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Introducing the Aon Hewitt Retirement Service

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Introducing the

Aon Hewitt

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This leaflet provides you with an overview of the Aon Hewitt Retirement Service.

Introducing the Aon Hewitt

Retirement Service

Employers and trustees have a number of obligations around the support they must give to members as they approach their retirement. These requirements can add substantially to an employer’s or a trustee’s administrative burden.

It can also be time-consuming to understand the details of what is current good practice as well as document and implement an effective approach for the scheme and its members (or dependants).

Why use the Aon Hewitt Retirement

Service?

The Aon Hewitt Retirement Service is a comprehensive, practical and flexible solution that gives employers and trustees valuable reassurance that they are meeting good practice.

The benefits of the service include:

O capable of being integrated with existing processes

or can be fully bespoke

O available to companies of all sizes (support that

would otherwise be too costly for the smaller employer)

O educates members about their options and

maximises member engagement

O gives access to financial advice for members that

need this (i.e. drawdown vs. annuity)

O clear, competitive and flexible pricing structure

Key points

DC regulatory guidance (code)

O Trustees will ensure that a process is provided

which helps members to optimise their income at retirement

O Trustees will clearly communicate to members

the options available at retirement in a way which supports them in choosing the option most appropriate to their circumstances

O Trustees will ensure that scheme

communication is accurate, clear,

understandable and engaging and it addresses the needs of members from joining to

retirement

Extract: The Pensions Regulator Draft Code of Practice 13

A FEW YEARS FROM RETIREMENT

Key points

New ABI Code of Conduct

ABI members are required to:

O Provide clear and consistent communications

to ensure customers are able to make informed and proactive decisions about retirement income products, and are able to shop around for the most appropriate product

O Prominently highlight enhanced annuities, and

the much higher income they can potentially offer, and inform customers whether they offer these products, and how to find out who does

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How can we support you

and your members

The support required by a trustee or an employee will inevitably vary according, among other

things, to the size and type of scheme they have in place.

The website provides valuable information that

members can access at different stages of their journey to retirement. We encourage trustees and employers to give their members access to the website as early as five years from their expected retirement date.

Initially, members will receive a letter telling them that their employer or trustee has asked Aon Hewitt, to provide them with access to this secure site. This letter will include log-in details to the website. A subsequent letter will provide the member’s password.

In the years before their retirement, members are likely to want to gather more general information and explore all the options that are available. The website includes useful links, for example, to help members estimate the amount they could receive in State pension, or to find pensions they have had with previous employers.

Website

www.aonannuityfinder.co.uk

As retirement comes closer, members will value more specific information and can use the website to request their annuity quote. The site retains information that a member enters so that it is available on their next visit, when it can be updated, if necessary.

The site brings all the information together in one place and is easy to navigate. It also includes tools which can be downloaded – the budget planner, or which are interactive – the enhanced annuity indicator. We know that there is a lack of understanding of different annuity options and in particular the availability of enhanced annuities. This tool clearly illustrates how various medical conditions impact on income levels.

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Booklets

We have produced a range of booklets that provide general information alongside practical tips. These five brochures take members step-by-step through the decision-making process from around five years from retirement until they stop work.

Clear and structured contents mean that a member will be able to easily access specific information precisely when they need it, for example, on how to trace or consolidate pensions from previous employers.

Helpline

– 0800 107 0392

Alongside accessing information online or in the brochures, members can also contact a member of the Annuity Team, if they have specific questions. This can help clarify complex or detailed points and provide valuable reassurance to the member.

APPROACHING

RETIREMENT

READY TO

RETIRE

Example Word documents

Contact Us

If you need further information about the Aon Hewitt Retirement Service please contact:

Helpline number: 0800 107 0392, or

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Aon Annuity Finder

Aon Annuity Finder provides the employee

with information about the support that is

available to them in the run up to and into

retirement.

Downloadable tools, calculators and guides

to re-emphasise the importance of

Open Market Option (OMO), health and

benefits shaping.

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Published by Aon Consulting Limited

Copyright © 2013 Aon Consulting Limited. All rights reserved.

Registered office: Briarcliff House, Kingsmead, Farnborough, Hampshire GU14 7TE Registered number: 03127195

Aon Consulting Limited does not accept or assume any responsibility for any consequences arising from any person using or relying on this information. Authorised and regulated by the Financial Conduct Authority.

Making your journey

into retirement better

You’ll find this theme on all our

support materials, reinforcing our

commitment to members.

References

Related documents

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