United Kingdom

PENSION STRATEGY REVIEW - IS THE SCHEME YOU HAVE THE ONE YOU REALLY NEED?

Companies grow and change - and the pensions market moves fast - so it's easy to find yourself in a situation where your scheme's old strategy no longer meets your needs. Let's take a fresh look.

If you set up your pension scheme today, starting from a blank sheet of paper, would you choose the pension strategy you're currently following?

Companies grow, workforces change, and the pensions market moves all the time - and that's before we mention the recent legislative changes, which will have a fairly seismic impact on the way your members may eventually wish to take and use their money.

Take the time to check whether your strategy still meets your needs - and in the process to address any issues. We'll help you get it right.

Rationalising legacy schemes

The truth is, many pension schemes of any size can be the product of an organisation's history - trying to balance sometimes conflicting objectives and groups of members from various legacy funds. The administration requirements and risks are sometimes higher than they might be - with less than ideal results.

But we have a strong track record in helping pension schemes to rationalise older, legacy arrangements - giving all members the benefit of a strategy that works today.

Responding to market changes

Lately, many of the reviews we've carried out have focused on helping schemes react to changing circumstances - whether helping members to make the most of new pensions freedoms, or taking account of the growing importance of Defined Contributions. Other changes have been internal - like a cohort of trustees retiring en masse.

While updating the strategy, we find it's essential to give governance support - helping to keep trustees and members informed, empowered and engaged.

Reducing costs; improving returns

Particularly since Auto-Enrolment, it's not uncommon for pension schemes to take a disproportionate amount of time, resource and governance effort compared to the returns they give - both financially, and in terms of employee recognition.

We'll help you work on both sides of the equation - streamlining your strategy to reduce the burden, reviewing your investment choices, and helping employees to gain a clearer view.

Your pension members deserve a strategy that's every bit as good as if it was created, from scratch, today. Let's talk about a review. Email us on letstalkbenefits@aon.co.uk, or call 0344 573 0033.

Aon Consulting Limited is authorised and regulated by the Financial Conduct Authority.