Management Consulting
Aon
Full Credential Description
Aon identified significant challenges faced by Local Government Pension Scheme (LGPS) administrators in England and Wales due to the impending McCloud regulations. These regulations are expected to impact approximately 1.5 million members and present a complex implementation challenge, especially when combined with other legislative changes such as the £95k cap and the cost management exercise. The urgency of these changes is compounded by the ongoing COVID-19 pandemic, which has already strained administrative resources. To address these niche issues, Aon provided tailored solutions that included assisting clients with data collection, initial communication with members and employers, and identifying necessary resources for implementation. Aon emphasized the importance of planning for potential delays in regulations and software updates, which could hinder the ability of administrators to manage casework effectively. They recommended the use of independent project managers to alleviate the burden on pension managers, allowing them to focus on critical tasks while ensuring that the McCloud project is set up efficiently. The results of Aon's intervention are aimed at positioning LGPS administrators to implement the McCloud legislation alongside other challenges in 2021 and beyond. By proactively managing the implementation process and preparing for software updates, Aon helps mitigate the risk of backlogs and ensures that members receive the benefits they are entitled to without undue delays. This strategic approach not only enhances operational efficiency but also protects members from potential financial hardship due to administrative errors or delays in benefit payments.