Overhead view of pension trustees discussing their pension scheme operations and reviewing areas for improvement

Operational Review

We can help you assess your pension scheme operations and advise you on areas that could give rise to operational efficiencies, based on our experience across a breadth of clients of all sizes, including trustee clients, in-house pensions teams and public sector arrangements. We do so using a number of different methods, designed to address your specific concerns.

How We’ve Helped Our Clients


We were appointed to carry out a triennial governance and trustee effectiveness review for the pension scheme of a large UK Bank. The report resulted in a number of changes, including a restructuring of their committees, revising the terms of reference and reporting between committees and board, and ensuring all committee and board activities were aligned to the business plan.

Having a governance framework that is fit for purpose, works for your pensions team and allows those involved to do their job as efficiently as possible, without gaps or overlaps, will give you the assurance that your governance structure is appropriate. This helps ensure the smooth running of your pension arrangement, saving unnecessary time and therefore costs.

Review of Operational Structure

Trustees and corporate pensions teams have more and more on their agendas, with many competing demands on their time. It is not uncommon for trustees to be presented with 200+ page meeting packs, often within a week of a meeting, which they are expected to digest in full and make informed decisions on.

Our traditional governance reviews include one of more of the following:

  • Completion of our Governance Viewpoints questionnaire, designed with the help of Behave London (behavioural scientists) to remove biases from the questions, and ensuring that focus is on desired future state, rather than anchoring in present state.
  • An assessment against the General Code of Practice Effective System of Governance expectations and the creation of additional policies to address any gaps identified.
  • Interviewing individuals involved in the pension scheme (trustees, pensions support team, governance committees) to seek views on areas for improvement.
  • Observations of meetings, including commentary on the volume and effectiveness of the papers presented to support effective decision making.
  • A review of the trustees' or corporates' governance manual, policies and processes used to support the running of the pensions scheme.
  • A review of the structure of the board, sub-committees and pensions team, the terms of reference of each and the reporting between each party.

Key Resources

The Single Code of Practice — What Does It Mean for Trustees of Pension Schemes?

What does the new single code of practice mean for you? Our 8 step note sets out the practical steps trustees can take.

Pension scheme trustee reading an assessment by Aon on the understanding gaps in the governance following the impletation of the Single Code of Practice
The Single Code of Practice — Helping you to understand the gaps

How Aon can help you understand gaps in your effective system of governance.

Trustee discussing on the phone the findings of their Board highlighted by Aon Governance Viewpoints 4-step approach
Governance Viewpoints

Our tried and tested approach 4-step Governance Viewpoints approach to help you review how your board runs.

Trustee board member discussing how to adapt and enhance their pension scheme effectiveness
Adapting and Enhancing Pension Scheme Effectiveness

How lessons learned from the COVID-19 pandemic can improve your pension scheme operations.

Find Out More

If you would like more information about our operational reviews, please contact us.

Contact us
Peter Vickers, Senior Consultant, Aon

Peter Vickers
Senior Consultant

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Caroline Smith, Senior Consultant, Aon

Caroline Smith
Senior Consultant

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Brian Kinlan, Consultant, Aon

Brian Kinlan, APMI

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