LONDON, 14 January 2015 - Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE:AON), has been appointed by the European Commission (EC) and the RESAVER Consortium to provide full technical support for creating a pan-European defined contribution (DC) pension fund for researchers in the European Economic Area (EEA).

The overall aim of the initiative is to create excellence via a single market for researchers in both public and private companies in the EEA by improving retention and removing pension issues as a barrier to mobility. The pension fund will be multi-employer across all 31 EEA countries, in a phased approach.

Thierry Verkest, partner and leader of Aon Hewitt's cross-border pension practice in Belgium said:
“Aon Hewitt has long been active in the field of cross-border pensions and first worked with the EC on this issue in 2009 when we carried out a feasibility study on creating a pan-European fund. This new fund will be set up according to the IORP Directive that facilitates the creation of cross-border pension plans in Europe – an area in which we have worked extensively with major multinational companies who are creating pan-European or cross-border pension funds.

“Our experience in this area led to the creation of the RESAVER (Retirement Savings Vehicle for European Research Institutions) Consortium 1 October 2014. The main difference – and achievement – with this fund is that it is both multi-employer and multi-country.”

Under the new four year contract - won after an extensive tender process – Aon Hewitt will provide a wide range of technical support across all the areas involved in creating a pan-European defined contribution pension fund for researchers in the EEA. This will include:

- Setting up a cross-border DC IORP that over the next four years will open to organisations in at least nine different countries.  The countries to be included are still to be decided, and will be driven by the relative need and demand from organisations in each of the countries. RESAVER will be open to all public or private sector research organisations
- Selecting investment managers, annuity providers, custodians, reinsurance providers.
- Selecting an administration provider.
- Selecting insurance providers to provide 2nd pillar pension and risk benefits as well as 3rd pillar pension benefits. 
- Designing, developing and implementing a communications strategy to maximise participation in RESAVER.

Paul Bonser, partner and leader of Aon Hewitt's UK International Retirement Practice, commented:
“This is a landmark assignment for Aon Hewitt which will change the way pensions are provided in Europe and will change organisations’ views on what is possible across borders and across companies.

“In response to market demand, retirement service providers are developing multi-country capabilities which make establishing European cross-border DC pension funds a practical reality. We expect this trend to gather pace, extending the geographical coverage of cross-border pension funds and enabling the coverage of smaller groups of employees on a cost-effective basis.

Paul Bonser continued: 
"For multinationals, this will further enable the delivery of sustainable and consistent DC pension benefits on a multi-country EMEA basis through cross-border pension funds. Improved governance, coupled with more effectively leveraged DC investment, will drive efficiency and enable better retirement outcomes for European-based employees."

Media Contact:
Colin Mayes                                      Marina Jane Sanchez
Aon Hewitt                                        Capital MSL
01372 733689                                   020 3219 8811
colin.mayes@aonhewitt.com             marina.jane-sanchez@capitalmsl.com
 

Notes to Editors

About Aon Hewitt
Aon Hewitt empowers organisations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organisational and personal performance and growth, navigate risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness.  Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide.  For more information on Aon Hewitt, please visit www.aonhewitt.com

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About Aon
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 66,000 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, best reinsurance intermediary, best captives manager, and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon’s global partnership with Manchester United.