The new proposition gives scheme members access to financial aggregation tools, which allow them to build their retirement savings while also having access to financial education and information on all their personal finances; from mortgages and credit cards, to house values and savings, throughout the life of their DC plan.
Aon’s Bigblue proposition earned it the award for Best Use of Technology at the Corporate Adviser Awards 2015 last month.
Bigblue Touch includes a compliant workplace DC scheme that can be used for a qualifying work place pension, financial aggregation tools that create a holistic view of the member’s financial affairs, a range of funds, including Aon Hewitt’s delegated funds, intelligent individual trigger communications, a retirement options modeler and a full range of decumulation options.
It also offers access to a whole of market annuity selection including medically underwritten annuities, and personal financial education and support and advice where needed.
Bigblue Touch also includes around 30 default triggers that indicate when individuals might need professional support to deal with specific issues such as the possibility of breaching the lifetime allowance, or time to consider moving from drawdown to annuity – with the recommendation that an employee should seek financial advice.
Aon head of DC proposition Debbie Falvey says: “The changes in last year’s Budget threw into sharp focus the issue of supporting DC members with their retirement saving and raised important questions about how employers can support their employees through the new range of choices at retirement, and in a way that is engaging and cost effective.
“With Bigblue Touch we offer a contract-based DC scheme linked to Aon’s award-winning Bigblue Money technology. This gives scheme members market-leading tools to enable them to track their personal finances in parallel with their retirement savings, putting them in a better position to understand if they are on track for the outcome they need. When they come to draw down their benefits, it also allows them to see whether they can take advantage of the new legislation due in April this year.
“Access to the Bigblue technology will continue even if scheme members leave their employer, or move into drawdown. With a robust governance framework and clear management information this is a scheme which works for both the employee and the employer. Bigblue Touch can be the solution for a qualifying workplace scheme, or a decumulation vehicle for trust based plans that don’t want to offer the full range of decumulation options in a scheme for retirees and deferred members.”
BlackRock UK head of DC Paul Bucksey says: “This partnership further underlines our commitment to the UK DC market. BlackRock and Aon share a common goal to help workplace DC members achieve the very best possible financial position at retirement, whenever and however they choose to access their DC savings. We look forward to working with Aon to provide workplace DC scheme members with the tools, investment options and services they need to build a better future.”