United Kingdom

W.R. Swann pension scheme appoints Aon for fiduciary management services

LONDON, 26 May 2021 - Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has been appointed by the trustees of the W.R. Swann & Co Limited Retirement Benefits Scheme to provide fiduciary management services.

W.R. Swann is part of Swann Morton Ltd, the Sheffield-based manufacturer of surgical blades, scalpels and handles, which has been trading since 1932.

Aon was appointed after a competitive tender process for the £40 million scheme. This followed an investment strategy review that highlighted the opportunity to reduce risk and costs by adopting a fiduciary management approach.

Mike Hirst, Chair of Trustees for the W.R. Swann & Co Limited Retirement Benefits Scheme, said:
“While, as a trustee board, we wanted to retain the ability to agree the strategic direction of the scheme, we were convinced that the most effective future approach was to let Aon’s investment professionals make the day-to-day decisions.

“Once all was confirmed, we were especially pleased that Aon made the onboarding process so easy. The contract was agreed quickly, and our assets were transitioned within two months of us agreeing to work together.”

Mike Hirst continued:
“Moving to fiduciary management of our scheme has already delivered real benefits by hitting two de-risking triggers well ahead of our planned schedule, as well as taking a significant weight off the shoulders of the trustees. Ironically, while we have delegated the day-to-day services, we now feel more in control of the scheme's finances.”

Oliver Sample, senior consultant at Aon, said:
“Aon has worked for some time with the W.R. Swann Scheme in a variety of other roles, so we were especially pleased to gain the opportunity to support it with our fiduciary management services as well. Our initial aim – as established by the investment review – was to reduce risk and to provide more stability for the scheme and the company, and that was swiftly achieved.

“As this is a new way of working for the trustees, we have been determined to support them through this process. Therefore, throughout this initial stage we have been focused on communicating clearly with both the trustees and members. We intend to maintain that focus and look forward to continuing our working relationship and keeping the scheme firmly on track with its long-term goals.”


About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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