The superannuation industry has had phenomenal growth over the last 30 years, much of it attributable to the increasing mandatory employer contributions (now sitting at 9.5% of wages). The Rice Warner Superannuation Market Projections Report 2019 showed that industry assets grew by nearly 10% a year in the decade to June 2019. Although this rate is unsustainable in the long run, we did project (pre-coronavirus) a further 7% a year growth rate over the following 10 years. That will need to be reviewed once we understand the full impact of the COVID-19 pandemic.
The Institute’s COVID-19 Working Group has released a Pandemic Briefing aimed at assisting members advising their employers and clients on the risk management implications of the pandemic.
The Superannuation Committee has prepared the first pandemic briefing for actuaries advising superannuation trustees.
The Institute and its committees continuously contribute to various aspects of public policy to strive for better consumer and industry outcomes. Over the past 20 years, the Institute has sent many submissions to ASIC and others providing comments on superannuation fund performance. Colin Grenfell writes about the activities of the SPC and SPD and the outcomes reflected in the most recent RG 97.
Posted 17 December 2019
Posted 26 September 2019
Posted 21 August 2019
Posted 17 July 2019