Management Consulting
Aon
Full Credential Description
Thames Water, the UKs largest water and wastewater services provider, faced challenges with its Defined Contribution (DC) pension scheme, which had approximately 5,000 members. The company sought a new pension provider to ensure that its employees received better value for money and a wider range of benefits, including diverse investment options and user-friendly online tools. To address these needs, Thames Water transitioned its DC Stakeholder arrangements to The Aon MasterTrust, an innovative and market-leading DC pension plan. This solution provided several tailored benefits: a reduced administration charge that allows more pension contributions to be invested for future retirement income, an enhanced investment offering managed by Aons award-winning fiduciary team, and easy access to a variety of flexible retirement options. Additionally, members gained access to online tools and mobile support to assist in planning their savings and retirement, as well as integrated financial wellbeing support to help them manage their retirement provisions alongside their overall financial situation. The partnership with Aon was a result of a thorough selection and consultation process, reflecting Thames Water's commitment to providing its employees with a high-quality pension plan that ensures favorable retirement outcomes. Since the launch of The Aon MasterTrust in 2017, Aon has seen significant growth, with over £2.5 billion of assets committed across its DC range, indicating a strong market shift towards master trusts as preferred DC vehicles.