Bulk Annuity Compass

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Bulk AnnuityCompassThe complete solution for bulk annuities

Introducing BulkAnnuity CompassAon’s online bulk annuity broking platform, Bulk Annuity Compass,has been developed based on our extensive experience of the bulk annuitymarket to help you avoid missed opportunities and to make sure you arepositioned to get the best possible pricing.It combines Aon’s technological capabilities with ourinsights and knowledge of providers, which meansthat we will approach the market at the right time andin the right way to get the best possible outcome foryour scheme.The bulk annuity market has seen exceptionally strongpricing recently, and more and more schemes arelooking to capitalise.As a result, we are already seeing insurers becomingmore selective about the schemes they will quote forand give the best terms to.Schemes on the Bulk Annuity Compass platform willbe in a stronger position to take advantage of marketopportunities in this environment.Bulk annuity compassLevel 0Level 1MonitorA streamlined, yet personalised approach tobroking. Our bespoke positioning of your schemeand interactive online platform deliver the optimalblend of efficiency and insurer engagement –by this stage, insurers will know you are ready.EngageLevel 2Level 3PrepareDaily online tracking for your scheme, allowingyou to decide the right time to transact. Unlikesimillar platforms used by other advisers, we havea much higher threshold before taking schemes tomarket.TriggerTransactAccess to greater certainty and fasterimplementation, through:1. Price-lock against specific assets orindices, reducing the risk of adversemarket movements2. Comprehensive due diligence offinancial and administrative capabilities3. Opportunity to utilise pre-agreedcontracts with enhanced terms

Supportingyour journeySchemes that utilise Bulk AnnuityCompass benefit from maximum insurerengagement, as only schemes witha realistic chance of transacting willprogress to the next level and onto theonline Bulk Annuity Compass brokingplatform. This means that insurersrecognise that we are not wasting theirtime, and you do not waste time andmoney at a point where a transaction isnot realistic.Bulk Annuity Compass has beenendorsed by insurers, and benefits froma unique combination of innovativesolutions, including:   A guided decision-making andmonitoring process based on insurerpricing so you approach the marketat the point where there is thestrongest chance of transacting   Fewer missed opportunitiesdelivering greater governance andallowing you to secure the highlycompetitive commercial terms   Greater certainty duringtransaction as a result of pricecertainty, comprehensive duediligence and pre-negotiated legalannuity contractOur core principlefor bulk annuityprojects utilisingCompass:   We only take cases to marketwhere (a) stakeholders are onboard,(b) preparation work hasbeen carried out and (c) ourBulk Annuity Market Monitorindicates attractive pricing isavailable   With a high level ofconfidence in our cases,insurers prioritise theirresources and capacityaccordingly leading tobetter outcomesA bulk annuity transactionrequires careful planningand attention to detail in theexecution.We understand that trusteesand sponsors need clarity,in particular when they willneed to make decisions andwhat advice they will receiveto help them make thosedecisions.With clear decision and breakpoints after each stage, youwill have confidence that keymilestones will be met andyou are committed only untilthe end of each stage, shouldyou decide not to proceedfurther.Project management is alsocritical, and we have triedand tested processes andproject plans that ensure allparties know what they needto deliver and by when.

Level 0PreparePlanning is key. We will make sure that you fully understand the implications of a bulk annuity, including theimpact on: Funding Residual investment strategy Company accountingWe will also identify any preparatory work that needs to be undertaken in relation to the scheme's data and/orbenefits, and help you set up appropriate governance processes.Quotation

Level 1MonitorAon’s Risk Analyzer allows you to track online pricing in the market on a daily basis togive you a bulk annuity cost, tailored to your scheme’s benefits. It does this by using: Pricing feeds from across the insurance market; andTiming A on’s unique experience of advising on transactions covering 50% of the liabilitiessettled in 2019This cost-effective approach means you can make an informed decision on when thetime is right to engage actively with the market. 2,150mMarketdynamics 2,100m 2,050m 2,000m 1,950m 1,900m 1,850m 1,800m 1,750m01 Jan201601 Feb201601 Mar201601 Apr201601 May201601 June201601 July2016

Level 2EngageThrough the Bulk Annuity Compass broking platform you will approach the market at the optimal timefor you. That is, close enough to your target price that you will receive enhanced insurer engagement,while making sure that you do not miss opportunities.Aon is the largest insurance broker in the world and the strong relationships we have at senior levelwith all insurers give us valuable insight, which informs our personalised positioning of Bulk AnnuityCompass schemes. This is complemented by our highly robust and streamlined online auctionprocess, which makes sure that the correct benefits are secured and the best terms obtained asefficiently as possible.The platform facilitates interactive and secure engagement with insurers in the market. Comprehensivedetails of the scheme benefits and membership are held on the platform, which allows insurers to providefully transactable and competitive pricing for your scheme. Information with providers is shared via a secure ‘two-way’ electronic file transfer site Quotations are interrogated to understand insurer pricing and facilitate negotiation Robust price negotiation would take place with the insurers using the full weight of Aon’s seniorrelationships and our knowledge and understanding of current market pricingLevel 3Trigger and TransactInsurance pricing varies on a daily basis depending onfinancial conditions, availability of assets and insurerappetites. Even if the market moves against a pensionscheme during the process, our ‘trigger’ mechanism enablesa scheme to communicate a price target to insurer(s).The insurer(s) then provide transactable and regularpricing feeds via Compass, so that a transaction canfollow quickly when opportunities arise, with fewermissed chances.Aon’s Bulk Annuity Compass gives you greater certaintythan ever before to capitalise at the right time and on theright terms to maximise the value for your scheme

Level 2Level 3TriggerPricingContract et transition andprice lockContracttermsTransactionadvice

Further informationand contactsFor more information on Bulk Annuity Compass, or Aon’s wider risk settlement capabilities and offerings,please visit:www.aon.co.uk/risksettlementAlternatively please contact your usual Aon contact, or:John BainesMartin BirdHannah Cook 44 (0)121 262 6944 44 (0)121 335 3727 44 (0)20 7086 .cook@aon.comPhil CurtisMike EdwardsKaren Gainsford 44 (0)20 7086 8276 44 (0)20 7086 0437 44 (0)20 7086 ainsford@aon.comDominic GrimleyTiziana PerrellaStephen Purves 44 (0)121 264 5094 44 (0)161 687 2014 44 (0)113 394 mstephen.purves@aon.comTom ScottMichael Walker 44 (0)121 264 5073 44 (0)1372 733 027thomas.scott@aon.commichael.walker.3@aon.com

About AonAon plc (NYSE:AON) is a leading global professional services firmproviding a broad range of risk, retirement and health solutions. Our50,000 colleagues in 120 countries empower results for clients byusing proprietary data and analytics to deliver insights that reducevolatility and improve performance.For further information on our capabilities and to learn how we empower results for clients, please visit http://aon.mediaroom.com.This document and any enclosures or attachments are prepared on the understandingthat it is solely for the benefit of the addressee(s). Unless we provide express prior writtenconsent, no part of this document should be reproduced, distributed or communicatedto anyone else and, in providing this document, we do not accept or assume anyresponsibility for any other purpose or to anyone other than the addressee(s) of thisdocument.Notwithstanding the level of skill and care used in conducting due diligence into anyorganisation that is the subject of a rating in this document, it is not always possible todetect the negligence, fraud, or other misconduct of the organisation being assessed orany weaknesses in that organisation’s systems and controls or operations.This document and any due diligence conducted is based upon information available tous at the date of this document and takes no account of subsequent developments. Inpreparing this document we may have relied upon data supplied to us by third parties(including those that are the subject of due diligence) and therefore no warranty orguarantee of accuracy or completeness is provided. We cannot be held accountablefor any error, omission or misrepresentation of any data provided to us by third parties(including those that are the subject of due diligence).This document is not intended by us to form a basis of any decision by any third party todo or omit to do anything.Any opinions or assumptions in this document have been derived by us through ablend of economic theory, historical analysis and/or other sources. Any opinion orassumption may contain elements of subjective judgement and are not intended toimply, nor should be interpreted as conveying, any form of guarantee or assurance byus of any future performance. Views are derived from our research process and it shouldbe noted in particular that we can not research legal, regulatory, administrative oraccounting procedures and accordingly make no warranty and accept no responsibility forconsequences arising from relying on this document in this regard.Calculations may be derived from our proprietary models in use at that time. Modelsmay be based on historical analysis of data and other methodologies and we may haveincorporated their subjective judgement to complement such data as is available. It shouldbe noted that models may change over time and they should not be relied upon tocapture future uncertainty or events.To protect the confidential and proprietary information included in this material, it may notbe disclosed or provided to any third parties without the prior written consent of Aon.Aon does not accept or assume any responsibility for any consequences arising from anyperson, other than the intended recipient, using or relying on this material.Copyright 2020. Aon Solutions UK Limited. All rights reserved.Aon Solutions UK Limited Registered in England and Wales No. 4396810 Registered office:The Aon Centre, 122 Leadenhall Street, London, EC3V 4AN.Aon Solutions UK Limited is authorised and regulated by the Financial Conduct Authority.Aon Solutions UK Limited’s Delegated Consulting Services (DCS) in the UK are managedby Aon Investments Limited, a wholly owned subsidiary, which is authorised and regulatedby the Financial Conduct Authority.Risk. Reinsurance. Human Resources.

Level 3 Aon’s Bulk Annuity Compass gives you greater certainty than ever before to capitalise at the right time and on the right terms to maximise the value for your scheme. Pricing Contract terms Capabilities Insight Contract terms Asset transition and price lock Transaction advice Two-way exchange Trigger

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