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Bold Ideas for Retirement Security

CEO Damian Hill Discusses Bold Ideas for Retirement Security at Investment Magazine Roundtable.

14 Jun 2024

The future of retirement is a hot topic, and Commonwealth Superannuation Corporation (CSC) is at the forefront of the conversation. Our CEO, Damian Hill, recently participated in a roundtable discussion hosted by Investment Magazine, where industry leaders explored innovative solutions for delivering secure retirement incomes.

Read the media release from Investment Magazine

The roundtable focused on the importance of member engagement and the need to move beyond a simple lens on account balances. Instead, the discussion emphasised the concept of Defined Benefit outcomes for Accumulation members, aiming to provide a predictable and sustainable income stream for all our members, regardless of their contribution type—Defined Benefit or Accumulation.

'We hear all the time that we don’t have a mature retirement system, having paid pensions for 102 years, we [CSC] think there are the building blocks for a mature retirement system.'

Damian Hill, CEO

Member engagement is key

The roundtable discussion also underscored the importance of member engagement. Product is one part of it, guidance and advice will be integral, but a fundamental issue is member engagement. Effective communication and education are crucial for empowering members to take control of their financial future.

Two young grandchildren sitting with grandpa reading

Focusing on Retirement Income

The conversation highlighted the need to shift the focus from accumulating a large superannuation balance to ensuring a reliable income stream in retirement.

 

Damian emphasised that CSC is committed to providing members with the tools and resources they need to understand their options and make informed decisions about their retirement savings.

'…unashamedly, what we’re trying to do is provide defined benefit outcomes for both defined benefit and accumulation customers. Everything that we talk about, for all our customers, is not about account balance, even though that might be what you’re required to tell them about. It’s about income, and so [that’s why] the way I describe it is defined benefit outcomes for accumulation customers.'

Damian Hill, CEO

Investing in the future

Commonwealth Superannuation Corporation is actively exploring innovative solutions to address the challenges of the evolving retirement landscape. By participating in industry discussions such as these roundtables and collaborating with other key players, we are committed to shaping a secure and prosperous retirement for all Australians.

For media inquiries and responses, please contact media@csc.gov.au.

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