An unprecedented group of industry experts and analysts, including Jeremy Cooper, will speak on the crucial post-GFC topic of longevity and adequacy at the third annual Post-Retirement Solutions for Super Funds conference in early March.
This is a unique chance to hear from super funds that have changed investment decisions to address post-retirement and liquidity issues, plus learn from tactics they have developed to engage and retain members.
The conference, on Thursday March 10 at the Sofitel on Collins in Melbourne, is the third such event which focuses on post-retirement strategies for member engagement and retention.
In addition to Jeremy Cooper, Australia’s leading academic on longevity issues, Professor Michael Sherris, will be arguing that the Federal Government has a crucial role in supporting the development of a life annuity market.
“This is due to private-market constraints, and economies of size,” he says, “as well as the capital costs of guarantees, longevity-risk uncertainties, and efficient hedging of inflation. “The most efficient result will be a public-private model with long-term risks supported by government through offering deferred life annuities.”
Retention of retiring members iss becoming a major problem for funds says Equipsuper’s John Farrington, manager retirement services, who will speak at the conference.
In 2005, Equipsuper realised that it was losing its high-net-worth members, he says, and so it developed specific strategies to keep them. These included: individual account managers, full financial advice via a separate company, seminars on purposeful retirement, birthday cards, and easy access to planners.
Farrington says the fund is now keeping 85 per cent of its retiring members, and 75 per cent of their assets – but the challenge still remains to woo and retain the 15 per cent who do leave.
Other speakers at the conference include Wade Matterson, practice leader, Milliman; Martin Stevenson, partner Mercer; Andrew Boal, managing director, Towers Watson; and Robbie Campo, manager strategy, Industry Super Network.
Case studies will include Equipsuper (John Farrington, manager retirement services), Cbus (Sean Leonard, executive manager product strategy) and Maritime Super (Peter Robertson, CEO).
For conference program and registration, Click here.