Securing Sustainable Retirement IncomesCSRI Leadership ForumCanberra, October 12 — 13

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The Hon. Kelly O’Dwyer Minister for Revenue

and Financial Services

David Whiteley Chief Executive,

Industry Super Australia

Paul Bongiorno AM, Political Journalist

Senator Katy GallagherShadow Minister for Financial Services

Jeremy Cooper, Chair, Super Review, Retirement Income,

Challenger

David Murray AOChair, Financial Systems

Inquiry

Jenny WilkinsonHead, Retirement Income Policy Division, Treasury

Ian Yates Chief Executive, COTA Australia

Craig Emerson Consultant & Former

Trade Minister

John HewsonDirector & Former Liberal

Party Leader

Catherine Wood Chair, Women

in Super

Patricia Pascuzzo CEO CSRI

Jim Parker MC, Dimensional

Vicki Allen Super Fund Trustee

PROGRAM HIGHLIGHTS | CSRI LEADERSHP FORUM | Securing Sustainable Retirement IncomesWednesday 12 and Thursday 13 October 2016 | Hotel Realm, Canberra

CSRI Leadership Forum 2016Securing Sustainable Retirement Incomes12 and 13 October 2016 - Hotel Realm, Canberra

The CSRI Leadership Forum brings together leaders in public policy, industry and academia to debate how to secure a sustainable retirement incomes system for Australia and to explore alternative policy proposals.

The forum aims to develop a holistic reform position, incorporating interactions with health and aged care, and to build a broad coalition of support for this agenda.

While Australia’s retirement incomes system has many strengths it also faces significant challenges with the impending retirement of millions of baby boomers:

• Many older people will live precariously, especially those without their own homes or who, for health or other reasons, are unable to keep working till pension age.

• A quarter of a century since the introduction of compulsory super, serious weaknesses remain in translating accumulated funds into secure income streams that last a lifetime.

Overview

Key Speakers Include

• A significant gender imbalance in super means women end their working lives with about half the savings of men on average and facing long years on very low incomes.

• The system shifts significant risk to individuals ill-equipped to manage it. With financial literacy low, confusion about how much to save and how to manage it is rife.

• The sheer complexity of the system, together with the frequency of policy changes, contributes to high transaction costs and undermines confidence.

• Rising longevity and increasing years in retirement add to the cost and complexity of the system and highlight the need for affordable aged care.

As a non-aligned group, the Committee for Sustainable Retirement Incomes has sought the input of a broad range of prominent industry, consumer and academic experts in developing policies to tackle the above challenges. The CSRI’s proposed policy framework will be debated at the Leadership Forum with a view to building support for sustainable retirement incomes policies that go beyond the current budget or electoral cycles.

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PROGRAM HIGHLIGHTS | CSRI LEADERSHP FORUM | Securing Sustainable Retirement IncomesWednesday 12 and Thursday 13 October 2016 | Hotel Realm, Canberra

Timetable

Day 1, Wednesday, Oct 12 Day 2, Thursday, Oct 138.00am Registration, refreshments

8.30amOFFICIAL OPENING• MC Welcome—Jim Parker, Dimensional• Introduction—Patricia Pascuzzo, CSRI

8.45amKEYNOTE ADDRESS• Hon. Kelly O’Dwyer, Minister for Revenue & Financial Services• (Introduced by Brian Benari, CEO, Challenger)

9.15amSESSION 1: CLARIFYING THE EXTENT OF THE PROBLEM AND THE CAUSES• Chair—Maureen Daley• Presentations—Professor John Piggott, CEPAR and Michelle Boucher, CBUS

9.45am Morning tea

10.15am

SESSION 2: RETIREMENT ADEQUACY FOR ALL AUSTRALIANS• Chair—Jocelyn Furlan, First State Super• Overview—Professor Andrew Podger, AO, CSRI Policy Committee• Panellists—Catherine Wood, Women in Super and David Knox, Mercer

11.45pmKEYNOTE ADDRESS• David Murray AO, Chair, Financial System Inquiry (Introduced by Craig Cummins, PWC)

12.15pm Luncheon

1.15pm

SESSION 3: SUSTAINABILITY AND INTERGENERATIONAL EQUITY• Chair—Dr Vince Fitzgerald AO, CSRI Policy Committee• Overview—Dr Michael Keating AC, CSRI Policy Committee• Panellists—Catherine Nance, PWC and Ian Yates, COTA

2.30pm Afternoon tea

3.00pm

SESSION 4: MAKING INCOME THE GOAL• Chair—Graham Lennon• Policy Update—Jenny Wilkinson, Treasury• Overview—Patricia Pascuzzo, CSRI• Panellists—David Cox, Challenger; Darren Wickham, TAL; Nathan Hodge, KWM

4.30pmSESSION 5: POLITICAL CONTEXT FOR REFORM• Chair—Laura Tingle, AFR • Panellists—Hon John Dawkins and Hon Craig Emerson

5.30pm Close day 1

7.00pm

CONFERENCE DINNERKeynote Address:

• Paul Bongiorno AM, Political Journalist interview by Jim Parker, Dimensional

8.00am Registration, refreshments

8.30amKEYNOTE ADDRESS• Senator Katy Gallagher, Shadow Minister for Financial Services

9.00am

SESSION 6: CHALLENGES IN DEVELOPING POST-RETIREMENT SOLUTIONS• Chair—Bob Officer AM, CSRI Policy Committee• Presentations—Dr Laura Ryan, PIMCO; Graeme Arnott, StatePlus; Ross Bowden, Link Group; Louise Biti,

Strategy Steps• Discussant—Jeremy Cooper, Challenger

10.30am Morning tea

11.00am

SESSION 7: MOVING TOWARDS A MORE SUSTAINABLE SYSTEM• Chair—Vicki Allen, Independent Trustee• Overview—Patricia Pascuzzo, CSRI• Panellists—Ian Yates, COTA; David Whiteley, ISA; Dr John Hewson, Director

12.15pmOBSERVATIONS AND WAY FORWARD • Dr Michael Keating AC, CSRI Policy Commitee

12.30pm Conference close

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PROGRAM HIGHLIGHTS | CSRI LEADERSHP FORUM | Securing Sustainable Retirement IncomesWednesday 12 and Thursday 13 October 2016 | Hotel Realm, Canberra

PartnersSession Questions

Lead Sponsors

Gold Sponsors

Bronze Sponsors

Lead Sponsors

Lead Sponsors

Lead Sponsors

Session 1: Clarifying the extent of the problem and the causes

• To what extent are people living frugally in retirement and why?• What expenditures do retirees incur in retirement and when?• How do people engage and get information? What is the ideal?

Session 2: Retirement income adequacy for all Australians

• What are the projections of adequacy for different cohorts?• What is the impact of broken work patterns and household structure?• What are the implications of the increasing costs and complexity of aged care?• What is the scope for accessing home equity?• What are the triggers for retirement and the barriers to working longer?

Session 3: Sustainability and Intergenerational Equity

• How do we improve the efficiency of the safety net? • What are the options for regulating aged care, the aged pension and accessing home equity? • How can we encourage continued workforce participation and saving?• What are the implications for sustainability of long-term healthcare costs?

Session 4: Making Income the Goal

• How do we develop post-retirement arrangements that meet diverse needs? • What should a post-retirement regulatory framework look like?• What are the key features of comprehensive income products in retirement?• What is the default offering and what are the responsibilities of trustees?

Session 5: Political Context for Reform

• Is it reasonable to expect a non-partisan approach to retirement incomes policy?• And how will reform be implemented and what environment is needed?• Is stability in settings important? If so, what needs to happen to secure it?• How do we build consensus between generations and stakeholder groups?

Session 6: Challenges in Developing Post-Retirement Solutions

• If income is the goal, what innovations are required in investment strategies?• What are the implications from a low or even negative yield environment?• What administration issues do comprehensive income products face?• What is the role of financial planning in tailoring solutions for individuals?• How do we meet the need for aged care financing?

Session 7: Moving Towards a Sustainable System

• How do we build a long-term policy perspective into the system?• What are the key features of a reform program?• How do we build consensus and communicate the benefits?