LONDON, 23 July 2021 – Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has said that more UK pension schemes are seeing the importance of developing forward-looking ‘member journey plans’ alongside those for funding and investment.
At a recent webinar hosted by Aon and with contributions from independent governance and transactional support services providers, Law Debenture, and The Pensions Ombudsman, polling showed increased support for members at retirement. Around half the schemes polled already provided transfer value figures and support through modellers or IFA advice, which was consistent with the findings in the recent Aon Member Options Survey.
During the webinar, Aon highlighted the importance of considering the member experience alongside longer-term journey planning, with polling showing that while just 2% of schemes currently have a fully documented member journey plan, 52% of schemes plan to address this in the next two years.
Kelly Hurren, partner and head of Member Options at Aon, said:
“The member experience is arguably the most important consideration in the evolution of a scheme's journey, particularly when the options and support available may change after buyout. It is therefore critical that schemes formally plan how the member experience evolves alongside the more typical focus of funding and investment. The polling during our webinar clearly showed that schemes are increasingly aware of the importance of this.
"Planning ahead can help to ensure good outcomes for all members before reaching a scheme's endgame."
Robert Thomas, director at Law Debenture, said:
“We think that it is vital for members to be at the heart of a scheme’s planning towards its long-term objectives. As trustees we are always looking to maximise value for scheme members and understanding their motivations is key.
“As with so much in the field of pensions, good advance-planning is essential to the success of any of these activities. It is vital to think about the interdependencies of member options with other projects, whatever the long-term aims are for the scheme. Working across multiple schemes and being part of the wider LawDeb team is helpful in ensuring visibility of the market and how to manage these interdependencies effectively.”
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