Big changes ahead for pensions, Aon advises employers

"We are seeing a big shift in the way employers and trustees think about their DB and DC pension schemes," says expert

Rachel Ingle, CEO of Aon Ireland, with Mairead O’Mahony, Aon's new head of wealth solutions.

Workers are increasingly looking to bolster the security of their pension savings, says Mairead O’Mahony, newly appointed head of wealth solutions at Aon in Ireland.

Ms O’Mahony joins Aon from Mercer Ireland, where she was chief commercial officer since 2019. She brings 20 years of pensions experience, with a strong track record in business leadership and change management. She is a qualified actuary.

A Cork native, Mairead also notes that the introduction of pensions auto-enrolment retirement savings scheme in 2024 is a significant milestone for employers to navigate, along with the transposition of the EU’s IORP II Directive.

Mairead said: “This is a critical time in the transformation of Ireland’s pension landscape. With new regulations imposing additional governance, communication and compliance obligations, we are seeing a significant shift in the way employers and trustees are thinking about their Defined Benefit (DB) and Defined Contribution (DC) pension schemes.

“Individual pension savers will benefit from these changes; through increased security of their pension savings, and ultimately greater levels of confidence in their financial futures. My priority in the coming months will be to help employers and trustees to harness the opportunities brought about by these changes.” 

 These priorities include supporting those schemes who need to make changes to comply with the new regulations, as well as those who will choose to move towards master trust pension schemes. For many employers, master trusts will prove to be the best vehicle to support their employees’ future financial security.

Aon Ireland employs a team of over 750 financial advisors and analytics specialists. It has four main solution lines in Ireland (commercial risk solutions, health solutions, wealth solutions and human capital solutions), and five shared service functions.

Rachael Ingle, CEO of Aon Ireland, said: “Driven by major demographic shifts, regulatory change and an uncertain economic outlook, the retirement and investment landscape is becoming increasingly complex.

“I’m confident that Mairead’s unique insights, immense experience and strategic vision will help our clients to be better informed, better advised and able to make better decisions regarding the future of their pension schemes.”