The LGPS is one of the largest defined benefit (DB) pension schemes in the world and is the largest DB scheme in England and Wales, with 13,800 employers, 6.5 million members and assets of more than
£350 billion.
The national framework will provide LGPS funds with efficiencies in procurement activities and allow individual LGPS funds to approach Aon directly for AVC consultancy support without the requirement to undertake further costly and time-consuming tender processes.
Catherine Pearce, associate partner and head of public sector benefits consultancy at Aon, said: “The National LGPS Frameworks play a vital role in the delivery of public sector pension services. Their focus is on assuring quality via a fair process, which benefits all parties.
“The appointment of Aon to Lot 2 on the Framework is a recognition of the strength of our team and the quality of our innovative services across the LGPS, and we look forward to extending our working relationship with funds across the UK.”
Jayne Deeble, senior DC consultant at Aon, said: “In a rapidly developing pensions market, it is more important than ever that LGPS funds carry out regular reviews of their AVC provision to ensure that they are continuing to deliver a high quality and cost-effective service for members. At Aon, we have an excellent track record of supporting funds in reviewing their provision and implementing tangible improvements for the benefit of members.
“Through this Framework, we look forward to broadening our relationships with funds that are seeking support, to help them deliver for their members.”
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