Management Consulting

Aon Employee Benefits faced a unique challenge in ensuring that their Bigblue Touch contract-based defined contribution (DC) scheme not only complied with new regulatory requirements but also provided demonstrable value to its users. Following the Financial Conduct Authority's (FCA) mandate for all workplace pension plans to establish an Independent Governance Committee (IGC) or a Governance Advisory Arrangement (GAA), Aon needed to ensure that their scheme was assessed for value for money in both the accumulation and decumulation phases. To address this, Aon implemented a Governance Advisory Arrangement for Bigblue Touch, which was tasked with evaluating the scheme's performance and value. The GAA's first annual report confirmed that Bigblue Touch represents 'good value for money,' a significant achievement as it was one of the first schemes in the UK to undergo such an assessment. This independent evaluation not only validated Aon's innovative design and commitment to providing a beneficial product but also reassured members about the quality and cost-effectiveness of their retirement savings plan. The results of this tailored solution were clear: Bigblue Touch was recognized for its comprehensive approach to assessing all costs and benefits associated with the scheme, leading to a high level of satisfaction among members. This independent endorsement of value for money positioned Aon favorably in the competitive landscape of employee benefits, enhancing their reputation and trust among clients and stakeholders.