Management Consulting
Aon
Full Credential Description
During the COVID-19 pandemic, many individuals faced significant financial challenges, including job losses, furloughs, and pay reductions, which led to concerns about their ability to maintain pension contributions. Aon recognized that these circumstances could adversely affect retirement outcomes if individuals reduced their savings over an extended period. To address this issue, Aon encouraged pension savers to review their financial situations during the national 'Talk Money Week' campaign, emphasizing the importance of financial awareness and planning. In response to the heightened financial stress experienced by employees, Aon implemented the Well One Money tool within its Aon MasterTrust in June 2020. This integrated financial management tool was designed to help defined contribution (DC) members manage their overall finances more effectively, providing a holistic view that included not just pension savings but also day-to-day financial needs. This initiative aimed to alleviate financial stress and empower employees to make informed decisions regarding their retirement planning. Furthermore, Aon's 2020 Member Options Survey indicated that approximately one-third of UK pension schemes had begun offering online modeling tools and access to independent financial advice to support members during this challenging time. This proactive approach was reinforced by polling data from an Aon webinar, which revealed that 19% of schemes planned to enhance member support in light of increased risks of pension fraud during the pandemic. Aons efforts to improve communication and support for members were crucial in helping them navigate the complexities of their financial situations during a period of uncertainty.