11th Annual SuperFunds Summit

About

A recent report by Treasury painted a bleak picture for our future ability to afford universal superannuation in New Zealand. The numbers simply do not stack up and an urgent debate around new initiatives and potential changes to entitlements is needed.

As has been the tradition for over a decade, Conferenz’ annual SuperFunds Summit provides a neutral arena in which the key stakeholders and the superfund industry can come together to debate the best way forward. However, this year we’re doing it a bit differently. In just ONE DAY, you get access to updates on all the current ‘need-to-know’ topics for the superfund industry, including keynotes from Adrian Orr and David Benison.

Since its inception, KiwiSaver has grown to dominate the market for superannuation savings, so naturally our speakers will reflect on its impact and uptake, whether it should be compulsory, distribution challenges, the best way to invest this large pool of money and much more.

Agenda

Agenda: Day 1

8.30

Registration & Coffee

9.00

Opening remarks from the Chair

Philip Macalister, Editor, Good Returns

9.10

Keynote address from the Guardians of the NZ Superfund

• Latest projections from Treasury on timeframe and value of NZ Superannuation Fund contributions
• Impact of Government’s decision to stop payments to the fund
• How much state provision will there be in the future?
• Our reliance on KiwiSaver and whether this is sustainable without a compulsory KiwiSaver
• Update on the Expansion Capital Strategy
• Keeping a long term investment focus during challenging times
• Has the global financial crisis changed our asset allocation decisions?

Adrian Orr, Chief Executive, Guardians of the NZ Superfund

10.00

Impact of KiwiSaver on the superannuation and investment landscape in New Zealand

Nearly 1.2 million have now joined KiwiSaver and the impact of KiwiSaver on the New Zealand superannuation industry is undeniable. In this presentation, we ask how we can leverage KiwiSaver to increase overall investment levels in NZ, and what changes we have seen in the viability and popularity of other superannuation schemes.
• Consolidation in the KiwiSaver industry
• How to achieve even bigger enrolments?
• Impact of the change in contribution amounts in the long term
• The role of KiwiSaver in restoring investor confidence and introducing new investors to the financial markets
• Is KiwiSaver simply redirecting existing savings?

David Boyle, Head of KiwiSaver Distribution, ING (NZ) Ltd

Speaker has declined permission for his material to be online

10.45

Morning tea

11.05

Public KiwiSaver Partnerships – Allocating KiwiSaver funds to NZ assets

In 2009, the CEO of Tower Investments ignited a debate around how KiwiSaver funds could be allocated to support the development of NZ infrastructure assets. Based on the success of overseas pension funds, the huge pool of investable capital sitting in long-term KiwiSaver funds could help boost liquidity in the markets and drive productivity, while providing solid returns for investors. In this presentation, Sam Stubbs ponders what needs to happen next to make this idea a reality.
• Feedback so far on my idea
• Was it really that radical?
• What changes to legislation will be necessary?
• Developments over the last 10 months that could affect this proposal

Sam Stubbs, Chief Executive, TOWER Investments

11.50

Post-GFC reality check – the global economy in the “new world”

In this presentation, we look at the recovery from the GFC thus far and the outlook for the global economy from here. We will also consider the implications of this for New Zealand.
• How strong is economic growth? Where is it coming from now and where will it come from in the future?
• Are global imbalances rebalancing or have we learnt nothing?
• What does this mean for New Zealand?
• What are the challenges still ahead and what are the risks?

Bevan Graham, Chief Economist, AXA Global Investors

12.30

Lunch

1.20

Government Actuary’s reflections on KiwiSaver implementation to date and for the future from a regulatory perspective

In this keynote the Government Actuary will discuss current issues affecting KiwiSaver from a regulatory perspective including:
• The relationship between the GA and IR and Sec Com concerning Kiwisaver
• Some practical insights into successful application of transfers under section 9BAA of the Superannuation Act 1989
• Alternatives to section 9BAA
• Ongoing compliance that fees are not unreasonable including some international comparisons
• The annual reporting process.
• Other KiwiSaver teething issues

David Benison, Government Actuary

2.10

Trans-tasman super portability: Is $16.6 billion coming our way?

The Trans-Tasman Retirement Savings Portability Scheme will come into effect by mid-2010. In the local superannuation industry, this is seen as a potential growth area as New Zealanders repatriate money held in so-called “lost accounts” by Australian super schemes. However, should NZ investors be wary of repatriating their superannuation savings from Australia? What will the financial implications be and how will their savings be taxed here?
• Moves to ensure a better alignment of super treatment between the two jurisdictions
• How to avoid portability leading to a loss in the value of retirement savings
• Differences in tax treatment and age of entitlement to be aware of
• How to minimise compliance and administration costs
• Learnings from the QROPS between NZ and the UK

David Beattie, Chief Investment Officer, Grosvenor Financial Services Group

2.50

The “Super” Challenge – Promoting Retirement Savings

• Are we there yet? No - we’ve only just started
• Retirement Savings is about long-term investment – this is true for providers as well as customers
• How mass markets participation improves general financial literacy
• Distribution is difficult - but it can be done
• How recent legislation will help keep the industry honest

Greg McAllister, Head of Wholesale Distribution & Acting Head of ASB Group Investments, ASB Group Investments

Speaker has declined permission for his material to be online

3.30

Afternoon tea

3.45

Regulatory update: Disclosure, transparency & the role trustees

• Latest developments in Securities legislation
• Impact of the proposed trustee supervisory model
• Inclusion of independent trustees in superannuation schemes
• Outlining clear fiduciary duties and expectations to trustees
• Understanding the link between the Superannuation Act and the Trustee Act
• Impact of Financial Advisers and Financial Services Providers Act

Tracey Cross, Partner, DLA Phillips Fox

4.30

Legal requirements for reporting and communicating by superannuation funds

• Disclosure rules in a new regulatory environment
• Ensuring your prospectus is legally compliant and suitable for your target audience
• Ensuring correct use of wording for certificates and statements as specified in legislation
• Guidelines on using electronic forms of annual reports
• Achieving excellence in all communication with your stakeholders

Catriona Grover, Partner, Kensington Swan

5.10

Closing remarks from the Chair & End of SuperFunds Summit

5.15

Industry networking with complimentary drinks

Sponsors/Partners

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