Aon Hewitt launches free settlement readiness assessment for UK pension schemes
LONDON – Aon Hewitt, the human resource solutions business of Aon plc (NSYE: AON), has launched a free online Settlement Readiness Assessment, open to all UK defined benefit schemes. The test is designed to provide schemes with an overview of their readiness to move to a bulk annuity, with the results analysed to show how close a scheme could be to moving to a de-risking solution.
Paul McGlone, partner at Aon Hewitt said:
“For many pension schemes the use of a bulk annuity is inevitable at some stage in their future, whether that is five, 10 or 20 years away. But experience has shown that not all schemes are ready to take the opportunities when they arise - as illustrated in 2007/2008 when many missed the chance to make the most of attractive pricing. As more and more schemes close to future accrual and increase in maturity, they should be asking themselves whether they would be able to transact quickly should the right conditions arise.”
The Settlement Readiness Assessment consists of 20 multiple choice questions on factors which will be particular to individual schemes. Based on the answers, Aon Hewitt will provide schemes with an indication of how well prepared they are to transact should the circumstances be right. Schemes will also be benchmarked against others that complete the survey.
Paul McGlone, said:
“Monitoring the current funding level of a scheme and the state of the market is always important but planning for a future transaction may be even more so. This assessment is free for any scheme in the country and will highlight how much work it may or may not have to do if a bulk annuity settlement is their end goal.”
To complete the assessment visit: www.aonhewitt.com/settlementreadiness.
Notes to Editors
The “Settlement Readiness Survey” is available at www.aonhewitt.com/settlementreadiness.
About Aon Hewitt
Aon Hewitt is the global leader in human resource solutions. The company partners with organisations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies. With more than 29,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon plc (NYSE: AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
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