Following the Budget 2014, we are facing a brave new DC world and schemes need to think hard about how they are going to respond to it. We expect to see a significant amount of market - and scheme - innovation as employers look to support members converting their savings into a regular income during retirement - Sophia Singleton, Aon Hewitt
The Budget 2014 heralded as big year for defined contribution pensions - as many have commented, we're seeing the biggest pensions shake-up for a generation; in our view, probably for a generation to come. This, together with the Pensions Regulator really pressing down for better standards and better member outcomes, means trustees are now, more than ever, under pressure to help secure retirement financial stability for their members.
Aon Hewitt has been working closely with employers and trustees of DC plans for many years. We provide services to bring rigour to DC plan design, communication, investment and governance in order to ensure better member outcomes.
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The publication will be of great value to employers and trustees of DC pension schemes as they review their schemes against the backdrop of this brave new pension world.