major and minor asset classes and market/return drivers to create an optimal strategic plan to meet surplus growth objectives with an appropriate risk profile.


Our experience and knowledge of the market allow us to construct a portfolio of managers and funds with strategic allocations that can potentially improve your




$11.7 Trillion

Assets under advisement global1  — one of the largest investment consultants2


The Skills You Need as Your Plan Progresses Through its Lifecycle


Hibernation Investing — a Comprehensive, Delegated Strategy


As more plan sponsors look to self-insure their obligations, we believe that hibernation investing will begin to dominate the pension investment landscape. This involves putting plans in a steady state while winding them down over time or gradually preparing for pension risk transfer over a longer period of time. Hibernation investing brings its own set of challenges and risk-management opportunities. But we think success comes when seeing this as a tailored investment strategy within a broader self-insurance framework. The goal is a low-risk, balanced outcome for asset and liability management, and to stay aligned in a way that minimizes costs, volatility, and capital commitments. If your DB plan is entering a hibernation period, here are four key priorities:

  1. Minimize residual expenses
  2. Maximize asset returns in a low-risk state
  3. Minimize residual risk in the plan’s end state
  4. Minimize the capital deployed in excess of pension obligations to keep the plan self-sufficient and removed from volatility

$241 billion+

Global delegated Assets Under Management3


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As you think about the market’s potential higher volatility, more risk associated…you’re looking for ways to diversify that.
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US Investment Consulting Business Leader, Mercer

          Please See Important Notices For Further Information.

          1  The information is as of December 31, 2017. Please see "Important notices" for further information on assets under management and assets under advisement.

          2  Pensions & Investments. Pensions & Investments Survey, November 27, 2017.

          3  Information as of March 31, 2018.


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