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Aon Empower Results
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Aon International Retirement Monthly Newsletter – July 2020

Following last month's bumper double edition, our latest monthly newsletter on global retirement topics returns to a more normal length.

Besides our latest investment and COVID-19 content, we also feature new surveys and reports from the UK, Canada, Germany and Latin America; a new report from the OECD showing global pension fund assets reached USD 32 trillion at the end of 2019; and we provide links to recent retirement webinars from Netherlands, Switzerland, the UK and USA.

You can also register for upcoming webinars on retirement trends in Philippines and China & Hong Kong SAR.

We will take a break in August, and the next newsletter will be with you in September.

Meanwhile, please do let us know of any feedback or what you'd like to hear more of.

From Colin Haines, Partner, International Retirement & Investment


Global DC and DB Plan Flexibility in the Crisis

We have combined research from fifty countries worldwide to understand which countries are currently providing options to flex DC and DB retirement plans, to allow employers to defer or mitigate costs, and for employees to improve their cashflow by temporarily reducing their contributions or draw from plan assets at times of severe financial hardship. Click here for Defined Contribution insights and here for Defined Benefit insights.

Global Pension Assets

Global pension assets rose to USD 32 trillion in 2019, and seven countries now have total assets in excess of USD 1 trillion. The latest Pension Funds in Figures report from the OECD provides information on the size and developments in pension markets around the world.

Canada Funding

The market rebound has brought good news to pension schemes in Canada. Aon's Median Solvency Ratio of Canadian defined benefit pension plans climbed to 95.4% at the end of Q2. Read more about this news here.

UK Risk Settlement

Our UK Risk Settlement Group has just published its Q3 2020 bulletin, available here. Find out more about the UK Risk Settlement Group, which also holds regular webinars (look out for a replay in September's edition!).

Global Investments

Based on market outlooks as at 30 June, Aon has updated its five capital market scenarios for how the COVID-19 pandemic may progress from here, including the potential impacts on major asset classes. These scenarios can demonstrate the potential range of outcomes of the current environment and frame risk/return trade-offs under certain conditions. Contact us for more information on these scenarios including how they can be applied to your retirement plans and projections around the world.

Aon's latest analysis on the COVID-19 investment market outlook can be found here.




Many thanks to those who participated in our Singapore Financial Wellbeing and Retirement Survey and our Philippines Retirement Benefits Survey. Results will be published soon; please click here to send an email to register interest in receiving the results.

Latin America

On a wider HR front, Aon has produced findings covering compensation, benefits and workforce management strategies in response to COVID-19. Click here to access.


Local German-speaking colleagues may be interested in Aon Germany's regular newsletter, Aon Retirement Insights. The second edition of 2020 has just been published and covers topics such as insurance cover for pensions promises and the results of a study on occupational pensions provision for women.

UK DC and Financial Wellbeing Conferences

We've held a number of virtual conference sessions over the last month as we adjust to the new normal – click here to view recent events and please do let us know if you would like to contact any of the speakers for discussion points.

Mobile Employees

Aon has launched a Global Mobility Risks Diagnostics tool which can highlight areas of concern in your current global mobility approach – particularly relevant at the moment from the perspective of continuity of risk benefits for expats and business travellers, as many countries begin to cautiously open their borders. A series of brief questions will assess your areas of need and connect you to the right consultants to discuss those needs (free of charge and without obligation).


International Hot Topics Webinars

Register for Aon's forthcoming International Retirement webinars via the links below:

  • Philippines – 4 and 5 August
  • China & Hong Kong SAR – 1 and 2 September
  • France, Italy and Spain – 13 and 14 October
  • Belgium (including cross-border plans) – 1 and 2 December

    This month, we have a wide selection of webinar playbacks available:

    The Climate Crisis
    Tim Manuel chaired a webinar on 24 June covering the critical issue of climate change and actions clients can take to rise to this challenge. Listen to the replay.

    Canada – The Importance of Employee Retirement Readiness – Our perspective on Capital Accumulation Plans
    As Capital Accumulation Plans (CAPs) have become a major source of workplace retirement savings in Canada, we are now seeing the first generation of these members preparing to retire. Already employers faced the challenge of balancing costs while trying to do what is best for employees' retirement savings. Now, employers face layers of complexity in the wake of COVID-19 to improve retirement outcomes. What can employers do to provide better value? What can be learned from the pandemic crisis? Find out here.

    Netherlands – Pension Reforms
    Join Frank Driessen (Aon NL Retirement & Investment CEO) and Corine Reedijk for an update on the incoming Dutch pension reforms. (Webinar in Dutch.)

    Switzerland – Retirement Market Update
    Swiss practice leader Willi Thurnherr and colleagues joined us to set out the latest in Swiss pensions, with replay available here (in English).

    UK Member Options
    Aon and Hogan Lovells collaborated on a webinar on DB flexibility, including bridging pensions and their topical relevance, plus how a Pensions Increase Exchange (PIE) exercise can help address the challenges of GMP equalisation.

    Another UK webinar on protecting members covers the impact of COVID-19, the views of an IFA on how to support members at this time and the importance of being alert to an increasing number of pension scams.

    Pooled Employer Plans and OCIO: Clients are looking towards their retirement and investment consultants for guidance and with questions on the range of support available to them. In this webinar, Byron Beebe, Rick Jones, Barb Hogg, and Ed Bardowski spoke about the concept of the PEP and what Aon has been doing since the passing of SECURE earlier this year. They also described the evolution of OCIO and delegated solutions to show clients the range of how Aon can help evaluate critical functions during this time.


    Visit the Retirement and Investment Solutions page for more insights.

    If you'd like to receive any of our previous newsletters, please contact us.