TheInvestment and Financial Services Association (IFSA)and the Australian Retirement Incomes Streams Association (ARISA) have announced an in-principle agreement to merge into a single industry body by July this year.
The merger agreement will be given the green or red light on June 4th when the members of ARISA will vote at a special general meeting.
If successful, under the terms of the agreement, both ARISA and IFSA have agreed to continue the promotion of retirement income streams as an alternative to lump sums. The two groups have also agreed that ARISA’s technical committee will become the new IFSA retirement incomes technical forum.
A number of ARISA members have also been invited to join the existing IFSA committees and working groups and two ARISA Board members will join the board of IFSA.
Current IFSA chief executive Lynn Ralph will remain in this position with the new body.
The IFSA board, including any newly appointed members from ARISA, will meet to discuss a new name for the association, and to ensure appropriate branding and positioning of the merged association with key stakeholders. In the meantime, the association will be named the Investment and Financial Services Association.
According to a joint statement from ARISA and IFSA, the two industry groups have been in discussions for many months on ways of creating a more unified voice on retirement incomes policy.
IFSA chair and AMP Financial Services managing director Andrew Mohl believes the creation of a new and single force in retirement and wealth management advocacy will continue “to press Government for more favourable outcomes for long term savings and income products.”
ARISA chair and ING Funds Management general manager Ross Bowden says Australia has a first-rate retirement incomes system. However, demographic and life style changes present a new challenge for both government and the industry.
“We look forward to working in partnership with the community and Government to further enhance retirement incomes for all Australians,” he says.
