Aon has expanded its services with a new security assessment to help clients to gain better understanding of the security of benefits within their pension schemes, and how benefit security may be impacted by insurance or other covenant solutions.

This new approach, Aon said, will support increasing interest among UK pension schemes in exploring how surplus scheme capital could be returned to sponsors or members, without impacting the security of benefits.

As part of the new approach, Aon has renamed its covenant team in the UK as covenant and security team and announced two hires.

Alice Wilmot has joined the team as an associate partner. She joins from Cardano where she has provided strategic advice to corporates and trustees on ongoing, transactional, and regulatory covenant matters for over 10 years.

Additionally, Michael Fenton joined as an associate consultant, having previously spent three years with Mercer in its covenant practice.

Alex Beecraft, partner and head of the covenant and security team at Aon, said: “These new appointments and the new service reflect how we are continuing to develop our covenant and security team to meet changing circumstances for schemes and demand from clients. I’m very pleased to welcome Alice and Michael as high-calibre additions to our team to help us do this.”

Beecraft said the sector is at a point where many schemes are facing “significant” strategic decisions over their future and need fresh perspectives on how they meet this challenge.

He said: “Our new name for the team reflects this approach, while new propositions will help our clients to make better decisions by fully understanding the scheme’s covenant and security, as well as driving forward an evolution in market practice.”

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