London, 23 May, 2013 – Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), has responded to the announcement that the European Commission would be postponing its proposals to require pension schemes to quantify their assets and liabilities consistently with insurance companies, using what they referred to as a Holistic Balance Sheet.

Martin Lowes, partner, at Aon Hewitt said:
"We welcome this decision but it's important to remember that the Holistic Balance Sheet proposals are just one part (Pillar 1) of the European Commission agenda for extending to pension schemes the Solvency II requirements that are being developed for insurers. Opposition to this approach has been focused on this part of the proposals because it was seen as potentially the most damaging. This means that to date there has been little discussion of the other Commission proposals.

“The European Commission also confirmed today that it intends to proceed with its proposals to extend the Pillar 2 requirements (relating to the governance and risk management) and the Pillar 3 requirements (relating to standardised disclosures to supervisors and to members) from Solvency II across to pension schemes.”

Martin Lowes continued:
"Although the high level Pillar 2 and Pillar 3 proposals look at first sight to be motherhood and apple pie, the detailed requirements for insurance companies have caused them a lot of work. Unless the requirements are adapted appropriately for pension schemes - which are generally much smaller and simpler than insurance companies - they will be unduly onerous, particularly for smaller schemes."

Media Contacts:    

Colin Mayes                                          Adam Leviton

 Aon Hewitt                                            Capital MSL

 01372 733689                                        020 7307 5339

colin.mayes@aonhewitt.com                  adam.leviton@capitalmsl.com

Notes to Editors
Pillars 2 and 3 from Solvency II

Pillar 2:- governance and risk management
• scheme managers (trustees) to be "fit and proper" persons
• put in place adequate risk management processes
• conduct regular "Own Risk and Solvency Assessment"
• put in place internal controls
• operate an actuarial function
• arrange for internal audit (as well as external audit)

Pillar 3: standardised disclosure requirements
• to supervisors
• to members

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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 retirement 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.

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 61,000 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, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.