LONDON (6 May 2015) - Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE:AON), has announced that it advised the trustees of the Lehman Brothers Pension Scheme on the £675 million buy-in transaction with Rothesay Life. The scheme has been able to secure full benefits for all members, as a result of the settlement agreement between the scheme trustees and the joint administrators of Lehman Brothers International (Europe) announced in August 2014. Aon Hewitt provided scheme actuary and investment advice, as well as advising the trustees on the transaction. 

Paul Belok, partner and risk settlement specialist at Aon Hewitt said:
“This transaction has been very complex given the detailed negotiations that have taken place regarding the shortfall in assets, and we are delighted at the outcome that members will now receive their benefits in full rather than at the reduced level that has applied since 2008.  Aon Hewitt has been instrumental in helping the trustees achieve this outcome, and has provided support including:

• We advised on the investment strategy to be followed, including the switching to bonds and ultimately to gilt assets to ensure that the assets closely tracked the bulk annuity price in the run-up to the transaction.
• We helped the trustees understand the bulk annuity market, and ensured that the trustees were able to draw out differences between the insurers who participated in the market review.

Paul Belok continued:
"It is very pleasing to see this case reach a positive conclusion, especially given the many difficult issues that needed to be dealt with along the way. Aon Hewitt has a strong track record of helping clients reach successful outcomes in challenging situations such as that faced by the trustees of the Lehman Brothers Pension Scheme, and has been involved in securing benefits for over 100 pension schemes that have been wound up."

ENDS

About Aon
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. For further information on our capabilities, access to in-depth analyses and to learn how we empower results for clients, please visit: http://aon.mediaroom.com/

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Media Contact
For further information please contact:
Colin Mayes                                        Marina Jane Sanchez
Aon Hewitt                                           CNC
01372 733689                                      020 3219 8811
colin.mayes@aonhewitt.com                marina.jane-sanchez@cnc-communications.com