POST- RETIREMENT AUSTRALIA 2014 CONFERENCE

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Join with industry experts and peers to share in ongoing discussions to solve the dilemma

of Australia’s ageing population at..

POST- RETIREMENT AUSTRALIA

2014 CONFERENCE

October 21 & 22, 2014, Grace Hotel, Sydney

Comprehensive and timely two day forum for high proﬁle cross industry participants to

provide updates, insights and ongoing discussion into the key issues central to achieving

optimal ﬁnancial outcomes for Australia’s rapidly growing retiree sector.

Register before the 15th August 2014 and Save $500 Early Bird Discount

REGISTER NOW:

Researched & Developed by:

PH: 02 9896 0776, FAX: 02 9896 0796

[email protected] www.ibrc.com.au

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Scan for more information

Deborah Ralston

Executive Director, Australian Centre for Financial Studies

Blake Briggs

Senior Policy Manager (Super), Financial Services Council

Partner, Mercer

Richard Boyﬁeld

Guy Thorburn

Partner, Retirement Business Leader - Paciﬁc, Mercer

Nick Callil

Head of Post Retirement Solutions, Towers Watson

Aaron Minney

Head of Retirement Income Research, Challenger

Steve Nagle

Partner, Ernst & Young

Nicolette Rubinsztein

General Manager, Retirement & Advocacy, CBA Wealth Management

Frank Ceravolo

National Manager, Member Advice, Australian Super

Jenny Dean

Principal and Actuary, Aon Hewitt

Nathan Bode

Consultant, Frontier Advisors

Will Baylis

Multi Strategy Portfolio Manager, Martin Currie

Don Hamson

MD, Plato Investments

Wade Matterson

Practice Leader, Financial Risk Management, Milliman

Stephen Huppert

Partner,

Deloitte Actuaries & Consultants

Raewyn Williams

Director, Research & After-Tax Strategies, Parametric

Zak May

Director of Policy, Industry Super Australia

David Orford

Chairman, Financial Synergy

Aaron Bruhn

Brnic Van Wyk

Senior Manager, Investment Liabilities,

QSuper

Daryl Wright

Senior Manager, Strategy, Bravura Solutions

Sean McGing

Director, McGing

Advisory and Actuarial Independent FinancialConsutant, CV Solutions

(A ‘must attend’ event, in a time of government belt tightening, regulatory reform and

persistent global economic and market volatility)

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Lecturer, Research School of Finance, Actuarial Studies & Applied Statistics College of Business & Economics, ANU

AT THIS EVENT

SPONSOR

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Natasha Fenech

Managing Director, AMP, SMSF

Steve Freeborn

Senior Consultant, Rice Warner

Recep III Peker

Senior Analyst, Investment Trends

Peter Vann

School of Risk & Actuarial Studies, Australian School of Business, UNSW

Assoc Prof. Anthony Asher

Doug Webber

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POST- RETIREMENT AUSTRALIA

2014 CONFERENCE

Who will be attending?

•

Political and regulatory factors driving the ﬁnancial future for Australian baby boomers as they

migrate across into retirement

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What Australia can learn from the northern hemisphere’s approach to the ageing population

dilemma

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Accumulating wealth for Super members to maximise retirement funds – Trustee perspectives

•

Transitioning into retirement - examines the big questions and decisions to be made to pave the

way forward for a comfortable retirement

•

Engaging default members for better ﬁnancial outcomes in retirement

•

The increasing importance of sound and reliable advice

•

insights, trends and developments in Super and retirement funds administration

•

Innovative retirement products and de-cumulated funds allocation strategies

•

Working through the technical and operational complexities of new product implementation

•

What‘s happening in the SMSF sector post retirement ?

•

Increasing tax eﬃciency for retirees

•

Future outlook – what will be the ultimate measure of success for retiree sector income, satisfaction and

security?

Senior personnel from Retail, Industry, Public and Corporate Super funds , SMSFs, ﬁnancial advisers and

planners, insurance providers, banks, government agencies, policy makers, regulators, legal and taxation

advisers, retirement investment product providers, university department heads, analysts and researchers,

strategists, media commentators, IT and software providers, as well as other key industry stakeholders.

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Speciﬁc topics include:

Day Two

Day One

With Australian retiree numbers peaking in the next 20 years, and the ﬁrst wave of baby boomers

already transitioning into retirement, NOW is the time to be part of the evolution to turn Australia’s

vast superannuation wealth into a world class retirement solution.

IBR Conferences has gathered more than 25 industry professionals and thought leaders to provide

invaluable updates, insights and ongoing discussion into the key issues central to achieving optimal

ﬁnancial outcomes for Australia’s rapidly growing retiree sector.

Over two jam packed days delegates will be privy to a comprehensive range of topics including the

political, regulatory, economic and social landscape and factors shaping the future of the

post-retirement sector to in-depth examination of the funds accumulation, transition and

post-retirement phases, to innovative retirement product options and asset allocation, risk

considerations, optimising tax eﬃciencies, improved advice and data administration developments.

In a time of government belt tightening, regulatory reform and persistent global economic and market

volatility, this is a must attend event for 2014. Alongside the scheduled sessions, ample time will also

be allocated for important industry networking, business development and information sharing.

Book today to reserve your place at this event designed to get at the heart of how to solve the dilemma

of Australia’s ageing population and achieve a desirable and secure ﬁnancial future for retirees.

CONFERENCE

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8.30

Registration and Networking

9.00

Opening remarks from the Chair

09.50 BUILDING A ROBUST AND WORLD CLASS POST- RETIREMENT

SYSTEM - WHAT AUSTRALIA CAN LEARN FROM THE NORTHERN HEMISPHERE’S APPROACH TO THE AGEING POPULATION DILEMMA

10.30 REFRESHMENTS AND NETWORKING

1.00 LUNCH AND NETWORKING

12.20 TRANSITING BUT STAYING PUT? - WHAT ARE SUPER FUNDS

DOING TO RETAIN MEMBERS AND TO ASSIST IN THE

TRANSITION PROCESS?

Richard Boyﬁeld, Partner, Mercer

Recep III Peker Senior Analyst, Investment Trends

Assoc Prof. Anthony Asher, School of Risk & Actuarial

Studies, Australian School of Business, UNSW

11.40 PROFILING THE OVER 55, 65 AND 70 YEAR OLD RETIREE AND

FINANCIAL INVESTMENT BEHAVIOUR

• Weathering high volatility and low growth to build strong investment portfolios for members approaching “R” day • Optimal default investment strategies for non- engaged members

• Governance practices, risk management, fee adjustments and cost structures to beneﬁt members

• Views on the impact of My Super and Stronger Super on maintaining a competitive edge and in business development

• What is the proﬁle of the average Australian retiree over 55, 65 and 70?

• Meaning of retirement for these groups

• What are their wants, needs and expectations for retirement living?

• Risk takers or risk adverse, engaged or non-engaged • What does the average super fund portfolio consist of? What do retirees want to invest in?

• Generation Y views on retirement planning

Stephen Huppert, Partner, Deloitte Actuaries & Consultants

TRANSITIONING INTO RETIREMENT - ARE MEMBERS FEELING

CAUGHT BETWEEN A ROCK AND A HARD PLACE?

Panel

discussion:

9.10 POLITICAL AND REGULATORY FACTORS DRIVING THE

FINANCIAL FUTURE FOR AUSTRALIAN BABY BOOMERS AS THEY MIGRATE ACROSS INTO RETIREMENT

DAY ONE: 21st October 2014

• Strategies to gain members trust and conﬁdence when guiding them through the transition period

• Giving members more control over investments including ﬂexibility of drawdowns

• Oﬀering innovative product choices

• Updating digital communication systems for an improved customer experience

• Platforms to link to SMSF’s if necessary

• Developing talent and expanding in-house ﬁnancial advisers and investment teams

• Impact of government belt tightening on taxes, age pension and means testing, infrastructure development, tax regime, health and aged care services etc in addressing the needs of Australia’s ageing population

• Thoughts on over 65 employment incentives, employer super contributions, concessional contribution caps, increase in preservation age, amending retirement income product development regulations to enable sustainable income streams and healthy returns for retirees

• Making the best use of the Trillion dollar Superannuation fund pool

• Superannuation regulations and reforms - eﬀectiveness of My Super, Stronger Super Superstream and my pension developments in shifting the focus from Superannuation to retirement

• Governance and compliance responsibilities to superannuants in accumulation and de-cumulation stage • Global trends in post-retirement framework development

Blake Briggs, Senior Policy Manger (Super), Financial

Services Council; Deborah Ralston, Executive Director,

Australian Centre for Financial Studies

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POLITICS, REGULATIONS,THE ECONOMY AND SOCIAL FACTORS SHAPING THE FUTURE FOR RETIREES

OPTIMISING THE FUNDS ACCUMULATION PHASE

11.00 ACCUMULATING WEALTH FOR SUPER MEMBERS TO MAXIMISE

RETIREMENT FUNDS – TRUSTEE PERSPECTIVES

Wade Matterson, Practice Leader, Financial Risk Management, Milliman

Jenny Dean, Principal and Actuary, Aon Hewitt

Brnic Van Wyk, Senior Manager, Investment Liabilities, QSuper

Richard Watts, Senior Policy Adviser & Legal Counsel,

Industry Super Australia

02.40 ENGAGING DEFAULT MEMBERS FOR BETTER FINANCIAL

OUTCOMES IN RETIREMENT

Rice Warner has been considering developments in retirement solutions for some time and have researched the dilemma faced by all Australians in planning for the days when their income from work ceases. Members and their partners have considerable uncertainty about many critical factors impacting on their ﬁnancial status in retirement. Steve will identify and discuss the issues members need to try to evaluate. Rice Warner have also developed a range of solutions to the myriad issues faced by retirees that can be deployed to suit superannuation funds. While the optimisation of these solutions must be tailored for each fund they each need to address:

• The structuring of investments to minimise sequencing risk • The optimal product mix

• The optimisation of investment structures • The optimisation of investment allocations

• The establishment and use of default strategies and arrangements.

• The use of advice to tailor solutions

• The implementation issues and potential solutions.

Steve Freeborn, Senior Consultant, Rice Warner

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2014 CONFERENCE

Nicolette Rubinsztein, General Manager, Retirement & Advocacy, CBA Wealth Management & Steve Nagle, Partner, Ernst & Young

8.30

Coﬀee and networking

9.00

Opening remarks from the Chair

INNOVATIVE RETIREMENT PRODUCTS AND DE-CUMULATED FUNDS ALLOCATION STRATEGIES

This session will present the ﬁndings and key conclusions of a project conducted by Ernst and Young for CBA to model the outcomes for retirement customers of the diﬀerent product types available in the market.

LEND ME YOUR EARS - THE INCREASING IMPORTANCE OF SOUND AND RELIABLE ADVICE

3.40 FEELING LEFT OUT IN THE COLD? AUSTRALIANS ENTERING

RETIREMENT NEED PROFESSIONAL, SOUND AND RELIABLE FINANCIAL ADVICE POSSIBLY MORE THAN AT ANY OTHER

TIME IN THEIR LIVES. WITH THE TIDAL WAVE OF BABY

BOOM SEEKING ADVICE STARTING TO HIT, WHAT STRATEGIES AND RESOURCES ARE ADVISERS USING TO

COPE WITH THE DELUGE?

11.00 WHAT IS THE OPTIMAL RETIREMENT PRODUCT?

Insights into digital communication platform to provide advice and communication

• Understanding what investors want in terms of advice. The concept of “retirement” looks different to different people, and financial planners need to be adaptable so they can “interpret” and accommodate a range of client needs.

• Where are the avenues to ﬁnd advice, personalised service and solutions

• What protection is out there for bad and unscrupulous advice

• Strategies to get closer to members and gain their trust and conﬁdence

• Raising awareness of the need for ﬁnancial literacy and to shift thinking out of a lotto mentality • Thoughts on aged care funding advice

• How are Super fund trustees gaining advice they can pass onto members?

• Advice in the transition, middle and end of life phases • What are some lessons from the Future of Financial Advice reforms in Australia? How do you provide cost-eﬀective advice to the masses? Automated advice?

DAY TWO: 22nd October 2014

[email protected]

5.00 CLOSING REMARKS FROM THE CHAIR

5.10 END OF DAY ONE

5.15 NETWORKING DRINKS

Post-Retirement 2014 oﬀers sponsors an

excellent opportunity to demonstrate

thought-leadership and leverage networking

opportunities to build brand-value.

If you would like to know more about

sponsorship, exhibition and business

development opportunities please just get in

touch with us -

SPONSORSHIP OPPORTUNITIES

Doug Webber, Principal, Aon Hewitt

9.50 ANNUITIES - ARE THEY THE SAFEST BET FOR A GUARANTEED

INCOME FOR LIFE?

Panel

discussion:

• Understanding the opportunities and challenges facing the individual annuity market participants • Trends for variable, indexed, ﬁxed-rate annuities • Making annuity investment easily accessible • Pros and cons of deferred annuities • Thoughts on policy directed compulsory annuitisation

Panelists:

David Orford, Chairman, Financial Synergy, Aaron Minney, Head of Retirement Income Research,Challenger.

Aaron Bruhn, Lecturer, College of Business and Economics, ANU

Moderator:

Sean McGing, Director, McGing Advisory and Actuarial

9.10 STRETCHING THE RETIREMENT NEST EGG - “NEW ERA”

INNOVATIVE PRODUCT OPTIONS AND KEY INGREDIENTS FOR SUCCESSFUL POST RETIREMENT PORTFOLIO ASSET

ALLOCATION

Panel

discussion:

• Products ready for the taking and what’s to come

• What products are considered a safe bet to invest in for long term growth and to provide a sustainable income stream? • Annuities and allocated pensions – are they the answer to providing a regular income stream?

• Products for wealthy retirees versus Mr and Mrs Average • What alternative investments options are available to diversify an underperforming traditional portfolio of shares and bonds?

• Dynamic and active asset allocation in the current climate • Revisiting the portfolio mix at diﬀerent phases of retirement • Insurance product pros and cons

Panelists:

Will Baylis, Multi Strategy Portfolio Manager, Martin Currie Nathan Bode, Consultant, Frontier Advisors.

Don Hamson, MD, Plato Investments. Moderator:

Peter Vann, Independent Financial Consutant, CV Solutions

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Peter Vann, Independent Financial Consultant, CV Solutions

[email protected]

Raewyn Williams, Director, Research and After tax

solutions, Parametric

TAXATION CONSIDERATIONS

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Panel

discussion:

Dan Bosscher, Portfolio Manager, Perennial Investment Partners

TECHNICAL AND OPERATIONAL ISSUES

SMSF SECTOR

• With many SMSF members already in the retiree phase, how are they investing their superfunds

• What technology is enabling/ driving decision making? • What level of protection is there against unscrupulous advice, high fees and ﬁnancial loss?

• Does this sector need more regulation?

• Not only a perfect income stream, but high returns on investments and a portion left over to pass on to family and others ?

• Markers of success: Addressing inﬂation, market volatility, liquidity of assets

• Impacts of continued economic and market volatility and future regulation and policy reforms

• How will Australia cope with the second and third wave of retirees in reaching their desired income levels? • Streamlining and simplifying the complexities of de-cumulation through industry mergers and product consolidation

• Working towards a robust and enviable world class retirement sector

Guy Thorburn, Partner, Retirement, Business Leader -

Paciﬁc, Mercer

Moderator:

Nick Callil, Head of Post Retirement Solutions,

Towers Watson

Conferences speakers will be invited to share their views

with the delegation in this forward looking open forum

session guaranteed to ignite lively discussion and debate.

Wade Matterson, Practice Leader, Financial Risk

Management Milliman; Aaron Minney, Head of Retirement

Income Research, Challenger

11.40 LONGEVITY PROTECTION PRODUCT INNOVATION : A SOLUTION

FOR ALL AGES?

5.00 CLOSING REMARKS FROM THE CHAIR

5.15 END OF CONFERENCE

4.20

FUTURE OUTLOOK – WHAT WILL BE THE ULTIMATE

MEASURE OF SUCCESS FOR RETIREE SECTOR INCOME,

SATISFACTION AND SECURITY?

1.00 LUNCH AND NETWORKING

2.00 WORKING THROUGH THE TECHNICAL AND OPERATIONAL

COMPLEXITIES OF NEW PRODUCT IMPLEMENTATION

2.40 WHAT‘S HAPPENING IN THE SMSF SECTOR POST RETIREMENT ?

12.20 COVERING ALL BASES: RISK ISSUES INCLUDING INFLATION,

LONGEVITY AND MARKET VOLATILITY MUST BE CLEARLY DEFINED AND FACTORED IN WHEN CONSTRUCTING POST RETIREMENT INVESTMENT PORTFOLIOS AND PRODUCT SELECTION

October 21 & 22, 2014, Grace Hotel, Sydney

2014 CONFERENCE

Natasha Fenech, Managing Director, AMP SMSF

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Daryl Wright, Senior Manager, Strategy, Bravura Solutions

In an ideal world, retirees would have access to retirement products that oﬀer great investment returns (with investment choice), protection from risks (sequencing, longevity) and access to capital should they need it. Otherwise known as the

‘Retirement Trilemma’ this set of competing dynamics has proved challenging to resolve. What is needed is a solution that genuinely meets retiree needs and expectations. In this session Guy will outline a radical new, yet simple solution that enhances the account-based pension to enable retirees to direct their investments in proportions that best manage their risks, including longevity, with no eﬀective loss of investment control, no third party assignment and the ability to be readily adopted by current and future retirees.

“According to a recent survey, 37% of retirees cannot tolerate any portfolio losses in any one year.” It’s the duty of the ﬁnancial planning professionals to build comprehensive risk proﬁles when developing investment portfolios.“

A stochastic rather than just a determined approach to portfolio development uses many sources of variability other than the traditional risk profile, life expectancy and rate of drawdown variables. Examples include returns, risks and correlations between asset classes, and factors which affect mortality outcomes. The amount of detail can be significant when it incorporates products (allocated pensions, life annuities, variable annuities, reverse mortgages), direct investments in the various key asset categories, and the age pension (with means testing and indexation) and various taxes. Extensive modelling and product matching is required to achieve the most desirable rates of return and sustainable income. This session will investigate this approach in greater detail as a vehicle to constructing optimal post-retirement investment portfolios.

3.10 REFRESHMENTS AND NETWORKING

3.40 THE INVESTORS DILEMMA – LONGEVITY, SEQUENCING, AND CONVEXITY

As more investors transition into retirement there needs to be a greater focus on the risk reward conundrum. As investors, we have recently become used to very low volatility regimes. As we have seen in the last few weeks, things can change very quickly. Asset allocation and glide path strategies are not able to tackle both sequencing and longevity risks simultaneously. This session will look at volatility, historical protection strategies and where the market may look to the future.

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2014 CONFERENCE

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