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April 2020
Pension Clicks
This edition of Pension Clicks focuses on information pension schemes need during the COVID-19 pandemic, including the latest market actions and reactions and a link to our dedicated COVID-19 website. We also examine the Pensions Regulator's guidance on COVID-19.
Read our latest COVID-19 related information
We have created a dedicated UK Retirement and Investment COVID-19 website to make it easy to find relevant information. The site is updated regularly to provide the latest market data and resources for pension schemes.
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ITG note – Regulator's guidance on COVID-19
The Pensions Regulator's most recent guidance relating to COVID-19 includes information about some additional flexibilities and specific easements. It aims to provide support with a number of issues that trustees and employers are currently facing.
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ITG note – regulator's consultation on scheme funding regime
The Pensions Regulator has published the first of two consultations on its plans for a new funding code for DB pension schemes, due to come into effect in late 2021. This consultation focuses on the high-level approach and there will be a further consultation on the details of the resulting code of practice later this year. A more detailed In Depth publication is also available – please email Lynsey Harri if you would like a copy.
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Coronavirus: market actions and reactions
The coronavirus reminds us that shocks can come from unexpected areas. The virus scare is now unfolding in a sequential way from China, Korea and Italy globally. This note looks at the impact of Coronavirus on the economy and markets and explores how investors should react.
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Crisis resilience planning
It looks as if boards will need to operate within the current environment for a prolonged period, and will have to work out how to do so for successive meetings. This document shares the immediate actions to take, some actions to set up for the ongoing months and steps to take to support your business continuity plans in the future. There are versions for DB and DC schemes.
DB scheme version
DC scheme version
Retirement podcast – focusing on the practical implications of COVID-19
This month Ricky Marsh is joined by Sue Austen and Vanessa Jaeger to discuss some of the challenges presented by the coronavirus outbreak for those involved in running pension schemes.
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DC Pension Survey – read the findings on structure and governance
Chapter 2 of our 2020 DC Pension Survey is out now: find out how others are tackling structure and governance issues.
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DC Survey chapter 2 podcast: How do you measure up?
John Foster and Tony Pugh consider governance and DC structures in the second episode of Aon's 2020 DC Pension Survey podcast series. Can schemes benefit from delegating in some areas to free up time to focus on those where they can add more value?
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The future of DC investing – Chris Inman
Our DC survey finds the future lies in being made to measure for members, as Chris Inman explores in this article, first published in Pensions Age.
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Delegate to accumulate – how to win back time by changing your pension scheme
Tony Pugh explores how delegating some or all of the day-to-day running of a DC pension scheme can deliver value for members and benefit workforce planning.
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Podcast: Building the right support for your pension scheme
Susan Hoare and Sarah Butlin discuss the steps trustees can take in identifying incremental changes that could improve the effectiveness of a trustee board. What level and quality of resources do they need to implement their decisions?
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Aon 2020 Risk Settlement Annual Review
The annual review looks at the latest activity in bulk annuities, longevity swaps and other pension risk transfer options. It is essential reading for any company or trustee interested in transferring pensions risk to the insurance market, or just learning more about the current pension risk transfer landscape.
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Daily markets data pack
A summary of market movements over the past week.

Given current volatility in asset markets, we have put together this frequently-updated pack. It includes a selection of COVID-19 and market data charts along with our current views.
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Aon in the press
This month, we respond to COVID-19 by telling pension schemes with March or April valuation dates that they should review their options and that now is the time for all schemes to master virtual trustee meetings. We also publish our 10 questions DC schemes can use to test their resilience.

Outside of the pandemic, we comment on new CMI figures, see multiple challenges in the funding code consultation and back new guidance for pension schemes on climate-related risk. Our survey finds that alternatives are not gaining ground in DC investment.
Dates for your diary

2020 Pensions training
Please contact us to discuss your training needs.

8 April, 2.15-3pm
Webinar: COVID-19 – Investment Focus: Market Developments and Asset Class Performance
Caroline Allensby-Green will be joined by specialists from our Asset Allocation and Manager Research teams to explore the recent market developments and ways in which different asset classes, managers and strategies have performed in response to the coronavirus crisis.

Pension Conference 2020 webinars
Aon's 2020 Pension Conference Series has been cancelled to help mitigate the spread of COVID-19. We have instead put together a series of webinars covering the conference content. You can see details of the webinars and register for any or all of them here.

Also on our website
Webinar replay: market turmoil – how should portfolios be reacting?
The globalisation of the developing Coronavirus crisis and its wider impact in financial markets are of increasing concern to pension investors. Our webinar looks at its effects so far and focuses on what can be done to protect portfolios at this time.

Global Pension Risk Survey: how are schemes managing their maturity?
Hear insights from the UK findings of our 2019 Global Pension Risk Survey and find out how rapidly-maturing DB schemes are tackling the need to make decisions about both scheme assets and the liabilities.

Providing options for members of DB schemes
Listen to our recent webinar, addressing the provision of options and support for members of DB schemes at retirement and in bulk exercises.

Online monitoring tool for your scheme
Our Risk Analyzer tool is now used by over 900 schemes to monitor various financial and risk measures. This video gives you an example of how Risk Analyzer could help you.
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