Aon OnePlan

How are the markets are reacting?

Equity markets initially reacted to the news by falling and rising as updates about the conflict emerged. Following ongoing discussions to resolve the conflict, equity markets have stabilised and largely recovered. Further developments in the conflict may cause sudden movements in markets (which could be positive or negative) and may impact the value of your pension account. This uncertainty will impact all UK pension schemes.

Considerations

It is important to remember that your pension is a long-term investment; building up your pension savings typically takes place over many years, during this time there will be ups and downs in financial markets. The default strategy, which is the investment option your savings are invested in if you don’t make an active investment choice, is designed to be a long-term investment and provide growth above inflation over the long-term, while managing risk as you get closer to retirement. By investing for long periods of time, the aim is to ‘ride out’ periods of uncertainty and we believe this will result in better expected long term investment growth that can help your savings increase in value.

Are you invested in the default strategy?

If you are invested in the default strategy, the impact of recent market movements on your pension account will depend on your proximity to retirement. It is also important to remember that if you are still investing regularly, your ongoing contributions will be well placed to benefit from any recovery in markets.

More than 15 years to retirement

If you are more than 15 years away from your target retirement age, your pension account is invested mainly in global equities, with a smaller amount invested in UK government bonds, to provide long-term, above inflation growth. You may see more ups and downs in the short term, with the expectation that over the long-term you will receive higher returns, but remember the final value of your pension is not guaranteed.

Less than 15 years to retirement

If you are within 15 years of retirement, your pension account is invested in a mix of global equities, corporate bonds and government bonds. By having a mix of assets, this is expected to reduce the ups and downs in the short term, while still providing above inflation growth over the longer term. This mix gradually changes as you get closer to (and past) your target retirement age and is regularly reviewed by Aon to take account of past performance and changes in market conditions. 

Wider fund options

If you have made the decision to invest in one or more of the wider fund options, the impact of recent market movements on your pension account will depend on the fund(s) you have chosen. We encourage you to review your fund selections on a regular basis to make sure they continue to meet your needs. Investment decisions are important, so please consider taking appropriate financial advice to help you make these decisions.

Being aware of scams

Like anything valuable, your pension can become the target for scams, especially in times of uncertainty. Scams can take many forms and often appear to be a legitimate investment opportunity. It is important to protect yourself from pension scams. If you are concerned, or would like to find out more, please visit www.fca.org.uk/scamsmart.

To take part in the bulk transfer

Your letter from Aegon includes a personalised form. Simply fill in this form and either:

• return it by post to the address on the form, or
• scan your completed form and return it by email to transfers@aondefinedcontribution.co.uk

Aegon must receive your completed form by 28 October 2025 for you to take part in the bulk transfer.

Look out for the black period

There’ll be a blackout period of 10 working days - from 5 November to 18 November 2025 - during which time you won’t be able to make any changes to your Aon OnePlan contributions and/or investments.

The bulk transfer will take place on 11 November 2025.

If you take part in the bulk transfer, we’ll invest your BigBlue Touch savings in line with your Aon OnePlan investment choices as at 11 November 2025.

From 19 November 2025, you’ll be able make changes to your contributions and/or investments.

Considerations

It is important to remember that your pension is a long-term investment. Building up your pension savings typically takes place over many years and during this time there will be ups and downs in financial markets - while this can be concerning, it is a normal part of investing. The default strategy, which most members are invested in, is designed to provide growth above inflation over the long-term, while managing risk as you get closer to retirement. 

If you are invested in the default strategy, the impact of recent market movements on your pension account will depend on your proximity to retirement. It is also important to remember that if you are still investing regularly, your ongoing contributions will be well placed to benefit from any recovery in markets. 

More than 15 years to retirement

If you are more than 15 years away from your target retirement age, your pension account is invested in global equities to provide long-term, above inflation growth. You may see more ups and downs in the short term, with the expectation that over the long-term you will receive higher returns. 

Less than 15 years to retirement 

If you are within 15 years of your target retirement age, your pension account is invested in a mix of global equities, corporate bonds and government bonds. Having a mix of assets is expected to reduce the ups and downs in the short term, while still providing above inflation growth over the longer term. This mix gradually changes as you get closer to (and past) your target retirement age and is regularly reviewed by Aon to take account of past performance and changes in market conditions. 

Wider fund options

If you are invested in one or more of the wider fund options, the impact of recent market movements on your pension account will depend on the fund(s) you have chosen. We encourage you to review your fund selections on a regular basis to make sure they continue to meet your needs. Investment decisions are important, so please consider taking appropriate financial advice to help you make these decisions. 

Beware of pension scams

Like anything valuable, your pension can become the target for scams, especially in times of uncertainty. Scams can take many forms and often appear to be a legitimate investment opportunity. It is important to protect yourself from pension scams. If you are concerned, or would like to find out more, please visit www.fca.org.uk/scamsmart.

Get advice

Short-term ups and downs in fund values can cause concern and some members may be thinking about changing investment funds. Please be aware that switching investments can lock-in market losses, so please consider taking appropriate financial advice to help you make investment decisions.