In a first for Australia, the Orford Foundation has pledged $900,000 to Melbourne Business School to fund a three-year research project on lifetime pensions and annuities. The Orford Research Initiative is one of the community-focused projects on which we are collaborating.
Melbourne, 21 June 2018 – With a lifelong career in the superannuation industry I am absolutely committed to helping Australians lead a comfortable retirement. Optimum Pensions is my latest venture looking at how to provide a superior solution to longevity risk – an issue facing every Australian.
We have kicked off a major initiative via the Orford Foundation, which was established following the sale of my former company, Financial Synergy to IRESS.
In a first for Australia, the Orford Foundation has pledged $900,000 to Melbourne Business School to fund a three-year research project on lifetime pensions and annuities. The Orford Research Initiative is one of the community-focused projects on which we are collaborating.
It will be overseen by Melbourne Business School (MBS) Faculty Advisor, Dr. Jody Evans. Jody is the Associate Dean (Engagement) and Associate Professor in Marketing at MBS. She will be leading MBS’ commitment to the research initiative to investigate how Australians can improve their retirement income and security through a better understanding of the benefits available within lifetime pensions and annuities.
The Orford Research Initiative will review different approaches to financial security for retirees, working with key industry players in the retirement and planning sector to gain valuable insights.
The Research may also gauge feedback on the value of the new breed of pensions available post the Australian Government’s reforms effective 1 July 2017. We want to look at how to review new retirement product options and how they can deliver a significant uplift to everyday Australians’ living standards in retirement, as well as positively benefiting the Federal budget, by reducing the cost of the Age Pension.
With changes to the superannuation laws in 2017, we think The Orford Research Initiative is well-timed to deliver new recommendations for millions of past, present and future Australian retirees.
More Australians are living longer than ever before and fifty percent of them are outliving their life expectations, after which they could experience significant reductions in their standard of living. There is obviously a gap between how we plan to retire and how we plan for decades of post-retirement. The Orford Research Initiative is going to uncover what influences the decisions we make about retirement plans, saving patterns and why we make them.
The Orford Research Initiative will test the effectiveness of existing and new ways to reach, educate, engage and influence people planning their retirement and provide recommendations to make life after work more satisfying and financially secure.
We are delighted to announce Dr. Teagan Altschwager Ph.D., Marketing and Senior Research Fellow, Melbourne Business School has been appointed to head our research project. Dr. Altschwager brings an extensive background in market research and consumer insights to the project.
We have identified the underlying impediments to lifetime income streams and the research is now underway. The Melbourne Business School plans to complete the first phase and then release its findings on a regular basis, sharing what we learn freely with the super industry, the Federal Government and the wider community.