TWU Superannuation Fund
write a consultancy report for the board of the superannuation fund on the design of the structural characteristics, investment strategy, ancillary features and retirement benefits for the ?�whole of life’ product.
the product name is: TWU Superannuation Fund
website of product: http://www.twusuper.com.au
ACTL3192/ECON3117/ACTL5306/ECON5136 Retirement Saving and Spending over the Lifecycle S2-2013
Assignment
(A) TASK:
You have been hired by a superannuation fund (the superannuation fund that you are assigned to is available on the course website under ‘Assignment’) to provide advice on the design of its new default option, which (unlike the recently introduced MySuper product) aims to be a ‘whole of life’ solution. That is, it would provide a default asset allocation during the accumulation phase and a default benefit during retirement. In doing so, it should provide protection against the various economic and financial risks at the different life stages.
You are asked to write a consultancy report for the board of the superannuation fund on the design of the structural characteristics, investment strategy, ancillary features and retirement benefits for the ‘whole of life’ product.
In writing your report you should take into account the material being presented in the course and draw on the findings of the academic literature (evidence from academic research is essential).
http://www.apra.gov.au/Super/Publications/Pages/superannuation-fund-level-publications.aspx
ACTL3192/ECON3117/ACTL5306/ECON5136 Retirement Saving and Spending over the Lifecycle S2-2013
2
? How many of investment options are offered by the fund?
? What is the proportion of assets in default investment option (or default strategy)?
? What are the insurance options? Is there a default level/type of insurance?
? What are the typical retirement benefit offerings?
3) Key design features (10 marks)
? You should discuss the proposed key design features of the new ‘whole of life’ product taking into account the fund profile (esp. member characteristics) and the material presented in the course.
? Your discussion about the key design features should cover both the accumulation (pre-retirement) phase and the decumulation (retirement) phase.
? You should include a detailed analysis of how the proposed design features of the new ‘whole of life’ product will assist individual members address the risks they face and the behavioural biases they may be subject to in retirement planning.
? Your analysis must be supported by the findings of academic literature.
4) Conclusion and Recommendations
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