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.
This easy-to-use, web-based tool simplifies the complexities of a bewildering array of retirement options. Members can easily identify the best choice for them, and benefit from a simpler retirement process and lower financial advice costs, while the Scheme will see reduced risk and also deficit improvements. This creates a potential win-win situation for everyone.
How do members compare all of their possible retirement options? Is buying an annuity, taking flexible drawdown or cash the best choice for them? Or are they better off staying within the scheme and taking their pension? The Aon Retirement Options Model is an easy-to-use online tool designed to make complex retirement options simple and, in doing so, provide DB members with timely, affordable and easy access to the IFA market.
From the Company's and Trustee's perspective using the Aon Retirement Options Model bridges the gap between education and full independent financial advice.
The main features of the Aon Retirement Options Model include:
- Pre-loading of member data by the scheme administrator
- Secure access to sophisticated models that summarise the alternatives into easy to understand choices that demonstrate the impact of each potential option
- Customisable so members can tailor the model exactly to their personal circumstances and attitude to risk
- Easier access to independent financial advice at competitive prices for those wishing to transfer
- Integrated with the IFA market allowing IFAs to give better service to members
for further information about the Aon Retirement Options Model.
Aon 2018 Member Options Survey
Aon’s 2018 Member Options Survey looked into the actions around 300 defined benefit schemes have been taking in response to pensions flexibilities. To view the outcomes of this survey please click here.
Your guide to Member Options
Aon recently published a full guide to member options with Professional Pensions. This guide also included 4 case studies of organiastions who have implemented member option exercises. To view this guide please click here
If you would like to find out more or arrange a demonstration of the Aon Retirement Options Model, please contact your usual Aon consultant or:
Partner and Head of Member Options
+44 (0)1727 888286
Aon Hewitt Limited is authorised and regulated by the Financial Conduct Authority.