Aon unveils new plan to 'transform' retirement landscape

Re/insurance broker Aon has launched a new offering that it claims will "transform the retirement landscape" by increasing employers efficiency, reducing risks and creating better retirement outcomes for participants.

Aon said the Pooled Employer Plan (PEP) will help enable better outcomes for participants at lower fee levels, reflecting the leveraged nature of investing across the whole pool of assets in the plan.

Aon has also selected Voya Financial as the recordkeeper for the plan after a competitive bid process.

Voya is a retirement plan provider serving approximately 13.8 million individual and institutional customers in the US.

"We believe PEPs will transform the retirement landscape, similar to how 401(k) plans transformed the pension landscape 40 years ago," said Paul Rangecroft, North America Retirement Practice Leader for Aon. "We are thrilled to enter this important market and are pleased to provide this plan as a service to employers as they look to increase efficiency, reduce risks and most importantly - create better retirement outcomes for participants."

Rick Jones, a senior partner at Aon, added: "We are pleased to have Voya as a partner in this initiative to provide the very best in retirement services to PEP members starting in 2021. We were greatly impressed by their commitment to plan participants and realized that there was no better institution to partner with given Voya's expertise and retirement insight."

Bill Harmon, president, Retirement Corporate Markets for Voya Financial, commented: "The signing of the SECURE Act brought numerous benefits that will help to support the financial well-being of individuals today. At Voya, we are committed to bringing holistic financial wellness solutions forward so that a secure financial future is reachable for all Americans. We are excited that Aon has selected us to share this opportunity and look forward to working together as we support their 401(k) retirement plan services."