ASFA Membership 2021/22 - Proudly advocating for an effective, efficient and sustainable system that delivers the best retirement outcomes for all ...
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ASFA Membership 2021/22 Proudly advocating for an effective, efficient and sustainable system that delivers the best retirement outcomes for all Australians. The Association of Superannuation Funds of Australia (ASFA)
A message ASFA focus
from ASFA CEO in 2020/21
Martin Fahy Throughout the upheaval
and challenges of the
past financial year, ASFA
has engaged in extensive
evidence-based advocacy
and collaborated proactively
The support and benefits ASFA membership provides across the industry. This
has enabled us to support
Throughout these recent extraordinary • removing inefficient regulation members and the broader
times, ASFA has continued to engage • the role of advice in superannuation industry by delivering:
with policy makers, regulators, the • the role of superannuation investment
Government, and other stakeholders to in member outcomes and economic
protect and strengthen the integrity of recovery, including ESG considerations
our superannuation system and support
• working with APRA on the
our members.
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implementation of APRA Connect and
It was pleasing to see the results of some its Data Transformation Project
of our advocacy work in the recent 2021- • assisting members in implementing the
22 Federal Budget with the removal of the Design and Distribution Obligations Policy submissions,
$450 threshold increasing access to super (DDO) regime. research papers and best
for many lower paid Australians, many of practice papers
whom are women. I am optimistic that 2021/22 will be a
period of recovery, with the roll out of the
We have successfully led calls for the vaccine, and an increasing restoration of
45+
Superannuation Guarantee to increase economic confidence. With your support,
to 12 per cent, as legislated. We will ASFA can continue as a strong presence
continue to advocate for this as a priority, in the policy debate, to facilitate best
particularly to help rebuild the balances of practice and grow Australians’ confidence Policy ASFA
the many Australians who compromised in our retirement system. Action emails
their retirement by withdrawing their
superannuation in the Government’s Early Becoming an ASFA member will ensure
Release Scheme, with over $36 billion that your voice is heard as we develop
paid out during the pandemic.
There are further challenges ahead,
our policy responses and work with
Government, the regulators, and other
stakeholders to improve the system in the
100+
State-based, national,
and to meet them we will continue to best interests of members.
draw on our extensive knowledge base, Emerging Leaders, and
experienced people, and evidence-based For any funds or service providers Discussion Group events
research to respond to the policy issues interested in becoming ASFA members,
affecting our industry. In the year ahead or learning more about membership
benefits, please contact us. We look
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we will focus on:
forward to discussing how we can support
• super system settings you to help more Australians enjoy a
• adequacy of retirement savings, secure and dignified retirement.
ASFA Learning online
especially for women
courses and face-to-face
• continuing to advocate for
workshops
the legislated Superannuation
Guarantee increase
• improvement of cybersecurity capability,
collaboration, and consistency across
1,390+
Martin Fahy
the industry ASFA CEO
• insurance in super settings
• implementation of the remaining Media mentions
Royal Commission findings
• implementation of the new internal
dispute resolution standards
Supporting the superannuation industry for 59 years
ASFA has been operating since 1962 as the peak policy, research and advocacy body for Australia’s superannuation industry.
1962 ASFA established
1973 National Superannuation Committee of Inquiry
First national survey of superannuation coverage by 1974 (Hancock Inquiry) commences.
ABS. 32% of workers covered by superannuation.
1992 Superannuation Guarantee (SG) commences
SIS Act introduced 1993
1994 $183 billion superannuation assets
80% of workers have superannuation
Wallis Financial System Inquiry commences 1996
1998 \ APRA (Australian Prudential Regulation
SG reaches 9% of wages 2002 Authority) established as the lead
superannuation regulator.
$360 billion superannuation assets
2005 Choice of Fund commences
ASFA Retirement Standard introduced 2006
2009 FTSE ASFA Australian Index Series launched
Cooper Review on superannuation fund governance 2010
2013 MySuper introduced
$1.1 trillion superannuation assets 2014
2016 Productivity Commission review
Royal Commission into Banking, Finance 2017 of efficiency and competitiveness in
and Superannuation commences Australia’s superannuation system
commences.
2018 $2.7 trillion superannuation assets
ASFA’s members represent almost 90% of the 2020
16 million Australians with superannuation.
2021 Through the early release
scheme, the industry paid out
$36 billion to Australians left
vulnerable by COVID-19.
Our vision is to Our mission is to
ensure all Australians continuously improve the
are financially confident system, so ASFA members
and have a dignified can better help Australians
retirement. have a dignified retirement.
Advocating for a sustainable Giving members a say
superannuation system As an ASFA member, you can help drive ASFA’s policy,
advocacy and research activities by joining our various
A credible and respected voice committees, councils, working groups and discussion groups.
ASFA’s ability to access all superannuation sectors for research
purposes ensures its outputs are widely valued as an important With over 20 national or state-based groups to choose
and independent source of reference for members and other from, there are many opportunities to help shape the
stakeholders, including government and the media. industry, join the debate and network with colleagues
across all industry sectors.
Collectively, ASFA’s policy team has over 140 years of
experience in superannuation, policy, investment, financial Policy Councils and Committees
services, taxation and regulation. • Super System Design
• Industry Efficiency
The policy, research and advocacy work done by the team • ASFA-ASP Services Committee
has one core focus: to help build a sustainable, successful
superannuation system that improves retirement outcomes Policy Specialist Advisory Committee
for all Australians. • Tax specialist
Evidence-based research Policy Forum
The ASFA research centre is the heart of the Association’s • Chief Investment Officers
advocacy activities. It consistently produces high quality reports
Policy Working Groups
and data, in consultation with members, specifically developed
for public policy development and advocacy. Issue-based working groups include:
• Insurance in Super Policy, Productivity Commission
and Royal Commission.
• Financial Accountability Regime (FAR)
• Design and Distribution Obligations (DDO)
• Royal Commission (RC)
• Advice in Super
• Investment Management Agreement
• Internal Dispute Resolution
In 2020/21, ASFA • Compensation Scheme of Last Resort
released nearly 30 policy, • Retirement Income Review (RIR)
• ASFA Fraud Forum
research and submission • Environmental, Social and Governance (ESG)
papers that were used Other Committees and Discussion Groups
for advocacy and • State Executive Committees
• Conference Committee
communication. • Superfunds Editorial Committee
• Discussion groups
Resources and information information at your fingertips ASFA membership gives you access to some great resources, to help you stay informed and knowledgeable to support your members in their superannuation journey. These include: Tailored presentations The ASFA CEO and policy team are available to present to your board and/or executive management team, ensuring they are fully informed about current industry issues, activities and successes. ASFA Retirement Standard The ASFA Retirement Standard is one of the most popular tools used by the media and industry to assist people in planning for retirement. The Retirement Standard is viewed 7,000 times per month on average. Superfunds ASFA’s digital publication, Superfunds, puts in-depth analysis and insights into superannuation issues at members’ fingertips. Public awareness support ASFA regularly contributes commentary, research and up-to-date information to print, radio, television, and social media to raise the public profile of superannuation and to boost fund members’ knowledge and engagement with their retirement savings. Super Guru ASFA is also responsible for the superannuation-specific financial literacy website, Super Guru. This dedicated consumer website is an easy-to-understand guide to superannuation and a valuable source of independent information for members. Members can include a Super Guru link on their website as a helpful tool to assist their members and customers. FTSE ASFA Index Series The FTSE ASFA Index Series provides benchmarking solutions to better align investment decisions with tax positions. Best practice, research, and discussion papers ASFA seeks to promote industry best practice by producing best practice papers on a variety of topics shaping the current superannuation landscape, as well as discussion papers to promote industry thinking about the future. Super Statistics ASFA synthesises quarterly data from APRA and ABS to produce a one-page, easy-to-read, downloadable fact sheet of key industry statistics, such as number of funds and assets. This can be accessed via the Superfunds website.
ASFA’s annual events
program includes:
• ASFA Conference and Super Expo
– the industry’s premier event attracting the
full breadth of the industry and offering an
unrivalled experience
Elevating industry • Budget Briefing luncheons
knowledge • Exclusive State of Super address
• Policy Roadshows
Through ASFA Events and ASFA Learning members have • Webinar events including, regulatory updates,
extensive opportunities to build connections, strengthen technical sessions, and economic updates
networks and stay informed about current and potential
developments in super. • Spotlight events including member engagement,
insurance and risk and compliance
Over 50 event and networking opportunities • One-day state Forum in NSW, VIC and QLD.
ASFA holds more than 50 events annually (national
and state-based) to keep people up to date with
industry developments.
Our high-quality, comprehensive events program gives
members access to high calibre speakers and subject matter
experts from within and outside the industry.
ASFA RG 146 provides us
Professional development for all career stages with the ability to easily skill
ASFA Learning is a leading provider of nationally recognised
superannuation training and a Registered Training our people in the necessary
Organisation (RTO).
legislative requirements
Courses range from Super Essentials, which covers the basics
of super, right through to advanced governance and trustee
for the work they do…[and
courses. Many courses are offered in a variety of formats –
including short e-learning modules, online flexible study and
the] new flexible e-learning
virtual workshops. program has allowed us
Customised training solutions are also available, allowing to segment our training
member organisations to design training that suits their
unique needs. to fit around internal
Continuing Professional Development requirements.
Members are offered discounted rates for ASFA’s online CPD
solution, SuperCPD. This is a convenient way to stay up-to-
– Manager of Org Capability,
date, earn at least 20 CPD points per year, and keep track
of points earned through the year. Talent & Engagement, Sunsuper
Recognising leadership
Opportunities for fund CEOs to come together
ASFA offers unparalleled support for superannuation fund
CEOs and executives. Throughout the year, ASFA gives industry
leaders opportunities to connect and explore the industry’s
I’m proud to be part
big issues through its State of Super address, Leadership of Emerging Leaders.
Symposium and exclusive ‘Voice’ communications.
The events have quality
Professional Accreditation
Members who are leaders in the superannuation industry
speakers and leave me
can be recognised by ASFA as Fellows and Associates. walking away with new
Highly skilled and experienced trustee directors can also
be recognised as Trustee Fellows and Trustee Associates – things to think about
validating their suitability to sit on superannuation boards. every time.
Emerging Leaders
Emerging Leaders is ASFA’s group for superannuation industry
professionals under 40 years of age. With its own dedicated
– Senior Manager, Retirement
discussion group, it is run specifically for under 40s, by Income Policy, Challenger
under 40s.
Representing members
across all sectors
ASFA has a large, broad-based membership with approximately
170 member organisations.
ASFA members come from all sectors of the superannuation
industry including retail, industry, corporate and public-sector
funds, as well as service providers to the superannuation
industry.
Collectively, superannuation funds in ASFA’s membership have
around $2 trillion in superannuation assets and represent over
90 per cent of Australians with superannuation.
Benefits of ASFA Summary of membership benefits
membership
Effective advocacy to drive good public policy for the benefit
of all superannuation fund members
ASFA membership is your opportunity to help ensure
the superannuation system remains effective, efficient Representation focused on achieving the best outcomes for
and sustainable. the whole of the industry
It is an easy and convenient way for your organisation to
stay informed, be involved, have your say and be heard. Opportunity to have tailored presentations delivered to your
board or management team on current industry issues
The extensive professional development opportunities
available through ASFA Events and ASFA Learning also Timely ASFA Action updates on pending and approved
keep your whole team knowledgeable and connected.
regulatory and legislative changes
ASFA is non-sector aligned
Our policy focus in on whole-of-system issues and the Phone or email advice on legislative and policy issues
best interest of fund members. We do not advocate one
sector’s interests over another.
Exclusive access to policy, research and best practice papers
ASFA is non-party political for organisational members
We advocate for sound, long-term public policy rather
than politically aligned outcomes, giving us credibility in
Opportunity to have your say and contribute to ASFA
discussions with politicians, regulators and the media.
policy activities through various committees, councils and
ASFA is not-for-profit working groups
We invest in research and advocacy to deliver the best
retirement outcomes for Australians.
Entitlement to vote at the Annual General Meeting
ASFA is connected
We have a deep footprint across all sectors of the Member discounts on all opportunities offered by ASFA
industry and strong connections with a broad range of
Events and ASFA Learning
stakeholders, both nationally and internationally.
Extensive professional networking opportunities
Exclusive invitations to annual State of Super address for
invited organisational leaders
Opportunity to participate in ASFA Emerging Leaders
program at discounted rates
Unlimited subscriptions to Superfunds digital magazine
Entitlement to contribute relevant thought leadership content
through Superfunds digital magazine
Opportunity to be recognised in the ASFA
Accreditation program
Partnership opportunities to raise your brand’s profile within
the entire superannuation industry
Discounted member rates for SuperCPD
(ASFA’s online CPD solution)Making a strong superannuation
system even better
The Australian superannuation system is one of the very best in the world,
but there is always room for improvement. With your ongoing support,
ASFA will continue to advocate for changes that deliver the best outcomes
for the entire superannuation industry and the fund members it serves.
Key policy priorities for 2021/22
An increasing number of retirees • Super system settings
• Adequacy of retirement savings, especially for women
now have significant private income
• Continuing to support the Superannuation Guarantee
above the Age Pension, meaning legislated increase
they achieve a comfortable • Insurance settings and Code of Practice
standard of living in retirement, • Implementation of the remaining Royal
Commission findings
rather than just getting by. • Implementation of the new internal dispute
resolution standards
With legislated increases in the • Removing inefficient regulation
Superannuation Guarantee (SG), • Role of advice in superannuation
• Role of superannuation investment in member
this trend will continue and by outcomes and economic recovery, including
2050, half of all retirees will reach ESG considerations
the ASFA comfortable standard. • Improve cybersecurity capability, collaboration
and consistency across the industry
• Working with APRA on the implementation of APRA
Connect and its Data Transformation Project
• Assist members in implementing the Design and
Distribution Obligations (DDO) regime.The Association of Superannuation Funds of Australia Limited (ASFA) Level 11, 77 Castlereagh Street, Sydney NSW 2000 PO Box 1485, Sydney NSW 2001 T +61 2 9264 9300 or 1800 812 798 (outside Sydney) E membership@superannuation.asn.au ABN 29 002 786 290 ACN 002 786 290 www.superannuation.asn.au
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