Superannuation Projections and Disclosure Sub-Committee

TRANSCRIPThttps://actuaries.logicaldoc.cloud/download-ticket?ticketId=5a8a30b2-522a-4bd8-a3bf-8cc4148d4b2bDESCRIPTIONIn this instalment of the Actuaries Institute podcast series recorded at the 2019 Actuaries Summit, Actuaries and members of the Superannuation, Projections and Disclosure (SPD) Sub-Committee, Rein Van Rooyen (Head of Investment Performance and Data at QSuper) and Estelle Liu (Consultant at Rice Warner Actuaries) to discuss the sub-committee’s key activities, submissions and collaborations with the Retirement Income Working Group.Rein, Estelle and the other members of the SPD have been very active in promoting Actuaries working in projection and disclosure related matters, including recent engagement with the Treasury, APRA, ASIC and the wider financial services and insurance industries.SHOW NOTESActuaries Summit 2019 – Cross Practice PlenaryAustralia’s Compulsory Retirement Savings Rate: Inadequate or about Right?John Daley Presentation: https://actuaries.logicaldoc.cloud/download-ticket?ticketId=d85d961c-4657-4838-bcbd-83b308049ccdDavid Knox Presentation: https://actuaries.logicaldoc.cloud/download-ticket?ticketId=965821f6-3f10-4a51-a74a-fee6abd48033Discussion topics include:•The sub-committies activites relating to treasury based items including a focus on MySuper and Choice dashboards.•Engagement with APRA on SPS 515 member outcome tests•Working with ASIC on outstanding issues including the recent CP 308 review of RG 97 fees and costs disclosure matters.•Advocacy of exemption from requirement for financial advice license for DB projection statement to ASIC.•The four submissions in 2019 to date on ASIC, treasury retirement income disclosure in collaboration with the Retirement Income Working Group and historical random start modelling on investment return.•How to support the introduction of long-term risk measures across the industry•Promoting superannuation projection as the best means to assess superannuation fund member benefit outcomes.•Vacant role/s in the SPD sub-committee.•An indirect cost survey that was sent to sixteen Actuaries working for super funds and related financial institutions.•The cross practice plenary session at the Actuaries Summit 2019 focusing on the debate between Actuaries Dr. David Knox and John Daley arguing for and against raising the superannuation guarantee from 9.5% to 12%.ABOUT THE SPEAKERSEstelle Liu joined Rice Warner in February 2019 after four years at Mine Super. Estelle’s areas of focus were on retirement solutions and investments. Estelle has qualified as an Associate of the Institute of Actuaries of Australia (AIAA) and Chartered Enterprise Risk Actuary (CERA). Prior to this, Estelle studied at the University of New South Wales where she obtained a Bachelor of Commerce degree with a first-class Honours in Actuarial Studies. Her thesis which focuses on Immunization and Hedging of Post Retirement Income Annuity Products was published on the Risks Journal in March 2017.Estelle is currently the Convenor of the Actuaries Institute’s Superannuation Projection and Disclosure Sub-committee.Rein Van Rooyen is an Investment Manager at QSuper where he is responsible for the development of ALM strategies for the DC fund. Rein serves on the IAA Education Committee, the Institute’s Education Council Committee, the Superannuation, Projections and Disclosures Sub-Committee as well as the Young Actuaries Program...