Aon International Wealth Update
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Welcome to our latest newsletter, bringing you retirement, investment and employee benefit updates from all over the world.
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International Wealth Webinar Series
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Global Retirement Round Up
Date: 12 November 2024
Time: 09.00 (UK) 10.00 (CET)
17:00 (China/Hong Kong/Singapore)
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The final session of our 2024 International Wealth webinar series is scheduled for 12 November 2024 and will focus on a round up of key global retirement developments throughout 2024, global economic outlook and investment challenges and insights on European retirement hot topics.
Click below to register.
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European and Middle East Retirement Hot Topics
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Morning Seminar with Aon Wealth Leaders
Date: 12 November 2024
Time: 09.00 – 13:00 (UK)
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For those in London on 12 November, we will start the morning with a live presentation of the above global retirement round-up webinar. This will then be followed at 10:00am by presentations and roundtable discussions from Aon’s retirement and investment leaders, where we will cover various topics, covering European and Middle East Retirement hot topics.
Further details and the link to register are below.
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North West International HR Networking Event
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Practical Implications of Pay Transparency Requirements
Date: 19 November 2024
Time: 16.00 – 19:00 (UK)
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We will be facilitating an in-person group discussion on the practical implications of pay transparency requirements including pay, benefits and pension assessments in the UK, EU and globally. Experts across Aon’s Human Capital team will be leading the discussion.
We would be delighted if you can join us for what should be an enjoyable session at Aon in Manchester.
Further details, and the link to register are below.
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Global Survey of Retirement Plan Accounting Assumptions
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Our report presents the results of Aon’s global survey of accounting assumptions used for employee benefit plans at 2023 year-end. The results of this survey may be useful to companies when setting preliminary assumptions for 2024 year-end and budgets for 2025.
Access the report via the link below.
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Digital Operations Resilience Act
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From January 2025, the Digital Operations Resilience Act (DORA), an EU Directive on digital operational resilience for the financial sector, will apply in full. Pension plans are in scope for DORA, so plan boards must ensure that they have an effective risk management system for Information Communication Technology (ICT) risks and is adequately protected against ICT disruptions and cyber-attacks.
Our recent paper and webinar set out the requirements of DORA in more detail including what pension plans need to do now.
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Global Medical Trend Rates Report 2025
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Our annual survey of medical trend rates worldwide is now available, based on the insights from 112 Aon offices worldwide.
While global inflation appears to be lessening somewhat, medical costs continue to climb, with global medical trend rates predicted to reach double digits for the second year in a row. For 2025, the global average medical trend rate is expected to increase 10 percent.
This annual report is designed to help companies understand the key factors that are impacting medical trend rates, learn what leading employers are doing to mitigate rising costs, and make better decisions as they plan their benefit offerings for the coming year.
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International Wealth Solutions Website
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Our International Wealth website provides access to global retirement legislative updates, market insights and an overview of the various market-leading solutions available to help you through your unique multi-country pension challenges.
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Follow us on Social Media
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Stay up to date with Aon’s latest thought leadership through our LinkedIn and X (Twitter) accounts, covering UK and global retirement topics.
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The new Labour Chancellor published her first Budget in October 2024, which included important changes to the UK’s tax system, changes to pensions regulation and a change to the government’s debt rules.
Significant pensions-specific announcements are limited to proposing inheritance tax charges on some death benefits, whilst increases to employer National Insurance contribution rates will make it more attractive for the employer to contribute to pensions savings rather than pay employees the cash alternative.
Find out more below.
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UK:
New DB Funding Regime in Force
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All defined benefit scheme valuations with valuation dates on or after 22 September 2024 are subject to a new scheme funding regime, requiring schemes to plan for low dependency on the scheme sponsor when they are significantly mature.
These plans will be set out in a ‘statement of strategy’ and the Regulator has published an interim response to its consultation on this documentation, and provided details of the extensive data that will need to be submitted with valuations.
Find out more below.
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US:
US election: Asset Allocation View
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The results of the U.S. election could potentially have an important impact on policy direction, which will have implications for asset markets. Aon’s note discusses the likely implications of President Trump’s re-election.
Find out more below.
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India:
Retirement Hot Topics
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Utsav Kalra, who leads Aon’s Wealth Solutions team in Delhi, North India covered a range of developments and key topics for multinationals to consider in India and South Asia, during the recent breakfast seminar held in London.
Topics included upcoming Labour Codes and impact on benefit costs and India’s National Pension System – Voluntary Defined Contribution Pension Plan.
A copy of the presentation is accessible via the link below.
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US:
The Future of Retirement Planning for HR Leaders
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Members of Aon’s Pooled Employer Plan (PEP) team were joined by two clients for a webinar hosted by the Society for Human Resource Management (SHRM) on 9 October.
The webinar addressed some of the biggest challenges facing HR teams today, including; reducing administrative burdens, minimizing cost and fiduciary risk, and leveraging flexible plan design to meet the needs of employees.
Access the webinar replay below.
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Australia:
Super 101: Grow your understanding of Superannuation, to help make better people decisions
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Our virtual Super 101 course is designed for anyone who would like to enhance their understanding of superannuation. It is suitable for anyone in HR management, HR generalist, payroll or a dedicated superannuation role. Our short courses are designed to provide HR professionals an edge in their decision-making.
Our next course is being held on Wednesday 27 November, 2pm-4:30pm (AEDT) and is subject to a course fee of $500 + GST (per person).
Further details, and the link to register are below.
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Australia:
2024 Superannuation and Financial Wellbeing Report
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Our 2024 Superannuation and Financial Wellbeing Report is now available, including responses from 208 organisations across a range of industries.
The report explores how organisations approached the recent superannuation guarantee increase, the communication of superannuation as a benefit, how employees value superannuation, and the methods used to support the financial wellbeing of employees.
The report is available at a cost of $2,300. Please complete and return the order form below, if you wish to obtain a copy.
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The links below share access to our latest insights.
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Global
UK
Americas
APAC
For additional information and other international retirement queries, please contact us
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