Aon Selected Vanguard as New PEP Recordkeeper

The transition will change the plan provider for more than 103,000 retirement plan participants.

Updated on Oct. 6, 2026 in Retirement Planning

Isometric editorial illustration of various sized industrial spheres resting on a gridded platform, representing pooled retirement capital structure. — Aon has transitioned its $7.7 billion Pooled Employer Plan recordkeeping and trustee services to Vanguard, impacting over 103,000 participants. AI Illustration. Upload story photo >

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Aon has selected Vanguard to serve as the recordkeeper and trustee for its Pooled Employer Plan (PEP), transitioning these duties away from Voya Financial. This change affects more than 160 participating employers and over 103,000 retirement plan participants.

Why it matters

Aon is moving to Vanguard to leverage greater scale and operational efficiency, aiming for reduced costs and expanded access to financial wellness resources for participants. The plan currently holds approximately $7.7 billion in assets.

The Aon PEP now encompasses more than 103,000 participants holding approximately $7.7 billion in assets. This represents a significant scale increase from the 87,000 participants and $4.915 billion in assets reported in the plan's 2025 Form 5500 filing.

The players

Aon

A global professional services firm that manages Pooled Employer Plans for over 160 employers.

Vanguard

An investment management company that provides low-cost retirement accounts and recordkeeping services.

Voya Financial

A financial services firm that previously provided recordkeeping and retirement plan administrative services.

The details

Aon is shifting its recordkeeping and trustee services to Vanguard after Voya Financial held the role from 2021 until 2026. While the recordkeeper changes, participating employers retain full authority over their specific plan designs, including vesting schedules, eligibility requirements, and employer matching contributions. Aon intends to use this change to roll out additional investment options and enhanced financial planning tools for the workforce.

Voya Financial served as the Aon PEP recordkeeper from 2021 until 2026.
Aon PEP reached $5 billion in assets in August 2025.
Aon PEP assets reached approximately $7.7 billion as of September 2, 2026.
Aon announced the appointment of Vanguard on October 6, 2026.

Money Landscape

The transition occurs amid a broader national trend of growth for Pooled Employer Plans, which reached 330 plans and 1.2 million participants by the end of 2025. These plans remain a growing vehicle for employers looking to outsource administrative burdens and lower their plan costs.

Participants in the Aon PEP should watch for future communications regarding potential new investment options and added financial wellness tools as Vanguard takes over. Employers involved in the plan should verify their current matching and vesting settings to ensure they remain consistent with company policy during the transition.

The takeaway

The move to a new recordkeeper marks a significant operational shift that may lead to lower administrative costs and expanded resources for over 103,000 employees. Participants should review their quarterly plan statements for any notice of account-level updates or changes to available investment tiers.