Overview – Tuesday – March 19

8:30am – 9:00am

REGISTRATION

9:00am – 9:15am

WELCOME

9:15am – 10:00am

THE RULES THEY ARE A-CHANGING

The landscape is rapidly transforming. The retirement income covenant proposal puts the onus on trustees to provide a default offering for retirement. This session will explore the legislative update and new rules for enshrining income in retirement.

  • How are Treasury measures and other policy reshaping the landscape?
  • What does the proposed covenant legislation look like?
  • How should trustees and asset owners prepare to meet the Retirement Income Framework requirements for super funds by July 2020?
  • What consequences will trustees face from the royal commission?
  • How will the taper rate rules from July 1, 2019, affect retirement income?

Jeremy Cooper

Chair, retirement income, Challenger

Darren Kennedy

Manager, retirement income policy division, Australian Treasury

Helen Rowell

Deputy chair, Australian Prudential Regulation Authority

Chair

David Bell

PhD candidate, UNSW School of Risk and Actuarial Studies

10:00am – 10:40am

AUSTRALIA’S RETIREMENT SYSTEM 2.0 VERSUS THE WORLD

This session will look at Australia’s retirement income system in a global context and examine the unique local issues and opportunities.

  • What does the latest research say about what recent retirees and upcoming retirees want?
  • What are the issues trustees need to solve now and for the next 20 years?
  • Decumulation requires a very different way of thinking and operating than accumulation. How does one make the transition?
  • How should an Australian retirement system 2.0 be built and what can Australia learn from the rest of the world?
  • What are the opportunities for Australia to lead the world?

PAPER

Great expectations - Attitudes and behaviours amongst Australian retirees

David Knox

Senior partner, Mercer

Susan Thorp

Professor of finance, University of Sydney

Chair

Amanda White

Director of institutional content, Conexus Financial

10:40am – 11:10am

MORNING TEA

11:10am – 11:40am

BUILDING A HOLISTIC RETIREMENT STRATEGY: A GLOBAL PERSPECTIVE

This session will examine how to build a comprehensive retirement strategy and will seek to solve some of the key issues in doing so.

  • How can we take a holistic view towards building a retirement strategy?
  • Solving the longevity problem using examples from the UK.
  • What are the challenges and solutions to effective delivery of customised frameworks?

Leandros Kalisperas

Global head of pensions solutions, Aberdeen Standard Investments

Chair

Alex Proimos

Head of institutional content, Conexus Financial

11:40am – 12:20pm

BENCHMARKS FOR MEMBERS: INCOME REPLACEMENT TARGETS

This session will explore what is a reasonable replacement rate and how monitoring progress against this benchmark might provide super fund members with a better sense of the adequacy of their income during retirement.

  • What is an effective retirement income benchmark for members?
  • Should super funds be giving members statements with replacement income target benchmarks?
  • How should progress against replacement income targets be tracked and what is the best way to manage the risk of not meeting these objectives?
  • How effective is the rule of 67 for a retirement readiness benchmark?

PAPERS

ASFA Retirement Standard Budgets Review
Hitting The Target - A Vision For Retirement Income Adequacy

Nick Callil

Head of retirement income solutions, Australia, Willis Towers Watson

Ross Clare

Director of research, Association of Superannuation Funds of Australia

Graeme Mather

Director and head of distribution, Schroders

Chair

David Bell

PhD candidate, UNSW School of Risk and Actuarial Studies

12:20pm – 12:55pm

HARNESSING THE POWER OF BIG DATA – THE FLAW OF AVERAGES

Big data is revolutionising the way we live, work and play. This session will explore how the big end of town is capturing, interpreting and harnessing big data to enrich the member experience. Interpreting big data and using its insights effectively is the key, otherwise it’s potentially an Achilles heel.

  • Do super funds really know their clients?
  • How do super funds collect, segment and use big data to enhance the member experience?
  • What lessons can we learn about how big data is used and applied to benefit clients outside the finance industry?

David Carruthers

Principal consultant and head of member solutions, Frontier Advisors

Amara Haqqani

Director, strategy and solutions, Milliman

Chair

Alex Proimos

Head of institutional content, Conexus Financial

12:55pm – 1:10pm

MDUF RESEARCH AWARDS

The MDUF Research Awards encourages researchers to undertake and share retirement research.

PAPER

Choosing and Using Utility Functions in Forming Portfolios - Primer for Practitioners
Should CIPRs just swing the bat?

David Bell

PhD candidate, UNSW School of Risk and Actuarial Studies

1:10pm – 2:00pm

LUNCH

2:00pm – 2:45pm

GREYSCALE: ADVICE FOR RETIREMENT

Members from the mass middle market represent fertile ground. Super funds are ideally placed to provide individualised advice to members who are nearing retirement. This session will explore the latest thinking and approaches super funds are employing to provide more meaningful retirement advice.
• What types of discussions are members having with their super funds?
• Are super funds successful in providing meaningful advice solutions to members as they enter retirement?
• What’s best-practice retirement advice?

Graeme Arnott

Chief executive, StatePlus

Dean Bornor

Advice manager, REST Industry Super

Jack McCartney

Executive manager, financial advice, UniSuper

Chair

Alex Proimos

Head of institutional content, Conexus Financial

2:45pm – 3:15pm

GREAT EXPECTATIONS: CASE STUDIES

This session will look at and examine existing default superfund strategies that seek to reduce the negative impact on savings from market risks as members transition to retirement from accumulation to decumulation phase.

  • What are the issues that superfunds are trying to solve for default members?
  • How do you build a default strategy which provides a smoother glide path to retirement for members who want ‘set and forget’ with greater capital certainty?
  • How do superfunds manage member concerns as they face various life stages?
  • Do lifecycle default strategies de-risk members too far when approaching retirement leaving them exposed to lower returns and longevity risks?
  • How do you factor in member goals into purpose built lifecycle strategies?

Michael Block

Chief investment officer, Australian Catholic Superannuation and Retirement Fund

Scott Tully

Head of investments, Colonial First State

Chair

Michael Berg

Senior consultant, Rice Warner

3:15pm – 4:00pm

HOW TO BECOME A RETIREMENT FUND

In this session, we will hear from asset owners about what they are up to, and how they are innovating to be fit-for-purpose retirement funds.

Jacki Ellis

Portfolio manager, retirement strategy, First State Super

Tom Garcia

Head of product, AustralianSuper

Matthew Halpin

Executive, member engagement, HESTA

Brnic Van Wyk

Head of asset and liability management, QSuper

Chair

Amanda White

Director of institutional content, Conexus Financial