Thames Water has contracted Aon to bring an “inspiring and innovative approach” to its 4,500-member strong defined contribution stakeholder plan.
Thames Water - which employs 6,500 members of staff - said it was looking to partner with an authorised master trust to offer a benefits package that will "continue to offer long-term financial wellbeing".
According to a tender agreement document dispatched this week, Aon will assist Thames Water by providing insight and recommendations to ensure its master trust scheme "remains in step with market trends, industry benchmarks and standards".
Thames Water also said it had looked for a provider that would help secure high-level member engagement to and throughout retirement.
The tender document also outlined the water company's desire for a provider with a "leading-edge web portal to ensure members are fully engaged with their pension", and who would enable simplified employer administration and contribution uploads.
The framework agreement with Aon was officially awarded on 4 May. The three-year contract also has the option to extend to a further five years past 2023.
Investment and advice giant Quilter has called on the government to consider decoupling employee and employer contribution thresholds for auto-enrolment (AE) due to the pressures of Covid-19.
SEI has partnered with Moneyhub in a bid to enhance its master trust offering and help members improve their financial wellbeing.
Plans to improve value to members in defined contribution (DC) plans by improving investment options and governance while consolidating small schemes have been welcomed as a “wake-up call” for the industry.
While many savers remain concerned about funding retirement, more than a quarter say auto-enrolment (AE) provisions have solved their worries, Close Brothers research shows.
The Department for Work and Pensions (DWP) has launched a consultation to improve saver outcomes and promote investment in green technology and infrastructure.