Aon welcomes Government consultation on CDC schemes

Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has commented on the publication by the Work and Pensions Committee of the Government’s response to its report on Collective Defined Contribution (CDC) pension schemes.   

Kevin Wesbroom, senior partner at Aon, said:
“It is excellent news that the Government is proceeding with its consultation on the introduction of Collective DC (CDC) schemes. Aon has been at the forefront of exploring CDC as a viable retirement saving option and our evidence (both written and oral) to the Work and Pensions Select Committee - based on extensive modelling - showed the substantial advantages these schemes offer to members.
 
“The Government consultation will rightly consider all the issues that matter to employers, to members and policy makers. None of these issues are show stoppers. We know they can all be worked through based on the work that we have been doing with Royal Mail, and from Aon’s learnings in other jurisdictions, including Canada, Germany and the Netherlands.
 
“CDC schemes offer the opportunity to transform retirement saving for generations of UK employees. We are convinced the UK pensions system will be stronger and more resilient as a result of their introduction.”

Notes to Editors
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.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.

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