Eight-point plan needed for pensions: ASFA

The Association of Superannuation Funds of Australia (ASFA) has called for an eight-point discussion on the way pensions are delivered globally to meet the challenges of changing demographics. 

Speaking at ASFA’s 3rd Asia-Pacific Pension Forum in Beijing, ASFA CEO Pauline Vamos proposed eight points regarding how pensions should be handled including pension system design, the role of pension capital in both local and global economies, and the regulatory and supervisory frameworks under which pensions run.  

“There are always areas for improvement as systems mature and adjustment is needed as economies and demographics change,” she said.  

“We are all at a different stage and this is why it is important we take the time to share our experiences and build global perspectives.” 

She also believes system implementation and connectivity, fiduciary governance standards, operational and investment delivery, and the connection with other public policy outcomes should also be part of the discussion.   

She urged countries to think about delivering private pensions and governance as a “global brand” and a “global conversation”. 

The most important part of the conversation was making sure members are informed, advised and engaged, Vamos said. 

“We need to ask ourselves: how do we increase satisfaction, confidence, engagement and literacy? How do we ensure that we are convenient to deal with and deliver the best possible returns with the least amount of cost and investment risk, while ensuring that where and how we invest provides a public good?”