David Knox gives his view on this week’s Government response to the Financial System Inquiry (FSI) and outlines the industry-first retirement product that won him the inaugural BTIM Retirement Innovation Award.
A smiling David Knox said he was surprised and delighted to receive the inaugural BT Investment Management Retirement Innovation Award this week. Knox masterminded the product but acknowledged the vital contribution of the 70-person strong team that developed it, including actuarial analysts, lawyers, administrators and investors.
Here, he speaks with Sharanjit Paddam to describe the Mercer Lifetime Plus Longevity Solution as an additional “investment option within an account-based pension” designed to provide an increasing income to retirees for as long as they live.
Knox also welcomed a range of the Government’s endorsements in its response to the Murray-led FSI on Tuesday (20 October).
“I’m very encouraged that …comprehensive income for retirement is now clearly on the agenda…that’s an important step forward,” he said, adding that he was not opposed to lump-sum payments but that retirement income should be considered in its appropriate time horizon: “not just 10 years but 25, 30 and 35 years”.
Here, Knox details his view on the Government’s FSI endorsements and coming innovations in the retirement income space.
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