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Post Retirement Funding in Australia

Paul Swinhoe, co-author with LIWMPC Retirement Incomes Working Group

The Institute’s Retirement Incomes Working Group has been set up to address what the Actuaries Institute has identified as one of its major policy objectives: “the pressing need to develop a more vibrant annuities market”. It is certainly an area of actuarial expertise (where the profession can add value to the policy debate on the development of the annuity market and other products and strategies that sharpen the focus on the issues annuities seek to address wherever they arise) and where actuaries could in the future find employment.

As a first step, this paper is a survey of:

  • The needs of Australian retirees for financial products and services;
  • How they are currently met;
  • The retirement incomes products and services that are currently available locally and internationally;
  • The obstacles to the greater use of more appropriate products in Australia.
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About the co-author:

Paul is a Financial Services partner in Sydney, and is a member of the Institute’s Retirement Incomes Working Group. He joined Deloitte Actuaries and Consultants in 1990, a career change from working for direct life offices.

Paul has specialised in risk insurance. He has advised on many product developments across life, disability income and trauma insurance. He is also enthusiastic about longevity protection products.

He is also enthusiastic about longevity protection products. He has led the Deloitte team that advised the Central Provident Fund Board (CPFB)on the Singapore government’s lifetime income product, LIFE, for retirees. This project began with the product’s conception in 2007.  It was launched in 2009 and Paul continues to advise on product upgrades and the on-going management of LIFE.

Over his career, Paul has developed a thorough understanding of the internal workings of the life insurance and wealth management business. Paul has been active in the management of the actuarial control function to make sure that the business was fully understood and communicated to management and the board. He has helped companies with the whole range of life office actuarial management. Paul has been the appointed actuary of 6 life insurers, including 4 as a consultant.

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