Legislation changes have given DC pension scheme members more retirement options than ever. Making good choices can be tricky – and ideally, the preparation needs to start early.
Helping your DC pension scheme members to plan for their retirement has always been a good idea – but the new pension freedoms introduced in the 2015 budget has made it essential. And not only for your employees.
Around the world, we’ve noticed a growing number of employees who are ready to retire, but have to keep working because they can’t afford to – and that can be bad for morale, engagement, and productivity.
Making sure your people get the right information and guidance to have the best possible outcome in retirement makes moral sense, and business sense too.
Source: Aon Benefits and Trends Survey 2019
Literally at their fingertips
When you’re comparing pensions and financial options, the most valuable thing is to have all the information available, side by side, in a way that makes sense.
Our ‘Aon Retirement Service’ brings all the details, projections and possibilities into one place, so your colleagues can explore all the possible outcomes, and decide how to make the best use of the new pension freedoms.
It makes it easy to see and understand the impact of annuities, different investment strategies, cash withdrawal, income drawdown – and any combination of those approaches – so they can find the answer that best suits their own personal circumstances and goals.
Good outcomes start early
But to have the best chance of the retirement they want, your people need to start thinking about their options – and shaping their investments – much, much earlier.
That’s why we don’t limit ourselves to retirement support six months in advance; we also have pre-retirement programmes for everyone over 50, helping people to start thinking about what they might want to do. So when your people are ready to take the next step, their finances are too.