With a general agreement that there is still room for improvement in Australia’s Retirement Income System, the IBRC Post Retirement Conference delivered assurances that across the industry people are working on developing better retirement products and solutions despite the regulatory uncertainty. Read our event highlights.
Optimum Pensions attended the 2018 IBRC Post Retirement Conference in mid-October. There was a broad range of topics over two days with something for everyone. Here are some of our highlights from the event.
Beware the term ‘Post Retirement’
“A common theme throughout the two days was that there is still room for improvement in Australia’s Retirement Income System.”
Prof Anthony Asher looked at how the aged pension means test and marginal tax rates contort the system and called for a better integration of the welfare and superannuation.
Innovation for members on the table
A couple of sessions on Day 1 examined CIPRs from a number of perspectives including an overview of the regulatory framework and current thinking from a couple of large funds. Ben Hillier, Head of Product and Services, QSuper, compared offering members an account based pension to putting them adrift in lifeboat loaded with provisions to fend for themselves. Paul Watson, Group Executive, Retirement Solutions and Advice, HOSTPLUS, also acknowledged the need to be more innovative with retirement income products and shared that they are looking at the Defined Ambition pension design that is being considered in the UK.
Both Andrew Whelan, Director of Adviser Services, Milliman, and Aaron Minney, Head of Retirement Income Research, Challenger, talked about the need to better understand desires and spending patterns of retirees. This theme of focusing on members and their needs came up throughout the conference.
Looking over the horizon – what’s next?
The first two sessions on Day 2 provided different perspectives on innovation in retirement products and solutions. Hugh Morrow, Managing Director, SuperEd, presented on how they have incorporated lessons from Silicon Valley into the design and development of their app including the behavioural models of Nir Eyal and BJ Fogg.
“When you look over the horizon it’s important to understand and acknowledge how emerging technologies such as artificial intelligence and blockchain will be used in the provision of retirement income solutions.”
Stephen Huppert, Head of Engagement, Optimum Pensions
A panel on Day 2 discussed how retirement is a major life transition for members with the interplay of many factors determining ﬁnancial prosperity and personal wellbeing and fulﬁlment in this phase of life. Paul Rogan, Founder and CEO, Retirement Essentials, talked about the difficulties of dealing with Centrelink and Norman Cockerell, Principal, Changing Gears, provided insights from working with employers and employees on preparing for retirement.
We are all planning for the future together
We came away from the conference energised by the presentations and discussions, confident in the knowledge that across the industry people are working on developing better retirement products and solutions despite the regulatory uncertainty. It’s something we talk about everyday here at Optimum Pensions.
Optimum Pensions Head of Engagement, Stephen Huppert chaired the IBRC Post Retirement Conference and was joined at the event by Peter Rowe, General Manager.
View Peter Rowe Presentation – Redesigning Retirement Products for Super Funds.
View Stephen Huppert Presentation – Innovations in post retirement products and services