In this episode of the Actuaries Institute Podcast, Superannuation Practice Committee (SPC) Convenor, Tim Jenkins, is joined by committee member Louise Campbell to discuss the latest news and developments from the SPC.
Listen to the summary podcast below:
The SPC comprises 12 members across a variety of consulting firms, investment managers, and superannuation funds. The Committee is supported by many Sub-committees, Working Groups and Taskforces to assist in in the delivery of their five strategic goals, which are:
- Enhance the role and reputation of superannuation actuaries.
- Engage and set public policy regarding superannuation, working with the broader Institute to liaise appropriately with regulators.
- Maintain and develop the professional documents for superannuation actuaries.
- Support the CPD needs of Institute Members.
- Ensure the superannuation and retirement income education is up to date and is relevant.
“The first goal… that’s really important in the environment that we’re in, where the prescribed roles for super actuaries are limited given the focus on defined contribution more so than defined benefit,” Tim explains to commence the podcast discussion.
Similar to most practice areas, the SPC were highly active throughout 2020 amid the COVID-19 pandemic. As discussed in this podcast, the SPC assisted with the development of a Pandemic Briefing, which the SPC collaborated with the COVID-19 Working Group to deliver.
“The aim of that paper was really to assist actuaries in their role as advisors to superannuation trustees. We were also able to supplement that paper by an Insights session around the middle of the year,” Louise explains.
Further to that paper release, the SPC were also involved in preparing a submission for the Government’s ‘Your Future, Your Super’ reform, and updating the Institute’s retirement incomes public policy position, among many other key deliverables which Tim and Louise discuss in this podcast.
The SPC were also active throughout the ‘insurance in superannuation’ space throughout 2020. This was driven by the Insurance in Superannuation Working Group (ISWG), which was formed in 2019 and is a cross-practice initiative between the SPC and the Institute’s Life Insurance and Wealth Management Practice Committee.
The ISWG prepared a Superannuation Insurance Cost Assessment Information Note last year which focused on the requirements and considerations for actuaries who provide advice to super trustees about the cost of insurance, and how that is assessed.
“Hopefully, you find the Information Note helpful in documenting the types of areas to be considered when we do that work, as well as noting all the different pieces of relevant legislation, regulations, and prudential standards. We did host an Insights session on this during the year, to get the feedback from members and help inform,” Tim says.
To conclude the discussion, Tim and Louise thanked the many volunteers who support the SPC and its initiatives.
“We’re really lucky to have access to such a wide pool of experts, and all of you really help us in our role of trying to make a difference for our members. Our agenda remains ambitious, and we’re always on the lookout for interested volunteers,” Tim says in conclusion.
To find out more about the SPC and to get involved, visit the Superannuation Practice Committee page on the Actuaries Institute website.
CPD: Actuaries Institute Members can claim two CPD points for every podcast listened to.