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Aon Hewitt Retirement & Investment Session #1 16 May 2016 – San Francisco 19:00 / New York 22:00 17 May 2016 – London 03:00 / Beijing 10:00 / Sydney 12:00 Session #2 San Francisco 0:30 / New York 03:30 / London 08:30 / Beijing 15:30 / Sydney 17:30 Session #3 May 17, 2016 – San Francisco 12:00PM (Noon) / New York 3:00PM / London 8:00PM May 18, 2016 – Beijing 3:00AM / Sydney 5:00AM

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Page 1: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

Aon HewittRetirement & Investment

Session #116 May 2016 – San Francisco 19:00 / New York 22:0017 May 2016 – London 03:00 / Beijing 10:00 / Sydney 12:00

Session #2San Francisco 0:30 / New York 03:30 / London 08:30 / Beijing 15:30 / Sydney 17:30

Session #3May 17, 2016 – San Francisco 12:00PM (Noon) / New York 3:00PM / London 8:00PMMay 18, 2016 – Beijing 3:00AM / Sydney 5:00AM

Page 2: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Today’s speakers

How to ask questions during the webinar

ChairAlison Borland

[email protected]

U.K. Kevin Wesbroom

[email protected]

AustraliaJenny Dean

[email protected]

U.S.Steve Shepherd

[email protected]

Page 3: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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U.S. Guest SpeakerKevin Hanney

United Technologies Corporation

Guest speakers

Australia Guest SpeakerIan Lorimer

UniSuper

U.K. Guest SpeakerMark Fawcett

NEST

Page 4: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Agenda

Decumulation – Global Overview Market factors making Decumulation more challenging A range of options and approaches across the globe

Decumulation in the U.K. A changing landscape Integrated savings solutions

Decumulation in Australia Welcome to CIPRs The role of advice

Decumulation in the U.S. Lower savings increase the challenge Employees and employers faced with a myriad of options

Guest Speakers Kevin Hanney, United Technologies Corporation Ian Lorimer, UniSuper Mark Fawcett, NEST

Key learnings for global plan sponsorsQ&A with guest speakers

1

2

6

5

4

3

Page 5: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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ChairAlison [email protected]

Decumulation – A Global Overview

Page 6: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Past and recent market factors have presented increased challenges…

Bond yields have been falling for more than 20 years.

The amount outstanding of bonds trading with negative yields reached $6.9 Trillion as of April 2016.

Source: ECB, J.P. Morgan.

Source: Bloomberg, Datastream

Page 7: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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…future returns and longer lives are making the problem worse.

Source: McKinsey Global Institute: Diminishing returns: Why Investors may need to lower their expectations

10

12

14

16

18

20

22

1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

Male life expectancy at age 65 by country, 1960-2050

Australia Canada France

Japan UK US

Source: Historical data on life expectancy OECD Health database 1960-95. Recent data and projections of life expectancy Future based on the United Nations Population Division database, World Population Prospects – The 2008 Revision.

Compared to the last 30 years, real returns in global equities and bonds over the next 20 years are predicted to be materially lower…

…while life expectancies in many countries continues to climb, creating the need for pension dollars to stretch even further.

Page 8: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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The perfect decumulation solution?

What features would a retirement solution need to have?

Consistent pre-and post-retirement investment

strategy

Economies of scale

Clear, engaging and flexible

Encourages regular member

engagement

Available to all fund sizes

Easy to implement and

monitor

Investments

Range of investment options and

target outcomes

Costs

Institutional not retail costs

Member Experience

Range of tools and support

Administration

Seamless transition from accumulation

Coverage

Suitable for a range of legacy situations and requirements

Implementation

Little/no additional cost

Income

Some level of guaranteed or certain income

Buckets for growth and spending

Inflation protection

Lifetime advice available

Multi-channel communicationTax efficientFlexibility in

times of need

Integrated with other savings

and state benefits

Integrated with long term care,

disability benefits, aged

care

Source: Aon DC Global Community

Page 9: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Retirement expectations are changing – what do members want?

How members want to spend their retirement income, compared to how they need to spend their retirement income

Source: UK Aon Hewitt survey with Cass Business School

Will take money as soon as possible

Early spender10%

Continue to invest and dip in as

and when

Flexibility foremost15%

Continue to invest to generate

stable income

Steady Spender35%

Set aside for long-term

care or bequest

Residual Required5%

Secure guaranteed income via an annuity

Certainty-Seeker35%

Years in retirement

Expe

ctat

ion

and

inco

me

sour

ces

Travel

Repay mortgage

State Pension

Base Pension

Tax

free

cas

h

Part time work

Help children / grandchildren

Care costs

Travel

Page 10: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Each country is coming up with different solutions schemes

Country Lifetime Annuities Income Drawdown Lump Sums

Australia Allowed, but very little demand Allowed. Main options are account-based income streams Allowed and relatively common

New Zealand Allowed, but there are no annuity providers in New Zealand Allowed Allowed and relatively common

U.S. Allowed, but demand is weak. 9% of retirees have significant annuity income Allowed Allowed

Canada Allowed, with significant demand Allowed, although with restrictionsin some cases Limited for DC pension schemes

IrelandRequired, unless income can be shown to the above threshold to qualify for income drawdown

Allowed given sufficient incomeRestricted to 25% or 1.5 timesincome as tax-free lump sum (taken by most people)

Switzerland Default option, and subsidised Not allowed Allowed, but discouraged

Denmark Unlimited deferred annuities Restricted amounts can be allocated to term annuities Allowed

Netherlands Mandatory Not Allowed Not Allowed

Singapore Mandatory Not Allowed Not Allowed

Chile Default Option Restricted to ‘programmed withdrawals’ Not Allowed

U.K. Formerly primary option. AllowedCurrently restricted to ‘capped drawdown’ and ‘flexible drawdown’’ products.’

25% tax-free, taken by most people. Expected policy is for whole pot to be available, taxed at marginal income tax rates after 25% tax-free allowance

Source: UK Financial Conduct Authority: The Retirement Income market – comparative global research

Page 11: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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U.K.Kevin [email protected]

Decumulation in the U.K.Navigating a shifting landscape

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George Osborne – pensions surprise merchant

Base Annuity Income

Drawdown IncomeLater Life (Deferred)

Annuity

Drawdown Income

Combined drawdown and annuity strategies may offer optimal at retirement options

100 years of “compulsory“ annuity purchase blown away at a stroke

“Let them buy Lamborghinis” Give them 40 minutes of guidance

(not advice) And now (2016) £500 of tax free

pensions advice

Source: Evalue

Page 13: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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At retirement options – what flexibilities are schemes offering?

More cash (UFPLS)? Accessing drawdown solution?

Source: Aon Hewitt UK DC Survey 2015

A majority of schemes are considering or offering extra cash flexibilities to their members

A majority of schemes are considering or offering drawdown flexibilities to their members – but not in their own scheme!

Page 14: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Decumulation driven changes to investment strategy

Developing themes in DC investment product development

“To & Through” strategy

ETFs to provide

exposure to more niche strategies

Drawdown focused funds

New style annuity

products

Low cost multi-asset

funds

Volatility controlled

funds may have a role

More diversification

within a passive play

Greater sophistication in fixed income

investing

Source: Aon Hewitt

Page 15: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Post budget(s) thinking – integrated savings solutions

Share save£6,000 pa

Your savings allowance

General savings£5,000 pa

Registered pension£10,000 pa

Share incentive plan

£8,000 pa

Corporate ISA£20,000 pa

LifetimeISA

£5,000 pa

For illustrative purposes only

Page 16: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Decumulation in AustraliaAiming for more comprehensive solutions

AustraliaJenny [email protected]

Page 17: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Snapshot of Australia

Total assets as at 31 Dec 2015AUD2 trillion

1 ASFA Retirement Standard – December 20152 Australian Bureau of Statistics 2013-2014

Comfortable retirement income1

Single AUD43K paCouple AUD59K pa

Average balance of ages 60-642

AUD293K AUD138K

Recommended Target Balance1

~AUD545K single~AUD640K couple

Page 18: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Welcome to Comprehensive Income Products for Retirement (CIPR)

Flexibility

Adequacy

Risk Mitigation

CIPR

Page 19: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Potential Design ConceptIn

com

e (p

a)

Age75 85 9565

Debt

Holiday

Aged Care

Flexible Cash

Regular Income

Longevity Insurance

Premiums

For illustrative purposes only

Bequest

Payments

Page 20: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Role of Advice

For illustrative purposes only

Page 21: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Decumulation in the U.S.Lower savings and many options

U.S.Steve Shepherd [email protected]

Page 22: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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U.S. Retirement Income Scenario – Employees Not On Track

Source: Aon Hewitt’s The Real Deal, 2015 Retirement Income Adequacy at Large Companies; based on results for full-career contributing employees who only have a defined contribution plan available for retirement income accumulation.

Mul

tiple

of e

ndin

g sa

lary

Need Reality

7.0x pay

4.1x pay

11.1x pay

Income Gap

Less than 1 out of 5 DC-only participants is on-track for a

reasonably adequate retirement

Average participant needs 11.1x pay at age 65 for retirement income, yet

DC-only participants fall short

10

8

6

4

2

0 Reasonably adequate retirement defined as being within 2x pay of projected retirement needs

Page 23: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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67%Feel supporting the process to have participants

convert balances to lifetime income is very or moderately important

48%Are very likely or moderately likely to address

ways to encourage lifetime income in 2016

In-plan annuity or insurance product

Prevalence of Tools and Products to Convert Savings to Lifetime Income

7%

12%

Facilitation to purchase annuities outside plan

In-plan managed account with drawdown

30%

45%

Distribution option to receive monthly payments

Online tools or apps to help see how much to spend

66%

Sponsors Retirement Income Integration

Percentages shown are those who answered “Already Offer”Source: Aon Hewitt’s 2016 Hot Topics in Retirement and Financial Well-Being Survey

Page 24: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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U.S. Design Solutions Today

Type of Option

Managed Payout – Existing Funds

Managed Payout -– New Fund

Deferred Guaranteed Withdrawal Benefit

Deferred Guaranteed Income Benefit

Deferred Fixed Annuity

Traditional annuity – End of plan

Annuity Platform

Longevity Insurance

Scheduled Payout

Ongoing GuaranteedIncome Purchase

Lump Sum AnnuityPurchase

Longevity Insurance

Income Category

Page 25: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Potential Future

Where are you in your Thinking?

Market Driven Advisory Framework Individually Designed Broker Model Greater Regulation?

Retail View

Sponsor Driven Plan Integration Institutional Framework Fiduciary Governance Government Incentive?

Paternalistic View

Provider Driven Advice Model Institutionally Vetted Open Architecture The Great Unknown?

Exchange View

Outcomes Will Depend On Each Organization

Available Today Available Tomorrow?

Page 26: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Kevin HanneyUnited Technologies Corporation

U.S. Guest Speaker

Page 27: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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United Technologies Corporation - Overview

United Technologies provides high-technology systems and services for the fast-growing aerospace and building industries.

*Adjusted net sales and adjusted diluted earnings per common share from continuing operations are non-GAAP financial measures. Download the corresponding measures calculated in accordance with generally accepted accounting principles (GAAP) and a reconciliation of the differences between the non-GAAP and GAAP measures.

Page 28: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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United Technologies Corporation – Plan Highlights

Plan Highlights Detail

2 Savings Plans - Union & Non-Union 55,000 Eligible

Active/Inactive with a balance 51k / 60k

Participation - Union & Non-Union 72% / 95%

Assets $20 Billion

Roth Contributions & In-Plan Conversion option Yes

Lifetime Income Strategy Annuity Option (LIS) QDIA

% of Participants with Balances in Lifetime Income Strategy 22%

Assets in Lifetime Income Strategy >$800M

Permit Rollovers Into Plan for Retired/Terminated Employees Yes

Source: Aon Hewitt plan data as of 3/31/16

Page 29: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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United Technologies Corporation – Lifetime Income Strategy

Page 30: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Ian LorimerUniSuper

Australia Guest Speaker

Page 31: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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FlexiChoiceA

ccum

ulat

ion

phas

e

Formula-Linked benefit

Lifetime pension

Market-Linked benefit

Building a lump sum

Investment options

Formula-Linked benefit

Building a lifetime income

Formula based

Insurance

Dra

wdo

wn

phas

e

Formula based

Reversionary option

Minimum payment period

TPD

Death

Income Protection

Market-Linked benefit

Account based pension

Investment options

Income Replacement

Source: UniSuper, as of May 2016

Page 32: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Mark FawcettNEST

U.K. Guest Speaker

Page 33: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Welcome to NEST and Mark Fawcett

NEST is the workplace pension set up by the UK government– A trust based defined contribution (DC) pension scheme that UK

employers can use to meet their workplace pension duties (auto-enrolment or soft compulsion). Has to accept all employers of any size

NEST is an easy-to-use, low-charge scheme.– Annual management charge (AMC) of 0.3% plus– Contribution charge of 1.8%

NEST is the scheme that can’t say NO!– Over 70,000 employers so far, 2.5 million members– Last week nearly 4,000 employers signed up to use NEST !!

Mark Fawcett Chief Investment Officer of NEST Responsible for innovative investment design Target Date Funds BUT no shocks in early years Now consulting on how to address retirement, after Freedom and Choice

Source: NEST

Page 34: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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NEST Thinking – the new spending default to match the building default

Regular fixed income Certainty that income won’t run out Protection from stock market falls

Lump sum access Pass on money Flexibility to change

What do people want in the new framework?

Source: NEST

Page 35: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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The NEST proposed approach

For illustrative purposes only

Page 36: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Closing Remarks

Page 37: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Closing remarks

Global DC assets are growing rapidly – $10 Trillion

Developed economies are ageing – the baby boomers are retiring!

Global challenges for spending retirement savings

Need to balance security with flexibility, and address outliving your savings

Individuals will need support with increasingly complex decisions

Individuals will need help with their decumulation decisions. Where will that help come from?

Source: OECD; Aon

Page 38: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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More from Aon

Webinar slides will be shared with all attendees by email Additional Global DC Retirement Thought Leadership can be found on our website:

http://www.aon.com/unitedkingdom/retirement-investment/defined-contribution/dc-global-thought-leadership.jsp

Page 39: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Aon Global DC Footprint

Risk & HR Solutions

DC Mastertrusts in UK, USA, South Africa, Australia, New Zealand, Belgium (pan-Euro). Preferential terms with preferred insurers in a number of countries

Administer benefits for more than 23 million participants around the globe, with $2 billion in DC payments monthly

Investment consulting services for $4.2 trillion in assets globally

Pay and benefits survey data covering 180 countries, more than 2,550 positions and more than 5 million incumbents

Place more than $110 billion of premium flow

Aon presence in over 120 countries with more than 66,000 employees in 500 offices

Source: Aon Hewitt as of May 2016

Page 40: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Aon Hewitt is a global leader in human resource consulting and outsourcing solutions. The company partners with organisations to solve their most complex benefits, talent and related financial challenges, and improve business performance. Aon Hewitt designs, implements, communicates and administers a wide range of human capital, retirement, investment management, health care, compensation and talent management strategies.

With more than 30,000 professionals in 90 countries, Aon Hewitt makes the world a better place to work for clients and their employees.

© 2016 Aon Hewitt LimitedAon Hewitt Limited is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales. Registered No: 4396810.Registered Office: 8 Devonshire Square, London EC2M 4PL. www.aonhewitt.co.uk

About Aon Hewitt

Page 41: U.K. Australia U.S. - Health | Aon · Aon Hewitt Retirement & Investment 3 U.S. Guest Speaker Kevin Hanney United Technologies Corporation Guest speakers Australia Guest Speaker Ian

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Legal Disclosures and DisclaimersInvestment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc. (“AHIC”). The information contained herein is given as of the date hereof and does not purport to give information as of any other date. The delivery at any time shall not, under any circumstances, create any implication that there has been a change in the information set forth herein since the date hereof or any obligation to update or provide amendments hereto. This document is not intended to provide, and shall not be relied upon for, accounting, legal or tax advice or investment recommendations. Any accounting, legal, or taxation position described in this presentation is a general statement and shall only be used as a guide. It does not constitute accounting, legal, and tax advice and is based on AHIC’s understanding of current laws and interpretation. This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The comments in this summary are based upon AHIC’s preliminary analysis of publicly available information. The content of this document is made available on an “as is” basis, without warranty of any kind. AHIC disclaims any legal liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. AHIC. reserves all rights to the content of this document. No part of this document may be reproduced, stored, or transmitted by any means without the express written consent of AHIC. Aon Hewitt Investment Consulting, Inc. is a federally registered investment advisor with the U.S. Securities and Exchange Commission. AHIC is also registered with the Commodity Futures Trading Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The AHIC ADV Form Part 2A disclosure statement is available upon written request to:

Aon Hewitt Investment Consulting, Inc.200 E. Randolph StreetSuite 1500Chicago, IL 60601ATTN: AHIC Compliance Officer

© Aon plc 2016. All rights reserved.