Aon Retirement Plan News

Market Update – Iran conflict (relevant for members with DC benefits)

Tue, 10 Mar 2026 00:00:00 +0000

Tensions in the Middle East have escalated with Israel and the United States launching a series of strikes against Iran which started on 28 February 2026. Iran has since responded with retaliatory attacks on UK, US and Israeli military sites, as well as on several Gulf states. Read more about how this may have impacted the value of your pension account . . .

Benefit statements issued to some members of the A&A and Aon UK benefit categories

Mon, 09 Mar 2026 00:00:00 +0000

We mailed individual benefit statements in January and March of 2026 to members of the A&A and Aon UK benefit categories who are impacted by our changes.

Benefit statements issued to some members of the Aon Bain Hogg benefit category

Tue, 21 Oct 2025 00:00:00 +0100

We have started mailing individual benefit statements in October to members of the Aon Bain Hogg benefit category who are impacted by our changes.

Coming soon: taking the retirement process digital

Wed, 14 May 2025 00:00:00 +0100

We're pleased to announce that the administration team will soon be launching a new digital platform.

GMP proposal: confirming our decision

Thu, 01 May 2025 00:00:00 +0100

We wrote to all deferred members of the ARP in February to explain that:

we're legally required to address an inequality relating to some historical Guaranteed Minimum Pension (GMP) benefits in the ARP, and
we were consulting with all deferred members on our changed proposal for GMP conversion – to convert GMP into a different form of pension in bulk, instead of waiting until you retire.

If you'd like to remind yourself of the detail, please refer to the summary page.

We invited your feedback on our proposals and our consultation ran from 26 February, ending on 28 March 2025. Thanks to all members who got in contact.

Feedback and further analysis

When running the consultation, we carefully considered all feedback and member-specific questions, responding to each member individually.

We also took the opportunity to undertake further sensitivity analysis to understand the potential impact of future inflation on member outcomes at normal retirement age. The results of this analysis gave us additional comfort that the impact of our proposals would be modest.

Having carefully considered the limited feedback we received, and the results of the further inflation sensitivity analysis we carried out, we've decided to proceed with our proposal.

Do I need to do anything?

You don't need to do anything.

What happens next?

We'll carry out the appropriate benefit calculations and send you a personal pension statement to confirm any impact on your pension. We expect to start issuing statements from late 2025, but it will take time to do this for every deferred member impacted so please bear with us.

Your new pension will then take effect when you retire (or transfer out of the ARP or die before retirement).

If you retire (or die) before the changes take effect, we'll still need to address the historical GMP inequality, but this will happen at a later date and any increase will be backdated to your retirement date (or date of death). Your pension will continue to be paid as usual in the meantime, and you'll receive increases as indicated to you in your retirement pack.

Not all deferred members will be affected. For deferred members who are affected, there'll be no reduction to the expected overall value of benefits paid from the ARP to you or your dependants as a result of GMP conversion.

If you've recently received a retirement quotation pack or you receive one before you hear from us again, it won't reflect the changes outlined here.

Update Spring 2025

Thu, 17 Apr 2025 00:00:00 +0100

Catch up on the latest ARP news with our Update newsletter.

Document updates (April 2025)

Thu, 17 Apr 2025 00:00:00 +0100

We've recently published the latest Summary Funding Statements to our library. To access these, head straight to 'Our document library'.

GMP consultation has ended

Sat, 29 Mar 2025 00:00:00 +0000

Our consultation with all deferred members on our proposal to convert GMPs into a different form of pension in bulk has ended.

We're currently considering the feedback we've received and will confirm how we're going to proceed with another update here soon.

GMP consultation starts

Wed, 26 Feb 2025 00:00:00 +0000

We're consulting with all deferred members that could be affected on our revised proposal to convert GMPs into a different form of pension, which will enable us to simplify all members' pensions.

Important ARP updates

Wed, 26 Jun 2024 00:00:00 +0100

We recently sent a letter to all members about our plans for the ARP over the next few months and years. Please look out for your copy and take a moment to read it through.

New: ARP video library

Thu, 30 May 2024 00:00:00 +0100

We're pleased to announce the launch of 'Our video library' to support your ARP membership.

We are asking you to join us - Deadline approaching!

Wed, 08 Nov 2023 00:00:00 +0000

We are asking for a new member trustee to join us, taking up office in early 2024.

If you think you might be interested, read the invite, guide and further information available from the 'Member Trustee Application' section within 'Our document archive' page.

This process is now closed.

2023 Spring Budget: tax allowance changes

Sat, 14 Oct 2023 00:00:00 +0100

Following the Spring Budget, we published an article and supporting document in April about changes to the pension tax allowances. Since then, some of the detail behind the changes have been clarified so we've provided an update – and a recap – below.

2022/23 Report & Accounts

Thu, 12 Oct 2023 00:00:00 +0100

The ARP's Report & Accounts for the year ending 31 March 2023 is now available. The report goes into detail about the ARP's structure, management, membership, contributions, financial accounts and more. Select the link below or head straight to our document library.

See the latest 'Report & Accounts 2022/23' document.

Document updates (October 2023)

Tue, 10 Oct 2023 00:00:00 +0100

We've recently published a number of ARP documents to our library. To access these, head straight to 'Our document library'.

2023 Spring Budget

Thu, 06 Apr 2023 00:00:00 +0100

Changes to the UK pensions tax regime were announced in the Budget on 15 March 2023. This includes the intention to abolish the Lifetime Allowance but much of the detail is still to be confirmed. We will provide further updates as more detail is released.

Update Spring 2023

Wed, 29 Mar 2023 00:00:00 +0100

Catch up on the latest ARP news with our 2023 Update newsletter.

ARP members give us their views

Tue, 28 Mar 2023 00:00:00 +0100

Here at the ARP, we're focused on the experience we bring our members – and that means listening to your views and opinions so we can build the ARP around you and your loved ones.

Watch: your improved ARP retirement journey

Mon, 27 Mar 2023 00:00:00 +0100

We're passionate about ensuring you have the tools and support you need to make the right choices for how you take your ARP benefits at retirement.

Paid-for financial advice: valuable new benefit for eligible members

Thu, 17 Nov 2022 00:00:00 +0000

We're excited to announce the launch of a hugely valuable new benefit that will help you decide how to take your ARP benefits at retirement.

Financial markets and inflation - update for DC members

Fri, 11 Nov 2022 00:00:00 +0000

You'll be aware of the increased level of volatility across financial markets and the growing level of uncertainty about the short-term future of the global economy.

Introducing our new website

Fri, 02 Sep 2022 00:00:00 +0100

We've listened to our members and have given our website a spring clean - bringing you the best of the ARP in a seamless online experience.

Focusing on our members

Wed, 01 Jun 2022 00:00:00 +0100

As part of our drive to enhance your experience here at the ARP we've recently spent some time with a number of your fellow members to get their views on planned improvements to our retirement offering.

Update Spring 2022

Tue, 22 Mar 2022 00:00:00 +0000

There's a lot to catch up on with the ARP in 2022. One of the best sources of information is the Summer newsletter – Update.

2022 Member Trustee selection complete

Thu, 16 Dec 2021 00:00:00 +0000

Following our invitation for eligible members to put themselves forward for selection as member Trustees, we are pleased to confirm that both Anne Perkins and Jackie Peel have been elected from 1 January 2022.

Aon and Willis Towers Watson merger no longer happening

Sun, 17 Oct 2021 00:00:00 +0100

Aon and Willis Towers Watson have mutually agreed not to continue with their planned combination. You can read the official press release and find out more information about Aon's future plans from the company's website.

New climate change reporting requirements

Thu, 16 Sep 2021 00:00:00 +0100

The Trustees are in the process of developing the Plan's approach to climate risk management, as the Plan will need to report in line with Task Force on Climate-related Financial Disclosures from 1 October 2021.

Lifetime Allowance frozen until 2026

Wed, 24 Mar 2021 00:00:00 +0000

In the March 2021 Budget, the Chancellor announced that the Lifetime Allowance will be frozen for the next five tax years. This means it will remain at the current rate of £1,073,100 up to and including the 2025/26 tax year.

Recently, the Lifetime Allowance has been increased each April in line with inflation, as measured by the Consumer Prices Index, but now the next increase is not due until 6 April 2026.

As a reminder, the Lifetime Allowance is the value of overall retirement savings you can build up during your lifetime which qualifies for full tax relief (excluding the State Pension). If you build up retirement savings and take benefits above this level (currently £1,073,100), you'll face a tax charge on the excess unless you have one of the Lifetime Allowance protections in place.

The freeze means that, in the long run, more people with significant retirement savings could exceed the Lifetime Allowance and therefore be liable to the tax charge.

Remember

It's your responsibility to measure how close you may be to the Lifetime Allowance by adding up all the pension schemes you belong to. You can find help on how to do this and more information about the Lifetime Allowance at www.gov.uk/tax-on-your-private-pension/lifetime-allowance.

If you're in any doubt about your position, we recommend you speak with a financial adviser.

Transfer of DC Savings from the ARP to the Aon MasterTrust

Wed, 13 Jan 2021 00:00:00 +0000

Early last year, we completed a transfer of most of our members' defined contribution (DC) savings from the ARP to the Aon MasterTrust. This transfer involved members who only held one DC savings account in the ARP.

The transfer took place as a result of Aon's proposal to move DC savings to the Aon Mastertrust due to the many advantages that mastertrust arrangements offer to members, and the Trustees' subsequent due diligence exercise to assess whether the Aon MasterTrust would deliver good value to their members.

Following this comprehensive exercise, the Trustees concluded that the Aon MasterTrust would deliver good value to their members and that a transfer would be in members' best interests, potentially delivering better retirement outcomes, and so agreed to the transfer.

This year, the Trustees have been managing a subsequent transfer of members' DC savings to the Aon MasterTrust. This transfer involves members who either hold:

multiple DC savings accounts, and/or
DB benefits and one or more DC savings accounts.

What is The Aon MasterTrust?

The Aon MasterTrust is an umbrella DC pension arrangement. It manages DC savings for multiple employers, each with their own section. It's overseen by a team of professional independent trustees.

If your DC savings are going to be transferred

You'll have received a personalised communication about the transfer of your DC savings to the Aon Mastertrust mid January 2021. Look out for further communications from the Aon MasterTrust in March.

If your DC savings are going to remain in the ARP

Some or all of your DC savings may be remaining in the ARP. This is likely to be the case for the minority of our members with DC savings. The Trustees would have taken the decision to retain your DC savings in the ARP if it would have been considered to be in your best interests. If some of your DC savings are remaining and some transferring, you would have been made aware of this in the personalised communication about the transfer that was issued mid January 2021.

The following DC savings will not be transferring to the Aon Mastertrust as part of this exercise:

DC savings that carry an investment or minimum pension guarantee
DC savings that are classified as Defined benefit additional voluntary contributions (AVCs). These are connected to your DB membership of the ARP, and
DC savings where members have more than one Target retirement date fund and different target retirement ages for each fund

If this applies to you, you'll continue to receive your annual benefit statement and you'll have flexibility at retirement to choose how you use your DC savings to provide you with an income in addition to your DB pension.

In all events

Regardless of whether you have DC savings that are going to be transferred to the Aon MasterTrust, your DB benefits are unaffected. These benefits will remain in the ARP unless you personally decide to transfer them out (having first taken financial advice).

Security of ARP assets

Tue, 20 Oct 2020 00:00:00 +0100

The Trustee, alongside the Plan's investment adviser, have recently completed a review of the security of assets held within the Plan. Read more . . .

RPI consultation response

Sat, 08 Aug 2020 00:00:00 +0100

The Trustee has responded to a consultation on the Reform to Retail Prices Index (RPI) Methodology. Please take a look in the 'General' documents section of Our documents library to view our response.

Legal entity name changes

Tue, 30 Jun 2020 00:00:00 +0100

From 11 June 2020 Aon has changed the name of two of its UK legal entities.

'Aon Hewitt Limited' has become 'Aon Solutions UK Limited'.
'Hewitt Risk Management Services Limited' has become 'Aon Investments Limited'.

This is purely a name change, and will not affect you or your benefits. However, some historical documents may still refer to the old names.