As part of the practice updates series, we bring you the latest news and developments from the Institute’s Superannuation Practice Committee (SPC).
Convenor of the SPC and Partner at Mercer, Tim Jenkins is joined by Deputy Convenor and Senior Consultant of Willis Towers Watson, Louise Campbell to discuss SPC’s 2019 achievements and the jam-packed agenda for 2020.
But firstly, a recap on what SPC does? The SPC actively supports the actuarial practice for superannuation matters and identifies and promotes opportunities for members working in super.
“At the start of the year, we spent some time reviewing our governance to make sure that we focused on the right things,” Tim said. To do this, SPC outlined five goals:
- enhance the role and reputation of superannuation actuaries
- engage in the setting of public policy regarding superannuation
- maintain and develop professional standards for superannuation actuaries
- support the CPD needs of members, podcasts like this assist, as do articles and Insights Sessions
- ensure superannuation and retirement incomes education is up to date and relevant.
Tim emphasised the enormity of 2019 and all that SPC had achieved in the year.
- The Institute is responding to the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry as they may impact superannuation. The Royal Commission brought many issues to the surface and SPC is working alongside actuaries to facilitate best practice to deal with these developments.
- SPC has also been more involved in cross-practice collaboration to develop new approaches to evolving issues.
Only recently, a new prescribed role for actuaries was created to certify ‘dangerous occupations’ for the purposes of PMIF changes to group life insurance. “We’re proud that the Institute’s superannuation insurance working group was able to release a detailed information note to assist actuaries prepare these dangerous occupation certificates within two months of the legislation being passed. For the kind of approvals you need, that’s a really quick process,” Tim said.
- Super actuaries who provide advice to employers will also be impacted by changes in the financial adviser regime. “Forever and a day, actuaries have had a really important role to play advising employers with how their super is managed, how their arrangements stack up,” Tim said. The SPC held an insight session with actuaries to work out how they can still provide superannuation advice to employers under the new FASEA adviser regime.
- SPC has also been busy updating the professional documentation used for superannuation to make sure thy meet new Code of Conduct requirements. A big task that will continue into the next year.
Tim and Louise agree that the SPC’s 2020 agenda is ambitious but with the help of volunteers they’ll continue to make great progress.
“As you listen to the podcast, think about how you might be able to help the SPC enhance the role of super actuaries,” Tim said.
“It’s a great learning opportunity, particularly for younger actuaries to work with more experienced mentors, and also for experienced actuaries to give back to the Institute and help those future generations of actuaries have that key role in the superannuation industry.”
Hear more about how to get involved and more 2019 achievements from SPC. Listen to the full podcast.
CPD: Actuaries Institute Members can claim two CPD points for every podcast listened to.