Vanguard selected as recordkeeper and investment provider as Aon continues to enhance the Aon PEP to meet growing employer demand for innovative retirement solutions

CHICAGO, Oct. 6, 2026 — Aon plc (NYSE: AON), a leading global professional services firm, today announced the selection of Vanguard as recordkeeper and trustee for the Aon Pooled Employer Plan (PEP). In addition, Aon plans to expand the availability of Vanguard investment options within the plan. These enhancements further advance Aon's commitment to helping employers deliver strong retirement outcomes to their workforce through disciplined fiduciary oversight, transparent governance and a high-quality participant experience.

Since launching in 2021 as one of the earliest PEPs in the market, the Aon PEP has grown to approximately $7.7 billion in assets, serving more than 160 employers and supporting the retirement savings goals of more than 103,000 participants¹. Through its scale, governance model and fiduciary oversight, the Aon PEP helps employers simplify retirement plan administration while supporting long-term retirement readiness for participants.

As adoption of PEPs continues to increase², Aon remains focused on enhancing the Aon PEP to meet the evolving needs of employers and participants. Following a comprehensive review evaluating participant outcomes, service quality, operational execution, investment capabilities and long-term plan value, Aon has selected Vanguard to serve as recordkeeper and trustee for the plan. Vanguard's retirement expertise, broad range of investment offerings and participant engagement capabilities align closely with the objectives identified through the review.

In addition to the recordkeeping transition, Aon plans to expand the availability of Vanguard investment options within the plan. Together, these enhancements represent the next phase in the continued evolution of the Aon PEP and seek to provide additional value to participating employers and plan participants through broader investment flexibility, enhanced support resources and a more integrated retirement experience.

"The retirement landscape continues to evolve, and employers are increasingly looking for solutions that can improve participant outcomes while reducing complexity and administrative burden," said Jennifer Brasher, North America Wealth Solutions Leader, Aon. "As the Aon PEP continues to grow, we remain focused on enhancing the plan in ways that strengthen value for employers and help participants seeking to achieve better retirement outcomes. Vanguard's recordkeeping platform, investment capabilities and participant support resources will help us continue building on that commitment."

"For nearly 50 years, Vanguard has helped people build long-term financial security and prepare for the retirement they envision," said Lauren Valente, Managing Director, Vanguard Workplace Solutions. "We're pleased to bring that experience and expertise to Aon's PEP as recordkeeper, helping deliver a best-in-class experience for participating employers and participants."  

Participating employers and plan participants are expected to benefit from several enhancements designed to support retirement readiness, improve the participant experience and simplify plan administration.

• Expanded investment options: Access to additional Vanguard investment offerings, including diversified target-date and core index strategies designed to support long-term retirement savings goals.
• Enhanced participant support resources: Additional advice solutions, educational content and financial wellness resources designed to help participants make informed retirement decisions.
• Institutional-scale pricing: Scale-driven efficiencies and streamlined administration designed to help participating employers and plan participants realize greater value from the plan.
• Coordinated plan administration: Greater alignment across investments, recordkeeping and participant support services designed to deliver a more streamlined experience for employers and participants.
• Employer flexibility with reduced complexity: Participating employers will continue to retain control over key plan design decisions, including matching contributions, eligibility requirements and vesting schedules.

"Pooled employer plans continue to gain momentum as organizations look for ways to simplify plan administration and provide competitive retirement benefits for their workforce," said Rick Jones, Senior Partner, Wealth Solutions and Leader of Aon PEP, Aon. "We believe the Aon PEP is well positioned to meet those needs and these enhancements represent another important step in delivering a retirement solution built for long-term employer and participant success."

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.

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¹ As of September 2, 2026, based on internal Aon data
² Cerulli Edge – The U.S. Retirement Issue: Q2 2026 – The State of PEPs Issue