Workplace pensions savings at your fingertips

bigblue

The changing pension landscape

The Defined Contribution (DC) pension market is currently facing three major changes:1

2

3

The freedom and choice budget

Further government regulations

Auto-enrolment complacency Auto-enrolment has helped lots of employees make a start towards saving for retirement. However many do not realise they are simply not saving enough to adequately fund their retirement. Engagement and guidance are key to ensure employees make the right decisions at key stages during their working lives.

Further compulsory government regulations begin coming into force in April 2015 meaning many companies will find themselves needing new pension contracts or products, at a time when there is reduced capacity with pension providers.

The ‘Freedom and Choice’ reforms announced in the spring 2014 budget will allow over 55s to draw cash directly from their pension pots from April 2015 and more members will want to access drawdown. Members will need much greater support and advice through this decumulation phase to ensure they make decisions appropriate to their circumstances.

We understand the severity of these issues and how they will affect you and your employees and that’s why we have developed a revolutionary workplace pensions savings solution - Bigblue Touch.

What is Bigblue Touch?

Bigblue Touch fuses together a compliant pension scheme with our multi-award winning Bigblue technology that will guide employees through a maze of decisions, whilst they accumulate and decumulate funds.

Incorporating Aon’s own group personal pension scheme with BlackRock’s market leading investment platform and administration services, as well as access to delegated investment funds, Bigblue Touch provides employers with a pioneering, value added pension scheme.

Alongside these benefits the financial aggregation technology built into Bigblue Touch empowers employees to have greater flexibility over their finances, giving them a better chance of improving their own outcomes and pointing them towards advice at the moments they need it.

Bigblue Touch is responsive, interactive and easy to use. Allowing your employees, no matter what their age, career level or salary, to access and appropriately manage their finances and workplace pension savings online.

What does Bigblue Touch include?

Bigblue Touch enables your employees to easily access a range of workplace pension savings tools, advice and information, as well as direct links to their pension funds, investments and transfer options, all in one online platform.

Bigblue Touch includes the following:

MyFutureMe retirement planning tool

Money financial aggregation software

Help videos and employee case studies

Direct access to current pension summaries and statements*

Access to plan documents and information*

Ability to transfer pensions

Change pension contributions online function

Investment choices

Annuity and drawdown options

Everything your employees need

in one place

*To the extent administered by BlackRock

Model - MyFutureMe

MyFutureMe is an interactive and engaging planning tool which enables employees to set their own retirement aspirations and understand what they need to do to achieve these.

MyFutureMe is able to take into account numerous pension funds, including funds from previous employers and historical personal pensions, alongside the state pension, providing employees with a combined view of their retirement pots.

Employees can use this to model different retirement and saving scenarios by varying retirement ages, contributions and target lump sums to understand how changes between these will affect their outcomes.

Using avatars to visualise an employee’s ‘Current FutureMe’ and ‘Potential FutureMe’ enables employees to measure how they are performing against their retirement goals whilst highlighting the actions they need to take to achieve these.

Money - financial aggregation software

It’s difficult for employees to plan for their financial future if they haven’t got a handle on all their assets and debts. That’s why our revolutionary Money software brings together an employee’s financial universe, online and fully secure in one place. Using Money allows an employee to get a true picture of their net worth by linking together bank accounts, savings, investments, shares, property, credit cards, loans, mortgages, pensions, even physical assets such as antiques or family heirlooms.

Money provides up to date clarity to employees around their personal and workplace pension savings, allowing a much simpler and transparent approach to financial management. This enables them to model in ways appropriate to them and manipulate the information to give them the most valuable overview.

Pension - view pension performance

Rather than relying on a yearly paper statement, employees will be able to seamlessly view their pension pot online, with up to date values, as often as they like.

Encouraging employees to keep an eye on their pension pot and how it’s performing will help engage employees in their retirement savings and lead to better member outcomes in the future.

The pension area also allows employees to view their individual pension summary, get statements, compare and manage funds, change contributions and access all plan information and documents.

Combining this alongside access to the rest of their financial wealth information makes Bigblue Touch the ‘tool of choice’ for employees to review financial information.

Retirement - guidance and education

We understand that the changing pension market means your employees will have more questions than ever about what might be right for them.

Our retirement area is a library of engaging and educational help videos, employee case studies and information on a variety of retirement and savings topics to guide your employees through the different options available and pinpoint what choices are suitable to them specifically.

To ensure your employees only access content and guidance relevant to them, Bigblue Touch has intelligent functionality that uses the member’s age to show tailored content. It shows content relevant to whether the member will continue to accumulate for their pension or start to action retirement within the retirement section of the service.

For the over 55 age group there will also be access to Bigblue Touch’s drawdown and annuity services.

Help guide your employees through a maze of retirement decisions

Enable your employees to easily manage

their pension funds online

Transfer - for existing pension funds

Many of your employees will have other pension policies which they may wish to amalgamate into their Bigblue Touch account. Bigblue Touch has a dedicated transfer area that explains the reasons why an employee may want to carry out such a transfer.

It may be the case that when you choose to implement Bigblue Touch, that it is replacing an older workplace pension arrangement. We offer a bulk transfer service at no extra cost for your employees to transfer the funds from their old arrangement into their Bigblue Touch account in an efficient and effective manner, utilising transition management specialists.

For individual one off transfers of pension funds into Bigblue Touch, the transfer area provides guidance and information about how to transfer employees existing pension funds into their Bigblue Touch pension scheme and online forms to make the process as quick and smooth as possible.

Employees are able to easily manage and take control of their pension funds using this pension transfer service.

Pointing your employees towards advice at the moments they need it

Intelligent triggers

Sometimes we all need a little prompt to help us reach our goals. That’s why Bigblue Touch has intelligent built in triggers to keep employee’s workplace savings on track and point them towards key information at the moments they need it.

The triggers include:

Key ages - users receive emails when they hit key ages where important decisions need to be made.

Lifetime allowance - on screen notifications will advise users if they are likely to hit the lifetime allowance

Inactivity in platform - users are encouraged to log in to review changes in performance and their financial situation.

Investment options

Bigblue Touch offers a number of investment options to ensure that each individual employee’s requirements can be met.

For those that prefer for investment decisions to be made on their behalf the Aon Retirement Pathway Funds have been developed. Managed by Hewitt Risk Management Services Limited these funds will automatically change their asset allocation as employees approach their selected retirement year.

Some employees may prefer to make investment decisions, safe in the knowledge that someone is continually monitoring and reviewing their investment on their behalf. The Aon Managed Funds have been designed with these people in mind.

Finally, for those that are comfortable making their own investment decisions, a complimentary range of additional funds are available to choose from.

Investment options to suit

your entire workforce

Auto enrolment compatible

We fully understand and appreciate that it may be a daunting prospect moving your Qualifying Scheme for auto enrolment purposes from your current provider to Bigblue Touch.

Bigblue Touch has been designed to not only be a Qualifying Scheme, but also a Qualifying Scheme replacement vehicle. We have ensured that we have constructed a series of processes to enable employers to move their Qualifying Scheme to Bigblue Touch in a seamless and simple manner, as is possible.

Once Bigblue Touch is implemented it will, if required, carry out your employee assessments, issue the statutory notices, deal with opt outs and all the other processes required for you to continue to comply with the auto enrolment requirement.

Auto enrolmentWe’ve got it covered

What makes Bigblue Touch different?

Bigblue Touch has three unique aspects that differentiate it from other pension solutions in the market.

Technology - Our multi-award winning financial aggregation technology allows employees to take control of their finances leading to greater engagement, appreciation of pension benefits and better member outcomes.

Investment capability - Managing the pension funds ourselves means there is greater control over investment outcomes. Where it’s in employee’s interests, funds can be quickly changed on behalf of all members without the need for individual consent, meaning swifter action, more effective fund management and strong governance.

Annuity broking - Access to market leading annuity broking from key providers and telephone support for medically underwritten annuities ensuring the best options available.

1. Technology

2. Investment capability

3. Annuity broking

Why choose Bigblue Touch?

Bigblue Touch has been designed to be fully compliant with the pensions regulation changes April 2015. This gives members the ability to learn about and consider the wider variety of decumulation options now available to them in retirement.

Standard GPP Bigblue Touch

Auto enrolment assessments Yes Yes

Employee communications Yes Yes

Individual employee triggers No Yes

Financial management tools No Yes

Access to key annuity providers Yes Yes

Individual member consent required to change funds

Yes No

Money financial aggregation software

No Yes

How does Bigblue Touch compare to a standard GPP scheme?

Contact us now for more information:

visit: aon.co.uk/bigbluetouch

email: letstalkbenefits@aon.co.uk

call: 0844 573 0033

Frequently asked questions

How secure is Bigblue Touch?Bigblue Touch is highly secure. The single sign on technology implemented uses industry standard SAML2 security. Bigblue Touch also has time-out periods if the system is inactive, to ensure employees personal details remain confidential.

Can employers see employees personal pension financial information? No. As with all company pension schemes employers can see an amalgamated amount of information about the company pension pot. However all personal pension financial information will never be seen by the employer.

Can employers see employees bank account, mortgage or credit card financial information? No. Any financial information employees input from their bank, mortgage, credit card etc. will remain confidential and can never be accessed by an employer.

What’s next?Contact us and we can arrange for one of our Bigblue Touch expert consultants to come and meet at your convenience, understand your requirements and demonstrate Bigblue Touch and its functionality to you.

Aon Consulting Limited8 Devonshire Square London EC2M 4PL

tel: 0844 573 0033 email: letstalkbenefits@aon.co.ukwww. aon.co.uk/bigbluetouch

Bigblue and Bigblue Touch are trademarks of the Aon Group.

Aon Consulting Limited is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales no. 3127195. Registered office: Briarcliff House, Kingsmead, Farnborough, Hampshire GU14 7TE. The content of this brochure is subject to change.

© Aon Consulting Limited, 2015. All rights reserved.