There are three key areas that we focused on in the design of our Fund: Fiduciary assistance, Improving Member Outcomes and Cost effectiveness. We continue to evaluate the industry and cultural shifts that affect investments and to look at new ways we can adapt to keep our members ahead.
As regulations and legislation increase, managing a Provident Fund becomes more complex and employers find it hard to keep up with all this, taking time away from the strategic thinking of their business. By continuously focusing on these issues leads to more robust retirement outcomes. Meanwhile, the more attention employers expend on these issues, the less they are able to focus on their core business priorities.
One answer is delegation. MAP enables employers to delegate governance and management responsibility and administrative services to the experts, allowing companies to re-focus their attention to what matters most to them.
With paychecks seemingly being stretched thinner and thinner, many employees find it difficult to set as much money aside for retirement as they need. This can create the common problem of simply not being able to afford to retire. Another reality is that people are living longer. This means that they will need more preparation now for what they'll need in the future. All too often, employees don't understand how to set adequate retirement goals or how much to contribute and how to optimize their investment options to fit those goals. Offering the right plan features and education, along with more intuitive accessibility and tools to enable members to assess how their current state compares to their ultimate goals, is a good start to improving awareness and driving better behavior.
MAP reduces the cost of delivering benefits by:
A multi-employer fund can provide more cost-effective choices than what is typically available to smaller single-employer provident funds. MAP leverages Aon Hewitt's increased buying power from greater scale to provide the lowest possible investment management fees with the world's best asset managers.