Superannuation funds put a lot of time, energy and resources into engaging their members. However, does this actually lead to better member outcomes? We presented our thoughts at the ASFA Emerging Leaders debate in August.
In January Neekhil joined McGing. Neekhil has over 15 years’ experience as a superannuation actuary and consultant. In May we partnered with Mercer with Sean as the Life Insurance Appointed Actuary to several Friendly Societies. Our client work addressed 2018 business and operational challenges, with modelling and calculation support.
Last year, APRA proposed a principles based framework to strengthen superannuation member outcomes designed to support superannuation fund trustees to meet their obligations. In an age of increasing expectations from financial services organisations, an explicit strong focus on member outcomes is to be welcomed.
Our larger organisations are centres of complexity created by human beings to create effective operations. Traditional corporate hierarchies can stifle autonomy and suppress debate. Compliance regimes have less attention on taking a holistic approach to risk or encouraging responsibility. Incentive systems have created conflicting goals and poor consumer outcomes.