Learn how your organization can benefit from pension administration.
What is Pension Administration?
Pension administration is a service that involves carrying out the strategic decisions and actions required of defined benefit (DB) pension plan sponsors. Pension plan administrators manage pension census data, educate plan participants about the pension plan and ensure that payouts to plan participants and beneficiaries are performed accurately and delivered promptly.
Why Use a Pension Administration Partner?
Employee financial wellbeing depends on understanding retirement benefits and which decisions optimize outcomes. Employers are responsible for safeguarding participant interests, appropriately managing risk, and protecting participant data. The complexity of these plans demands attention from pension experts. Outsourcing pension administration to a trusted retirement provider allows plan sponsors to better manage compliance risks, eliminate the need to take on administration duties and focus valuable resources on what they do best.
How Do Aon’s Defined Benefit Administration Services Work?
With over 80 years in the DB administration business, Aon is the premier provider of defined benefit administration services in the United States. Our approach uses a unique, higher-touch participant service model to deliver integrated pension administration retirement solutions. We leverage our experienced pension team members and web-based planning and management resources to provide robust and compliant services.
Experience to Make it Happen
As an administrative ally to our partner organizations, we get to know their pension plans, data, and history. Our client’s goals become our goals, and we apply our vast skill set, tenure and resources to help them fulfill their fiduciary responsibility and meet their objectives.
Flexible and Customized Approach
When it comes to DB pension plan administration, one size does not fit all. At Aon, we offer three flexible delivery models that can be customized to suit your organization’s specific needs.
With over 80 years in the DB administration business, Aon is the premier provider of defined benefit administration services in the United States.
Our Pension Administration Delivery Model
If an organization does not want to retain a staff of pension experts, Aon can handle all aspects of plan administration. From processing option election forms, maintaining active and inactive participant records, producing and distributing benefits packages, and interacting with the trustees, we’ve got clients covered.
If a client prefers to retain some administrative functions in-house, we can calculate participant pension benefits and create corresponding letters and forms. This leaves organizations free to handle participant and trustee interactions, maintain data for participants, and manage other administrative functions.
If an organization is looking to administer their own plan but needs the tools to do it effectively, our insourcing model can help. Under this version, clients use our proprietary DBCalc™ administration system to store and maintain data, perform benefit calculations, generate all necessary participant materials, and input new participant pension elections.
We offer three delivery model options. Your Pension Resources is available as an option under all three models.
Your Pension Resources™ is a powerful modeling site where your participants can:
View their personalized pension data
Estimate their future pension benefit
Compare pension benefit amounts under different scenarios (e.g., ages 55, 60 and 65)
Find answers to plan-related questions
Download and/or upload pension information
Initiate or complete the retirement process online
Link to other useful websites
Contact our experienced pension team