London, 7 October 2004 - Almost half of UK employees (47.3%) believe that their employers are best placed to provide them with information on pension provision, according to the latest research from Aon Consulting, a leading pensions, benefits and HR consulting firm.

The study¹, which surveyed 1,500 individuals throughout the UK, found that the next most trusted source of information on pension provision is IFAs, with over one in ten employees (12.7%) ranking them as the first port of call for information on financing retirement.  The Government failed to fare as well as employers or IFAs.  The research showed that the majority of UK employees (94.9%) are losing trust in the Government’s ability to help them plan for a secure retirement.

The research was carried out against a backdrop of highly publicised pensions deficits and scheme closures among quoted UK corporates.

Commenting on the latest research findings, Simon Martin, Principal and Actuary, Aon Consulting said: “The findings are testament to the fact that despite the current climate, employees rank their employers as best placed to provide them with the information they need to plan and save for their retirement.” 

“Individual members need much more help with money purchase schemes, which are rapidly replacing the traditional final salary schemes.  As a trusted source of pensions information, we think it is vital that employers strive to become the primary source of information for employees, they encourage and facilitate the information flow, and assist in providing quality financial education to employees.”

1.       Conducted in August 2004, the Pensions @Work survey collated responses from 1,500 individuals from across the UK. Each respondent is employed in an organisation with 20 or more employees. The survey forms part of Aon Consulting’s long-standing @Work research, which annually measures UK workforce commitment, and will be available from late October 2004.

About Aon Consulting
Aon Consulting is a leading human capital consultancy, helping organisations of every size to attract and keep the employees they need. We advise on all aspects of employment, including health-related insurance and risk; employee compensation and pensions; human resource strategy planning; job design and change management; and staff assessment and legal issues.

Aon Consulting is a division of Aon, the UK’s largest insurance broker and provider of risk management services, a major force in reinsurance and the UK human capital consulting market. 

Aon Consulting Limited is authorised and regulated by the Financial Services Authority.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors.  Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of regulatory issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

 

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.