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Aon Selected Vanguard for Pooled Employer Plan

The professional services firm has transitioned its Pooled Employer Plan recordkeeping services to Vanguard.

Updated on Oct. 6, 2026 in Retirement Planning

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Aon has transitioned the recordkeeping services for its Pooled Employer Plan to Vanguard, replacing previous service provider Voya Financial effective this year. AI Illustration. Upload story photo >

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Aon has officially appointed Vanguard as the new recordkeeper and trustee for the Aon Pooled Employer Plan. This move replaces Voya Financial, which had held the recordkeeping role for the plan since 2021.

Why it matters

Aon seeks to leverage Vanguard's scale and resources to drive cost savings and provide enhanced financial wellness tools to plan participants. The transition aims to improve efficiency for the more than 160 employers currently involved in the plan.

The Aon Pooled Employer Plan currently supports over 103,000 participants across more than 160 employers. As of September 2, 2026, the plan held approximately $7.7 billion in total assets.

The players

Aon

Aon is a leading global professional services firm that provides a broad range of risk, retirement, and health solutions to businesses.

Vanguard

Vanguard is an investment management company known for its low-cost index funds and broad range of retirement planning services.

Voya Financial

Voya Financial is a retirement, investment, and insurance company that previously managed recordkeeping for the Aon Pooled Employer Plan.

The details

Aon will expand the availability of Vanguard investment options and offer new advice solutions to participants following the transition. While the recordkeeper has changed, participating employers maintain control over their specific matching contributions and vesting schedules.

Timeline

  1. Voya Financial served as the Aon PEP recordkeeper from 2021 until 2026.

  2. Aon reached the $5 billion asset milestone for the PEP in August 2025.

  3. At the end of 2025, the industry saw 330 total PEPs holding $34 billion in assets.

  4. Aon PEP assets reached approximately $7.7 billion on September 2, 2026.

  5. Aon announced Vanguard as the new recordkeeper on October 6, 2026.

Market Landscape

This transition aligns with the industry-wide trend of employers adopting Pooled Employer Plans to reduce costs and administrative burdens. As the market matures, firms are increasingly consolidating recordkeeping services to leverage the scale provided by major institutional managers.

Employees participating in the Aon Pooled Employer Plan may gain access to expanded investment options and improved financial wellness resources through the new Vanguard platform. Employers within the plan can expect continued flexibility in managing their specific eligibility and contribution settings.

The takeaway

The shift toward centralized recordkeeping in Pooled Employer Plans underscores a larger movement toward professionalizing retirement benefits for small to mid-sized businesses. Participants should review their updated plan documents to take advantage of new investment and advice features as they become available.

Further reading

For more context on how employers manage benefits, visit the Retirement Planning section.

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