Thames Water’s defined contribution (DC) pension scheme will transition to The Aon MasterTrust after conducting a review of its pension provider.

The DC scheme, which has about 5,000 members, will gain access to online tools and modellers that help members plan savings, as well as integrated financial wellbeing support that allows members to plan retirement provisions in the context of their wider savings and expenditures.

Aon said the scheme would also enjoy an enhanced investment offering and flexible retirement options.

Thames Water HR director, Lynne Graham, commented: “We recently reviewed our pension provider to make sure we have a service which gives our employees value for money and a range of benefits, such as a choice of investment options and simple to use online tools.

“We wanted to offer our members access to the best plan available with a good pension outcome on retirement and we’re delighted to have agreed a new partnership with Aon.”

Aon head of UK DC solutions, Tony Britton, said: “Thames Water ran a very thorough and detailed selection process, followed by an extensive consultation process, so Aon is proud to have been chosen to work alongside such an innovative and important organisation – a household name to so many homes around London and the Thames Valley.

“We have seen a real market shift with master trusts becoming increasingly popular DC vehicles. Our own master trust has shown significant growth since going live in 2017, and, including clients that are currently onboarding, we now have over £2.5bn of assets committed across our DC range.”

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