LONDON (5 September 2018) – Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has released a new white paper exploring what is happening now, and needs to happen in the near and medium term, in the defined contribution (DC) ‘At Retirement’ market.
The paper, titled ‘The Future of (At) Retirement’ aims to understand the DC decumulation phase and what products, processes and guidance the pensions industry needs now, and in the future, to deal with the challenge of how to spend DC saving pots.
Kevin Wesbroom, senior partner at Aon, said:
“Understanding and deciding the future of the DC market is a global challenge – and all the major DC countries around the world are grappling with this issue. Our research and work with our Aon colleagues worldwide has led us to the conclusion that there is no silver bullet solution out there. However, there are actions that can be taken now to enhance the current position.
“Decumulation is a challenge – but it’s one that we need to face up to as an industry - and then deliver solutions that meet real needs. We need to be working with the grain of what those needs will be as pensions, work and life change – even up to dealing with the consequences of the 100-year life.”
The paper highlights that rather than tackling all the features for the optimum retirement income product, the pensions industry should focus on tackling the five central components first:
- Investment policy
- Sustainable Income
- Longevity risk management
- Decision support
‘The Future of (At) Retirement’ is available at http://www.aon.com/unitedkingdom/retirement-investment/defined-contribution/the-future-of-at-retirement.jsp
For further information please contact:
Colin Mayes Marina Sanchez
01372 733689 07535 693214
Notes to editors
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
Follow Aon on Twitter: @AonRetirementUK
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