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Defined Benefit Pensions

Reports, Articles and Whitepapers

GMP Equalisation - a call to action

A cross-industry GMP Equalisation Working Group that was set up to assist schemes following the High Court ruling in the Lloyds case, has published A Call to Action. This high-level guide identifies three initial areas where schemes can start to focus their efforts: data, GMP rectification and impacted transactions. It also includes a checklist of tasks that can be carried out now in preparation for an equalisation project.

DWP revises trustees' investment duties

Without consultation, the DWP has published new regulations that amend trustees’ investment duties, starting from October 2020. The new provisions will further extend the requirements for what needs to be included in the statement of investment principles (SIP), and for disclosure of investment policies on an external website.

Solving GMP equalisation by conversion

This In Depth focuses on a method of equalising GMPs which avoids the need to maintain dual (or multiple) administration records into the future – and allows schemes to remove GMP liabilities through a one-off exercise, by converting GMPs into an alternative benefit in a form chosen by the trustees.

In Sight May 2019

Our quarterly summary of pensions issues looks at forthcoming changes to the Pensions Regulator’s powers, along with the DWP’s latest guidance on equalisation for GMPs by conversion. It includes updates on DC investments, CDC schemes and other news.

Regulator publishes its annual funding statement

The Pensions Regulator (TPR) has published its annual funding statement (AFS) for defined benefit (DB) schemes.

The UK settlement market: update on business placed over 2018

Bulk annuity market doubled in 2018...

GMP equalisation focus: Stepping up

3 February marked 100 days since the ruling in the Lloyds Bank GMP equalisation case, affecting thousands of UK DB pension schemes and millions of members.

Cashflow MOT Test

Are you cashflow negative? The regulator wants Trustees to have a cashflow policy, but beware… cashflows are volatile. A cashflow MOT can test the robustness of your cashflow policy under different scenarios. Disinvesting from assets to meet cashflows and using investment income may both be reasonable policies. It is worth considering contractual income assets. View the Cashflow MOT to find out more.

Regulator powers to be extended

The DWP has published its response to last year’s consultation on ‘Protecting Defined Benefit Pension Schemes - a stronger Pensions Regulator’. Most of the additional powers proposed for the Regulator will be taken forward. Legislation will follow as soon as Parliamentary time allows.

In Sight – February 2019

Our quarterly summary of pensions issues looks at government consultations on DB consolidation and CDC schemes, as well as updates on equalising for GMPs and investment issues, and includes a round-up of other news.

Consolidation on the horizon?

The Government is consulting on a new regime to encourage consolidation of schemes. Views are being sought on a legislative framework for authorising and regulating DB 'superfund' schemes. Our technical update summarises the proposals.

High Court GMP ruling

The High court has ruled that ‘GMP equalisation’ is required and suggested several possible methods to achieve this. The ruling helps to address the long running uncertainty surrounding the requirements. Our note provides a summary of the findings.

In Sight – November 2018

Our quarterly summary of pensions issues includes changes to investment duties for trustees, as well as updates on the pensions implications of Brexit and climate change risks, and a round-up of other news.

Emerging Trends in Pensions Administration Guide

In our new guide, we explore the ways administration is changing and how it is impacted by (and can impact) your priorities. How can you and your administrator ensure your scheme is in the best place to deliver against your objectives?

Whitepaper: Choosing the right actuarial valuation approach

Our new whitepaper examines the complex options facing UK pension schemes and the implications of their chosen method of valuation.

In Touch: trustee investment duties amended

The DWP has confirmed changes to trustees’ investment duties that will become effective in October 2019. The Statement of Investment Principles will need to set out additional information, including how trustees take account of the views of members (if at all) and climate change. Money purchase schemes will need to disclose the new information online and also produce an implementation report.

In Sight – August

Our quarterly summary of pensions issues includes government consultations on a stronger Regulator and on clarifying investment duties for trustees, as well as new legislation and a round-up of other news.

Integrated Pensions

Powering your journey towards success.

More power for the Regulator?

The DWP has published a consultation on TPR powers, suggesting an expanded list of notifiable events, with an employer 'Declaration of Intent' required in some circumstances, new and bigger penalties for non-compliance and enhanced anti-avoidance powers. Our note summarises the proposals.

DWP consults on trustees' investment duties

The DWP has published a consultation on 'clarifying and strengthening investment duties', proposing changes to the content of SIPs, a new requirement for trustees to prepare a "statement on members' views" and additional requirements for certain schemes to disclose information online. Our note summarises the proposals.

New process for DC bulk transfers without member consent

New rules came in from 6 April 2018 intended to simplify bulk transfers without member consent for those defined contribution (DC) rights that do not include underlying promises or guarantees. The DWP has published guidance to help trustees comply with the regulations, covering matters such as choosing an appropriate adviser, charge cap maintenance and other good practice considerations.

The challenge of maturity – May 2018

Aon’s John McAleer and Legal & General’s Costas Yiasoumi discuss the challenges faced by mature defined benefit pension schemes and present a framework for managing their run-off, in this article first published in The Actuary.

Annual Market Review - Chapter 1: Bulk Annuities

This chapter covers: A year of increasingly strong market opportunities; Full scheme bulk annuities – a case study; Innovative asset strategies support better annuity pricing; Pre-Compass Checklist; Key opportunities for smaller schemes.

Annual Market Review 2018

In this market review, our team will help you to navigate some of the popular topics of 2017 and discuss some of the key trends expected in 2018.

Annual Market Brochure 2018

A summary of the settlement market, topical articles and insights from our clients on recent transactions.

In Sight – May

Our quarterly summary of pensions issues includes the latest on auto-enrolment and DC charges, as well as transfer developments and a round-up of other news.

Risk Analyzer

Aon's real-time valuation and risk management system, Risk Analyzer, can help you to understand, manage and take immediate action in relation to your scheme.

Storms, Floods and Quakes

ILS funds earn premiums for insuring natural catastrophes such as storms, earthquakes and floods, and man-made disasters such as marine and aviation calamities.

Pension Scheme Cyber Resilience Workshop

Aon’s cyber resilience workshop helps trustees establish key risks and a plan to protect their scheme’s data, assets, members and sponsor, as well as themselves.

Aon's UK Investment Business Approach

Read Aon's business philosophy

Absolute Return Fixed Income - Positive returns in a rising rate environment

This article was first published by Pension Fund Service.

Risk Settlement Bulletin - February

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

Spotlight: Covenant for LGPS Employers

The ability of LGPS employers to fund their liabilities is critical to ensuring the long term sustainability of LGPS funds and to protect other employers.

Unitisation

Notionally allowing assets to employers in the LGPS

The Aon Hewitt Longevity Model (AHLM)

Assessing longevity risk in the LGPS.

Integrated risk management

Why is assessing employer covenant important?

Cybercrime - Checklist for Local Government Pension Funds

Cybercrime is a growing area of concern for pension funds, and one which both committees and administering authorities need to pay attention to.

In Sight – February

Our quarterly summary of pensions issues includes the latest on auto-enrolment and DC charges, as well as transfer developments and a round-up of other news.

Risk Settlement Bulletin - November 2017

Annuity pricing has been exceptional over the last few months, but how much better can it get?

Trustee Effectiveness Review: work in harmony.

At Aon our definition of good governance focuses on having the right structure, the right processes and the right people involved in running the pension scheme; with the right skills to not only mitigate the risks the scheme face but also to capitalise on any transient market opportunities.

Governance Viewpoints

Pension Schemes face many challenges, and as regulatory requirements continue to grow one of the key challenges is effective governance. With The Pensions Regulator now also focussing on this area, with its work on 21st Century Trusteeship and Governance, Aon has a simple process to review how your trustee board runs.

What are the biggest challenges facing UK DB schemes today?

New legislation, volatile markets and changes in member expectations create a challenging environment for sponsors and trustees alike.

In Sight - November

Our quarterly summary of pensions issues looks at the Regulator's scheme governance initiatives, as well as new money laundering regulations and a round-up of cases and other news.

Risk Settlement Bulletin - September 2017

2017 has continued to see improvements in bulk annuity pricing for a wide range of transactions. For some schemes we expect the cost of securing all benefits with an insurer has reduced by as much as 10% over the last 12 months.

Implemented pension consulting - address the problems of DB schemes without the hassle

The C Suite magazine looks at two case studies of Implemented Consulting in action

UK Settlement Market Volumes - First Half of 2017

This flash report details risk settlement business volumes for the first half of 2017.

Risk Settlement Bulletin - August 2017

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

Risk Settlement Bulletin - July 2017

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

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.

In Sight - August

Our quarterly summary of pensions issues includes the Regulator's annual funding statement, as well as the latest on DC charges and pensions advice; and a round-up of cases and other news.

A phased approach to bulk annuity purchases can deliver the best outcome for your scheme - July 2017

Tiziana Perrella explores how a tranched approach can pay benefits in this article, first published in PMI News.

Implemented Pension Consulting - Address the problems of DB schemes without the hassle

Andrew Grime talks to Accounting Web about Aon's Implemented Consulting.

How to address the problems of DB schemes without the hassle

Andrew Grime discusses how to reduce the problems of a DB scheme with Director of Finance magazine.

Choosing to transfer

Ben Roe, Partner and head of member options, examines transferring from a DB scheme. First Published in Pensions Expert.

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

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.

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.

Escrow White Paper - reconciling stability and surplus

 

Pensions Stability Buffer - Reducing the risk of a trapper surplus

 

Comparing different alternative financing solutions to solve pension deficits

 

Webinars and Video

DWP White Paper and TPR Annual Funding Statement

Aon Hewitt Webinar: Longevity – the new market consensus

This webinar addresses the latest thinking in relation to pension scheme longevity

Aon Hewitt Webinar: Bulk annuities - A pricing peak or the new norm?

Bulk annuity pricing has appeared to go from strength to strength since mid-2016 and has recently reached truly exceptional value. With returns on annuities achieving up to 70bps above gilts we expect many scheme trustee and sponsors will want to know how to capture this opportunity whilst it exists.

Aon Hewitt Webinar: Bulk annuities - A pricing peak or the new norm?

Bulk annuity pricing has appeared to go from strength to strength since mid-2016 and has recently reached truly exceptional value. With returns on annuities achieving up to 70bps above gilts we expect many scheme trustee and sponsors will want to know how to capture this opportunity whilst it exists.

Getting the numbers right - DB Plans, what you measure is what you get...

What are the pros and cons of different approaches to valuations? Gilts+ is dead or long live gilts+? From the 2017 Pensions Conference Series.

Life, death and insurance

At the start of 2016, Solvency II loomed large with rumours of increases in bulk annuity pricing. What has happened in practice has been some of the most attractive bulk annuity pricing in recent memory. From the 2017 Pensions Conference Series.

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

The future of DC: Aon’s 10-year challenge

In this guide, our experts in different fields consider the key elements of Defined Contribution ‘DC’ pension provision, comparing it to where it was 10 years ago and how it could look 10 years from now

Aon DC Newslettter – Vol 1 2019

DC Monthly is our regular update sharing our latest DC thinking and research.

DC Monthly – November 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

DC Monthly – October 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

Key wellbeing questions every employee should ask as they approach retirement

Over the last decade there has been a quiet revolution in the way that we retire. Changes in legislation and workplace practice have combined to turn retirement from a sudden, overnight leap into a slower, more gradual journey. Supporting staff who are considering retirement means having answers to some very specific questions

How to use retirement analytics to predict the future shape of the workforce

An environment of constant change has major implications for employee demographics and workforce planning. In this article, we look at how HR teams can use data and analytics to improve decision-making. How can retirement data help you to identify when critical talent will leave the business?

How to optimise your board behaviour and support great decision-making

Susan Hoare explores the subject of behavioural bias and how — by having a better understanding of their biases — DC trustees can enhance their effectiveness.

DC Monthly – September 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

Scheme Communications: Essential ideas for getting messages to members

Lynda Whitney shares some of her favourite tips for great scheme communication taken from Aon’s recent Better DC Decisions Workshop.

DC Monthly – August 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

Three key questions trustees should be asking about their default strategy

In Aon’s recent Better DC Decisions Workshop, Investment Principal Chris Inman explored better DC default investments. In this article, Chris shares some of the highlights from that session.

The Future of At Retirement

Aon’s DC experts Sophia Singleton, Kevin Wesbroom and Debbie Falvey consider a number of key questions regarding the global challenge of the ‘at retirement’ market,

DC Monthly – July 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

DC Monthly – June 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

Achieving Better Investment Performance: Time to Delegate?

What are the challenges impacting the DC investment market and what do they mean for pension schemes? We explore some of the solutions to these investment challenges.

Making DC work for a diverse membrship

Whilst its important to understand outcomes for a “typical member” we need to have an understanding of the outcomes on an individual member basis to help target resource in the places.

DC Monthly – May 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

The Rise of Factor Investing: Investing for DC Savers

With factor investing on the rise in recent years and further growth of the strategy on the horizon, it is becoming more accessible to DC schemes. A low-cost approach which can offer enhanced risk-adjusted returns. So when trying to achieve diversification in your portfolio, what role can factor investing play?

DC Monthly – April 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

DC Monthly – March 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

DC Monthly – February 2018

DC Monthly is our regular update sharing our latest DC thinking and research.

Pension Scheme Cyber Resilience Workshop

Aon’s cyber resilience workshop helps trustees establish key risks and a plan to protect their scheme’s data, assets, members and sponsor, as well as themselves.

The Role of Diversified Growth Funds in DC Schemes

Diversified growth funds play an important role within a DC investment portfolio, but what are they actually trying to achieve? We look at which attributes to consider when evaluating DGFs in order to find the most appropriate type for your DC scheme.

The Times Workplace Pensions Report 2018

Distributed recently with The Times Newspaper, the Workplace Pensions Report examines how change is influencing the pensions landscape, highlighting some of the key decisions facing employers and members – including the upcoming increases in minimum contributions. Download a free copy of the publication in which Aon looks at the importat issue of engagement.

Workplace pension outcomes depend to shared engagement

Outcomes delivered by employer pension schemes depend more than ever on levels of engagement, so companies must create good quality schemes and successfully communicate their benefits. Read our article, first published in the Workplace Pensions Report, distributed with The Times.

Deciding on Default Design

Effective default fund design sits at the heart of any DC scheme, given the proportion of members who use this investment option. So trustees’ choice of investment strategy and the charges applied to it are significant influences on the eventual size of an individual’s retirement pot. In this paper, we explore two key types of default fund strategy: lifestyling and target date funds.

Putting DC Members Front and Centre

If we ask ourselves what DC strategies are actually trying to achieve, we're likely end up with the regulatory answer of good member outcomes. In this paper we explore what those good member outcomes actually mean and how DC schemes can deliver them.

Can your scheme afford (not) to increase contributions?

Steven Leigh looks at Aon’s DC Scheme Survey 2017 and the light it shines on how defined contribution schemes are tackling the challenge of auto-enrolment in this article, first published in Professional Pensions.

DC Webinar: Is your scheme ready to navigate the future? – View Slides

View the slides from the DC Webinar - Is your scheme ready to navigate the future?

DC Scheme Survey - Full Report

Download the full report of our latest DC Survey - Navigating the Future.

Part five - Overcoming Headwinds

In Episode five of the Aon Hewitt Pensions Podcast Lynda Whitney and Sophia Singleton share the key points from the DC survey, and examine whether technology will help deliver better outcomes for both members and pension funds. Finally, Sophia and Linda share with us some of the surprises they have found within the report.

DC Roundtable - Part 2 - December 2017

Sophia Singleton and other pension experts discuss some of the latest issues in DC, including de-risking, multi-asset funds and exchange-traded funds, in the second part of a roundtable carried out for Pensions Expert.

DC Roundtable - December 2017

Sophia Singleton and other pension experts discuss some of the latest issues in DC, including de-risking, multi-asset funds and exchange-traded funds, in this roundtable carried out for Pensions Expert.

Part four - Powering the Investment Engine

In this episode, we talk to Sophia Singleton and Christopher Inman about the investment experience for members. What is the investment engine and why it is so important? Trustees and Defined Contribution pensions scheme managers have a duty to help deliver the best outcomes for members, so this year we focused our Defined Contribution Schemes Survey on their concerns, obstacles, and how they can best approach the future. We look at what survey respondents told us about Defined Contribution investments and how they are shaping pension schemes for the future.

Part three- Getting Members onboard

In this episode, John Foster and Karina Klimaszewski discuss survey respondents concerns around member engagement and how to address some of these challenges, engaging members and empowering them to stay the course and maximise their contributions. Find out what Defined Contribution pension schemes representing over 1.7 million members had to say in the Navigating the future of DC pension scheme survey.

Support wanted - November 2017

Lynda Whitney asks whether DC pension schemes are really giving members what they want.

Aon's Defined Contribution Solutions

Depending on the level of involvement you want, we have a solution that can support you - from an investment only or bundled solution for trust-based schemes or a master trust or group personal pension arrangement for those looking to completely outsource.

Part two - Plotting the course for contributions

In episode 2 of the Aon Hewitt Pensions Podcast we talk with John Foster and Steven Leigh about survey respondents views towards automatic enrolment, contribution rate rises. Just how prepared are companies and Pensions funds for these changes. What do these changes mean for members?

Part one - Setting the direction

In this episode, we talk to Sophia Singleton and Linda Whitney about the DC pensions research which has explored the roles and responsibilities of trustees and scheme managers, their relationships with members and how future developments will influence their planning. The main challenges they face relate to dealing with increasing regulation, designing appropriate defaults, engaging members and empowering them to stay the course and maximise their contributions. By identifying areas for improvement, upcoming changes and opportunities, we can help trustees and scheme managers navigate the best way forward.

Trustee Effectiveness Review: work in harmony.

At Aon our definition of good governance focuses on having the right structure, the right processes and the right people involved in running the pension scheme; with the right skills to not only mitigate the risks the scheme face but also to capitalise on any transient market opportunities.

Aon Defined Contribution Scheme Survey Summary 2017 - Navigating the future

Trustees and pension scheme managers have a duty to help deliver the best outcomes for members. So this year we focused our research on their concerns, their obstacles, and how they can best approach the future.

The New World of Retirement - An action plan for an ageing workforce

Retirement is changing. The removal of the default retirement age, changes to the state pension age, freedom and choice retirement reforms, plus a shift to defined contribution pensions all mean that there is no longer a 'one-size-fits-all' model.

Achieving better investment performance: time to delegate?

In this paper, we discuss the investment challenges that are impacting the DC investment market. How can trustees address these challenges and what does a solution look like?

DC: New twists and turns

September 2017: The FCA Asset Management Review, DB to DC transfers and data protection are just a few of the items discussed on this month's DC roundtable agenda with Pensions Age. Featuring Aon Hewitt's Lynda Whitney, first published in the September issue of Pensions Age.

Aon's Defined Contribution Solutions

Depending on the level of involvement you want, we have a solution that can support you - from an investment only or bundled solution for trust-based schemes or a master trust or group personal pension arrangement for those looking to completely outsource.

Reflect and regroup: Seven ways to assess if your pension scheme is fit for purpose

Now is the time to evaluate whether your pension scheme is meeting the needs of your employees and business.

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.

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.

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

The Aon MasterTrust: a members’ digital journey

The Aon MasterTrust is a professionally managed, multi-employer pension scheme that actively works to improve members’ retirement outcomes.

DC Webinar: Is your scheme ready to navigate the future? – Watch Recording

Watch the DC Webinar - Is your scheme ready to navigate the future?

Aon Hewitt Pensions Podcast - Navigating the Future - Part Four

 

Aon Hewitt Pensions Podcast - Navigating the Future - Part Three

 

Aon Hewitt Pensions Podcast - Navigating the Future - Part Two

 

Aon Hewitt Pensions Podcast - Navigating the Future - Part One

 

Member decision making - do we make it too hard?

How difficult do individuals find it to make informed decisions about their pensions? What is stopping them and what can we do to help? From the 2017 Pensions Conference Series.

Spending your DC pension - the how to guide

We all know that making decisions at retirement is hard. Listen to the thoughts of providers on what needs to be considered when deciding on a post retirement solution for your members, and hear from the members themselves. From the 2017 Pensions Conference Series.

Aon Hewitt on challenges faced by HR Directors in helping employees save for retirement

 

Asset TV master trust masterclass

 

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

Pension Clicks Newsletters

Pension Clicks – July 2019

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

Pension Clicks – June 2019

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

Pension Clicks – May 2019

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

Pension Clicks – April 2019

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

Pension Clicks – March 2019

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

Pension Clicks – February 2019

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

Pension Clicks – January 2019

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

Pension Clicks – December 2018

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

Pension Clicks – November 2018

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

Pension Clicks – October 2018

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

Pension Clicks – September 2018

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

Pension Clicks – August 2018

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

Pension Clicks – July 2018

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

Pension Clicks – June 2018

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

Pension Clicks - May 2018

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

Pension Clicks - April 2018

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

Pension Clicks - March 2018

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

Pension Clicks - February 2018

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

Pension Clicks - January 2018

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

Pension Clicks - December 2017

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

Pension Clicks - November 2017

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

Pension Clicks - October 2017

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

Pension Clicks - September 2017

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

Pension Clicks - August 2017

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

Pension Clicks - July 2017

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

Pension Clicks - June 2017

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

Pension Clicks - May 2017

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

Pension Clicks - April 2017

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

Pension Clicks - March 2017

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

Pension Clicks - February 2017

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

Pension Clicks - January 2017

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

1

General Pensions & Investment Thought Leadership

Reports, Articles and Whitepapers

Building the right support for your pension scheme – download the report

As a trustee, the current environment makes decision making and the running of pension arrangements even more demanding than ever.

How to protect your pension scheme from cyber risks through asset managers

Over the past 12 months, cyber risk has leapt up the agenda of pension schemes and sponsors, and is one of the most rapidly evolving issues that schemes face.

Cybercrime – checklist for pension schemes

Cybercrime is a growing area of concern for pension schemes, and one which both trustees and sponsors need to pay attention to.

Pension scheme cyber resilience workshop

Pension schemes hold substantial amounts of personal data, have regular financial transactions, and are managed by trustees who often have no dedicated IT support.

Missing a trick?

Paul McGlone takes a look at the recent DWP White Paper to see what the future might hold for DB governance requirements, in this article first published in Pensions Age.

Is sole trusteeship the future?

Paul McGlone explores some of the benefits and challenges, and asks if sole trusteeship really is the governance model of the future.

Pension Scheme Cyber Resilience Workshop

Aon’s cyber resilience workshop helps trustees establish key risks and a plan to protect their scheme’s data, assets, members and sponsor, as well as themselves.

The Chair’s role in making better scheme decisions

The way a trustee meeting is chaired has a significant impact on the decisions made and the outcomes achieved. Susan Hoare investigates how behavioural science can help Chairs carry out their role more effectively. First published in Pensions Expert.

Do your trustee meetings have the best framework?

Our research into trustee effectiveness has led us to develop a Trustee Meeting Framework, to help trustees and chairs plan effective meetings. Read more in this article, first published in Pensions Expert.

How to challenge your advisers: the questions trustees need to ask

When you are faced with recommendations from your advisors, how can you make the best choices? The answer lies in challenging the decisions you are being asked to make. Susan Hoare looks at how you can do this, in an article first published in Pensions Age.

How can trustees become more effective?

Aon’s Susan Hoare explores the challenge facing many trustees: how to balance delivering day-to-day actions alongside achieving their scheme’s long-term objectives. First published in Pensions Age, January 2018.

Better Boards - Full Report

Aon Hewitt commissioned behavioural insight agency Behave London to build on the work of the Aon Trustee Checklist and look at group decision-making biases.

Better Boards - Summary

Aon Hewitt commissioned behavioural insight agency Behave London to build on the work of the Aon Trustee Checklist and look at group decision-making biases.

Behavioural Checklist for Chairing Meetings

We partnered with behavioural insight agency Behave London, to help us better understand how group dynamics can impact broader decision-making and planning strategy.

Between Meeting Organiser

Our Between Meeting Organiser has been developed to help you to make the best use of time between meetings.

Trustee Meeting Framework

Our latest research, in conjunction with behavioural insight agency Behave London, has helped us to better understand how group dynamics can impact broader decision-making and planning strategy.

Ten questions to help trustees to challenge their advisors

As part of our suite of Trustee Effectiveness tools we have worked with behavioural science specialists Behave London to develop ten questions designed to help you gain confidence in the decisions you make as a trustee, whether for your Defined Benefit or Defined Contribution scheme.

Strategic Business Plan Example

This document is intended to provide an example business plan that trustees and sponsors can use for the next one to three years for their pension scheme.

Aon Trustee Checklist

Pension decision making in trustee meetings.

Governance Viewpoints

Pension Schemes face many challenges, and as regulatory requirements continue to grow one of the key challenges is effective governance.

Trustee Effectiveness Review

When asked what keeps them awake at night, pensions trustees regularly cite issues such as lack of time, resources, knowledge and information.

Webinars and Video

Protecting pension schemes from cyber risk

Listen to our podcast on pensions governance and achieving trustee effectiveness

Pensions Governance - Trustee Effectiveness

Listen to our podcast on pensions governance and achieving trustee effectiveness

The Aon Trustee Effectiveness Toolkit

View our Trustee Effectiveness Toolkit Video