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Defined Benefit Pensions

Reports, Articles and Whitepapers

Risk Settlement Bulletin - June 2017

Our monthly Risk Settlement bulletin looks at the advantages annuities can offer over other bond based de-risking strategies.

Global Pension Risk Survey 2017

The Global Pension Risk Survey is Aon Hewitt’s biennial survey of scheme sponsors, trustees and other pensions professionals.

The 2017 edition of the UK survey covers 185 different schemes with nearly 4.5 million members and almost £500 billion of assets.

Pathway: An Easy Route to a Bulk Annuity

Implemented Consulting for DB Pension Schemes

Risk Settlement Bulletin - May 2017

Our monthly Risk Settlement bulletin looks at the advantages annuities can offer over other bond based de-risking strategies.

Regulator publishes annual funding statement

In this year's funding statement, the Pensions Regulator suggests specific actions for schemes in managing their deficits. The statement signals the Regulator's intention to be clearer on its expectations of trustees and employers.

Longevity market opens up to smaller schemes – increasing the range of insurance options

Hannah Cook looks at the four reasons for the expansion of the longevity market in this article, first published in Professional Pensions.

Bulk annuities - the perfect asset (for the right price) - April 2017

Tiziana Perrella discusses factors that may put schemes off bulk annuities and provides guiding principles for trustees and sponsors when buying the asset, in this article, first published in Professional Pensions.

How should trustees and employers negotiate valuations?

Part 3 of the Pensions Expert roundtable series on valuation methods with Paul McGlone of Aon Hewitt, Andrew Young, Leslie Scrine, Andrew Cheeseman and David Weeks.

The Aon Governance Challenge

Summary of Results

Pension Clicks - May 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

What alternative valuation methods can schemes use?

Part 2 of the Pensions Expert roundtable series on valuation methods with Paul McGlone of Aon Hewitt, Andrew Young, Leslie Scrine, Andrew Cheeseman and David Weeks.

Getting ready for a bulk annuity transaction

Securing pension scheme payouts via an insurance company needs careful preparation and a clear focus. John Baines, partner at Aon Hewitt, looks at how to achieve this. This article was first published in Engaged Investor in April 2017.

Capturing the pricing peaks

Michael Walker explains why a phased approach in the bulk annuities space can help pension scheme funding in this article, first published in Pensions Age.

Reducing the risk and cost of DB schemes

Ben Roe looks at how you can reduce the risk posed by your DB scheme in this article, first published in Today’s CFO.

Risk Settlement Bulletin

Our monthly Risk Settlement bulletin looks at the advantages annuities can offer over other bond based de-risking strategies.

Risk Settlement Market Update

The bulk annuities market demonstrates capacity of £20bn for the first time.

Risk Settlement Market Review 2017

Aon's annual review of the risk settlement market covers bulk annuities, longevity swaps and other risk transfer solutions.

Does 'gilts plus' lead to inappropriate investment strategies?

Paul McGlone sat on a Pensions Expert Roundtable with Andrew Young, Leslie Scrine, Andrew Cheeseman and David Weeks to talk about valuation methods. This is the first in a series of write-ups appearing in April 2017.

Pension Clicks - April 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

Pension Clicks - March 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

In Touch - a Green Paper for DB pensions

A new Green Paper discusses many of the recommendations made by the Work and Pension Committee, and poses questions on possible ways forward.

A brighter future.

James Miller from Aon Hewitt discusses how to transfer your way to a better outcome. First Published in Pensions World in March 2017.

Governance: Delivering Pensions Stability Faster

This paper summarises our research into pension scheme governance and delivery models, and considers how a pension scheme should be organised in order to get the best possible chance of carrying out the tasks necessary to reach that aim. In particular, it considers how governance generally, and processes specifically, can assist or distract defined benefit (DB) pension schemes in achieving their long-term objectives.

In Sight - November

Our quarterly summary of pensions issues includes the Regulator's discussion paper on the 21st century trustee, as well as the latest on pensions inquiries and improving pensions advice.

Time to Focus on Getting Things done

Delivering Pensions Stability faster

The Aon Retirement Options Model

A user-friendly web-based tool to support defined benefit members at retirement.

PPF levy consultation

The PPF has published its consultation on the calculation of the 2017/18 levy. It runs until 31 October and is expected to be finalised in December. Our note summarises the proposals.

Monthly Risk Settlement Bulletin - September 2016

Our monthly bulletin provides an up-to-the-minute picture of the UK's risk settlement market, with insight and analysis.

Assessing your DB health

If Defined Benefit (DB) pension schemes were likened to the human lifespan, then they are entering middle-age. For most, the features of youth- contribution holidays, equity-laden investment strategies, and double-digit interest rates- are gone.

In Depth: Pension scheme funding - an analysis of completed valuations

This edition of In Depth sets out the approaches to and results of UK pension schemes' funding valuations completed up to July 2016. The analysis considers the assumptions adopted for assessing schemes' liabilities and formulating recovery plans, and looks ahead to next year’s valuations and beyond.

Webinars and Video

Reaching $100bn of clients' assets

Helping over 400 clients through our delegated investment solutions.

Five pension ailments being felt by FDs today and how to treat them

Listen again to our webinar with Financial Director and find out how to health-check your pension scheme.

Bulk Annuities - Key factors to consider when investing in a bulk annuity

Bulk Annuities - Introducing Aons Bulk Annuity Compass

Implications of recent mortality trends for settlement transactions

Longevity Swaps - Managing your longevity risk effectively

Longevity Swaps - Longevity swap structures and getting the right price

The Aon Retirement Options Model: Supporting defined benefit members at retirement

With Defined Benefit (DB) pension schemes now able to offer greater flexibility for members, you can help people make the right, informed choice for the best possible retirement. How? With the Aon Retirement Options Model.

Pension Scheme Governance

Watch our video on Pension Scheme Governance.

Operational Effectiveness - How can companies get more from their time and money?

Watch our video on Operational Effectiveness.

Effective Business Planning

Watch our video on Effective Business Planning.

Implemented Consulting - A new way of working

Watch our video on Implemented Consulting.

Defined Contribution Pensions

Reports, Articles and Whitepapers

Master Trust Market Insight Infographic

Our latest survey on master trusts contains a wealth of findings on what pension trustees, managers and employers see as the benefits, challenges and opportunities of master trusts. By understanding the wants and needs of those considering a master trust, we can ensure that today’s DC savers are well positioned for good retirement outcomes. The infographic shows some of the key findings from our survey..

Aon Delegated DC Services

The Budget changes will focus scheme members on the type of income they want - and expect - in retirement. Clearly, different members want different types of income: annuity, short term cash or long term income drawdown - or potentially a mix of the three.

Now is the time for a fresh look at company pensions

As the pensions industry continues to come to terms with enormous changes over the last five years, business leaders are looking again at the defined contribution pension arrangements they’re offering employees. Read our article, first published in the Workplace Pensions Report, distributed with The Times.

Workplace Pensions Report 2017

Distributed recently with The Times, the Workplace Pensions Report examines the ways in which changing regulation has and will influence the pensions landscape highlighting some of the decisions facing employers and members. Download a free copy of the publication in which Aon encourages businesses to take a fresh look at DC pensions.

DC - pausing for breath - April 2017

The Pensions Age DC roundtable panel welcomes the lack of pensions tinkering in the recent budget, but expects more change on the horizon. Featuring Aon Hewitt’s Lynda Whitney, first published in Pensions Age.

DC - pausing for breath - April 2017

The Pensions Age DC roundtable panel welcomes the lack of pensions tinkering in the recent budget, but expects more change on the horizon. Featuring Aon Hewitt’s Lynda Whitney, first published in Pensions Age.

Wellbeing: Examining the correlation between employee health and financial wellbeing

Employee health and wellbeing along with pensions and retirement have been dominant issues in the HR press for at least five years. Many employers have implemented wellbeing plans and many report good results. In light of this it would be reasonable to assume that employee wellness is improving, however the data suggests a different picture. In order to assess the significance of health in today’s workplace we have reviewed global, regional and national data and scrutinised detailed claims sources from our own client base.

Wellbeing: Examining the correlation between employee health and financial wellbeing summary

As well as the comprehensive whitepaper, we have also created a short summary of the key findings, which we strongly recommended you read.

Does Currency Hedging Matter in DC?

Currency movements can have a significant impact on portfolio volatility and can dominate returns at times. Trustees should consider members’ exposure and likely tolerance for currency risk.

In this paper we explore considerations for currency risk in DC schemes.

What do DC members really want?

Lynda Whitney looks at how DC schemes can help their members to set and achieve their goals, in this paper, first included in PMI News.

DC members with diverse needs

Lynda Whitney considers the differing needs of three generational groups in this article, first published in Professional Pensions.

A risk-focused approach can improve outcomes

In this article, first published in Engaged Investor, Sophie Moore examines why things are tough for those setting investment strategy, and what they can do to improve their outcomes.

Setting goals

Be sure of the direction of travel in your DC plan, says Christopher Inman in this article, first published in Pensions World.

Analysing your DC members to deliver better solutions

Sophia Singleton explains how the use of member analytics can improve DC schemes’ investment and communication strategies in this article, first published in Pensions Age.

HR Master Trusts Guide

Take a look at our exclusive e-book in partnership with HR Magazine. This detailed report takes an in-depth look into master trusts and their role in the fast-changing world of workplace pensions.

Risk Analyzer: DC Viewpoints Discover

Aon’s approach to supporting the strategic direction for your DC scheme.

Pension Clicks March 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

The Aon Defined Contribution Member Survey 2016 (summary)

This year, Aon has focused its annual Defined Contribution (DC) pension research on the members themselves. In collaboration with YouGov we conducted a nationwide survey of members of DC schemes to understand their views about retirement income, planning for their retirement and pension concerns.

Helping your members achieve their goals

This year, Aon has focused its annual Defined Contribution (DC) pension research on the members themselves. In collaboration with YouGov we conducted a nationwide survey of members of DC schemes to understand their views about retirement income, planning for their retirement and pension concerns.

Master Trust Market Insight

This survey of over 130 pension trustees, managers and employers gives a better understanding of what they see as the benefits, challenges and opportunities of master trust.

The Aon MasterTrust

Expert guidance gives your employees’ DC journey the direction it needs.

The Search for Quality: Group Personal Pension Plans or Master Trust?

Webinars and Video

Risk Analyzer: Technology for a New Era in Global Pension Plan Risk Management

Mastertrust or Group Personal Pension Plan? Getting it right for you and your employees

Aon's experts, together with Roger Mattingly of PAN Trustees, recently debated the merits of both Master Trust and GPPP structures.

The DC Decumulation Challenge: A Global View

While the growth and development of defined contribution plans vary from market to market, every country and plan provider is challenged with how best to guide plan participants in converting their accumulated plan savings into income that will support them in retirement.

The Master Trust Q&A Series: The Benefits of Master Trust

Roger Mattingly, Managing Director of Pan Trustees and Chair of Trustees for The Aon MasterTrust, talks to Jonathan Stapleton about the benefits of master trust. In association with Professional Pensions.

The Master Trust Q&A Series: Master Trust Investment

Roger Mattingly, Managing Director of Pan Trustees and Chair of Trustees for The Aon MasterTrust, talks to Jonathan Stapleton about the investment considerations in a master trust world. In association with Professional Pensions.

Pension Scheme Investment

Reports, Articles and Whitepapers

Week in Markets - 23 June 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Week in Markets - 16 June 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Week in Markets - 26 May 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Week in Markets - 19 May 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Aon Norway Pensions Survey 2017

This report examines the use of pension schemes and benefits among Norway’s top companies across all industries – the ultimate benchmark and guide to Norwegian pensions and benefits.

Week in Markets - 12 May 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

An ideal pension scheme investment model?

Taking a fresh look at the UK DB pension scheme investment model.

Week in Markets - 28 April 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Does Currency Hedging Matter in DC?

Currency movements can have a significant impact on portfolio volatility and can dominate returns at times. Trustees should consider members’ exposure and likely tolerance for currency risk.

In this paper we explore considerations for currency risk in DC schemes.

Week in Markets - 21 April 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Back to basics

Paul McGlone, Aon Hewitt, looks at why giving up the link between liabilities and gilts is not as simple as it sounds. This article was first published in Pensions World.

Unlocking the Efficiencies of an Investment Platform

How £1bn+ DB schemes can benefit from operational infrastructures

Onshore Chinese Bonds Enter the Global Universe

China’s large onshore bond market is becoming increasingly open and transparent and its entry into bond indices will have a big impact on index composition and, consequently, bond investing. This timely piece examines recent Chinese financial market developments, characteristics of the Chinese bond market, and opportunities and risks associated with the opening of the Chinese bond market.

HR Master Trusts Guide

Take a look at our exclusive e-book in partnership with HR Magazine. This detailed report takes an in-depth look into master trusts and their role in the fast-changing world of workplace pensions.

Week in Markets - 14 April 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

In Sight - May

Our quarterly summary of UK pensions issues includes the Regulator's consultation on its monetary policy and description of professional trustees, the Green Paper on DB pensions and a number of changes that took place in April, as well as a round-up of other news.

Week in Markets - 7th April 2017

Pension Clicks - April 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

Week in Markets - March 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Helping trustees make better decisions

Our research shows trustees must analyse how they make decisions, boost diversity and get to grips with implicit fees, as John Belgrove explores in this article, first published in Engaged Investor.

We tested: how well do trustees understand fees?

John Belgrove reports on the results of an analysis into DB scheme trustee priorities and their knowledge of costs and fees in fund management. First published in Professional Pensions.

Cost, Fees, and Trustee Decision-making

This paper examines the importance of costs and fees in trustee investment decision-making, and aims to understand the issues faced by trustees concerning the explicit and implicit costs and fees associated with fund management.

Pension Clicks March 2017

Pension Clicks is Aon Hewitt's monthly e-newsletter, rounding up recent pensions news and publications.

Trustee boards - what are they really like?

John Belgrove looks at the different characteristics of trustee boards and how behavioural biases can be avoided in this article, first published in Pensions Age.

Seeing the full picture

Fiduciary management is one of the fastest growing areas within the UK defined benefit pensions industry. Since coming to the UK over a decade ago, the solution has evolved significantly and is set to continue in the future. In this guide, we look at how fiduciary management has evolved in terms of choice, transparency & outcomes.

Mapping the Trustee Landscape

The first report on our research findings examines a range of different aspects of trustee governance including financial literacy, and attitudes to risk and social-demographics - all of which can influence trustees' investment decision-making.

The Aon Governance Challenge

Operational effectiveness and good governance are vital in order to reach Pensions Stability. At Aon Hewitt we believe that most Defined Benefit schemes have room to improve and our research tells us that trustees and company sponsors agree with us.

Autumn statement and Foreign Retirement Plans

potentially significant announcement in the Autumn Statement 2016 relates to the UK tax treatment of the retirement benefits of mobile employees to and from the UK.

Strategic Currency Hedging

Reducing currency risk has historically helped to reduce overall pension scheme portfolio risk and, looking forward, some currency hedging makes sense from a risk reduction perspective. The significance of this risk will depend on specific circumstances. In this paper, Aon Hewitt experts provide general guidance for UK pension schemes.

Rethinking Income

With yields at or near historical lows and lower expected returns for most asset classes, the challenge for many pension scheme portfolios is balancing the need for return and income. This paper identifies a few opportunities that trustees may want to consider which can potentially improve income and/or the return profile of their portfolios.

Trigger Strategies

Recent political and economic changes have led to volatile investment markets and the outlook for markets remains uncertain. Therefore it is essential for trustees to ensure they remain on track to meet their scheme’s objectives in both the near and longer term. This paper explores different trigger strategies for staying on track.

Bankers Lose Interest - How do you Profit?

In this paper, we explore to opportunities for long term investors arising from regulatory-driven bank deleveraging - primarily, private lending.

European Direct Lending

Aon Hewitt experts look at how institutional investors can fill the gap left by the banks in the market, and benefit from more attractive terms than those available in the broadly syndicated loan market or high yield bond market.

Whet Your Appetite for Illiquidity

Many defined benefit UK pension schemes invest the vast majority of their assets in highly liquid investments. But, many schemes hold more liquidity than is needed. Aon Hewitt's paper looks at overcoming concerns around illiquidity.

All aboard the through train - investing in China A shares

Accessing the Chinese market directly has always been a big challenge for foreign investors. This paper, written by Aon Hewitt's James Jackson, looks at the expanding opportunity in China for emerging market investors. This has the potential to be very significant and eventually game-changing in terms of Emerging Market Equity Index composition.

Do Diversified Growth Funds solve the diversification problem?

Diversified Growth Funds (DGFs) have proved popular with investors because they offer a simple, low governance way of adding diversification to growth portfolios. However, simple is not always best and other solutions may be more suitable. Steven Peak of Aon Hewitt’s Investment Practice explores the appropriateness of DGFs.

The role of hedge funds in an investment strategy

As markets become increasingly focused on the timing of interest rate rises, the stimulus that has driven equity markets higher with limited volatility over recent years is no longer likely to offer the same degree of support to long only investment strategies on a forward looking basis. Combining this uncertainty with concerns over global growth and a slowdown in China has resulted in the elevated market volatility seen since the summer. This introductory paper highlights the role that hedge funds can play in portfolios through the diversification and downside protection that their absolute return philosophy has the potential to deliver.

Actively Emerging: Opportunities in Debt

An introduction to Emerging Market Debt (EMD), including risks, performance and considerations.

Aon Trustee Checklist

Investment decision making in defined benefit trustee meetings.

The Aon Trustee Checklist

Aon Hewitt has been working with behavioural insight agency Behave London to research the behavioural biases involved in trustee decision-making. We have created The Aon Trustee Checklist to help with investment decision-making processes.

Week In Markets - 20th January 2017

Our team of global asset allocation experts, led by Tapan Datta, assess economic data from around the world, analysing movements in markets over the last week.

Equity Portfolios - Follow Your Beliefs

In our short note, Equity Portfolios - Follow your Beliefs, we explore the different strategies available to trustees to get the most from their equity portfolios.

Webinars and Video

The Aon Trustee Checklist

Helping you make more effective decisions.

UK Investment Outlook Webcast

Ruth Williams will chair discussion on the macro-economic outlook for the year ahead.

Aon Hewitt Investment Outlook Webcast

Brexcited or Brexhausted? Practical considerations for a complex investment outlook.



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