Insights from the Retirement Conference, an initiative by Professional Planner publisher Conexus Financial and The Conexus Institute, underscore the complexity of these challenges. Held at Old Parliament House, Canberra, the event brought together key industry players.
The Australian Prudential Regulation Authority (APRA) deputy chair, Margaret Cole, acknowledged the industry's initial strides towards fulfilling Retirement Income Covenant obligations. Nevertheless, she emphasized that the acceleration of this change is non-negotiable, urging funds to actively collaborate with life insurers and longevity product providers.
David Bell, executive director of The Conexus Institute and co-host of the conference, pointed out the direct relationship between progress and the priority given to retirement strategies. He highlighted that funds with a dedicated focus on retirement were leading the way in meeting both regulatory standards and community expectations.
"Progress in retirement planning is proportionate to its prioritization within the organization," Bell stated. "Those making significant strides treat retirement as a core objective, ensuring it permeates through all company divisions."
The conference, operating under Chatham House rules, included representatives from government, shadow ministries, academia, super funds, and service providers. Discussions acknowledged several persistent obstacles in the retirement phase of superannuation, such as:
- Members eligible for pensions remaining in accumulation mode
- Insufficient data on member spending habits and unspent savings at death
- Challenges for trustees in providing straightforward education and financial guidance
Recognizing the need for continued support, Conexus Financial announced the creation of a new media platform focused on policy and commercial debates in decumulation. The launch of "Retirement Magazine" marks this venture, aimed at enriching industry dialogue and solutions.
The publication, led by editors David Bell and Aleks Vickovich, will combine academic research, journalism, industry thought leadership, and practical strategies from funds and their collaborators. Initially, it will be an annual print edition with plans for digital versions to expand its reach.
"Retirement Magazine will complement Investment Magazine, representing the equally crucial phases of superannuation," noted Vickovich. "There's a collective call for super funds to elevate their support in helping members retire with dignity. In this mission, industry partners and advocates must play a critical role."
The magazine will also spotlight the essential role of professional financial advisors in navigating Baby Boomers' retirement and generational wealth transfer. Members of the Professional Planner community are encouraged to contribute insights and experiences to this project.
Prominent launch partners for the venture include Allianz Retire+, Challenger, TAL, T. Rowe Price, and Unisuper. For further updates, follow "Retirement Magazine" on LinkedIn.
