1. Unlock your opportunities in Super & Funds Management Melinda Howes General Manager, Super & Retirement Products Melinda Howes General Manager, Super & Retirement Products

2. Agenda My career Funds Management Industry - trends Superannuation Industry – trends Job opportunities Actuary Australia magazine My career Funds Management Industry - trends Superannuation Industry – trends Job opportunities Actuary Australia magazine

3. Actuarial Studies at Macquarie Uni from 1986-88 taught by Mike Sherris Scholarship with Prudential (now Colonial / Commonwealth!) Prudential: actuarial assistant 1989-93 3 years life insurance 1 year corporate superannuation Actuarial Studies at Macquarie Uni from 1986-88 taught by Mike Sherris Scholarship with Prudential (now Colonial / Commonwealth!) Prudential: actuarial assistant 1989-93 3 years life insurance 1 year corporate superannuation My career

4. Retrenched 1993 – got a job with BT Funds Management (soon to be part of Westpac!) BT - superannuation technical expert 1993-98 not strictly an actuarial role personal tax strategies for super and other investments intimate knowledge of super legislation many presentations around Australia to financial planners & clients Retrenched 1993 – got a job with BT Funds Management (soon to be part of Westpac!) BT - superannuation technical expert 1993-98 not strictly an actuarial role personal tax strategies for super and other investments intimate knowledge of super legislation many presentations around Australia to financial planners & clients My career

5. BT - Head of Education 1998 - 2000 founded team who educate employees about their company super fund investment & insurance, personal wealth creation strategies developed a board game, software tools, booklets, an internet site presentations around Australia from boardrooms to factory floors BT - Head of Education 1998 - 2000 founded team who educate employees about their company super fund investment & insurance, personal wealth creation strategies developed a board game, software tools, booklets, an internet site presentations around Australia from boardrooms to factory floors My career

6. BT - Corporate Super Sales 2000-2001 “crossed to the dark side” national manager of adviser sales team work with financial planners assist small & medium business to structure “master trust” super funds lots of presentations to business owners BT - Corporate Super Sales 2000-2001 “crossed to the dark side” national manager of adviser sales team work with financial planners assist small & medium business to structure “master trust” super funds lots of presentations to business owners My career

7. January 2002 started my most challenging role yet… January 2002 started my most challenging role yet… My career Jordan Lindsay Peck

8. BT – General Manager Super & Retirement Products (since June) product strategy & profitability, development of new products & features this is my first presentation! BT – General Manager Super & Retirement Products (since June) product strategy & profitability, development of new products & features this is my first presentation! My career

9. Funds Management Industry Trends Rapid consolidation (takeovers & mergers) Commonwealth bought Colonial NAB bought MLC ANZ joint venture with ING (old Mercantile Mutual) Westpac just announced will buy BT Life companies AMP and AXA plus St George bank still stand alone Trends Rapid consolidation (takeovers & mergers) Commonwealth bought Colonial NAB bought MLC ANZ joint venture with ING (old Mercantile Mutual) Westpac just announced will buy BT Life companies AMP and AXA plus St George bank still stand alone

10. Funds Management Industry Trends Banks are now funds managers & life companies one-stop shop: can offer a person any financial product Broader job opportunities for actuaries traditionally employed in life companies Trends Banks are now funds managers & life companies one-stop shop: can offer a person any financial product Broader job opportunities for actuaries traditionally employed in life companies

11. Super Industry Trends Many large companies used to run their own super funds Major trend to “outsource” this to a “master trust” that runs super for lots of companies Demise of defined benefit plans mostly closed to new members most new plans are accumulation has been killed by legislative changes Trends Many large companies used to run their own super funds Major trend to “outsource” this to a “master trust” that runs super for lots of companies Demise of defined benefit plans mostly closed to new members most new plans are accumulation has been killed by legislative changes

12. Super Industry Trends Members have choice of investments From cash through to pure equity funds Most are in “Balanced” options 1990’s double digit equity returns members have weighted their super towards more equities 2001-02 global stock market downturn US equities returned –19% Australian equities –8% Trends Members have choice of investments From cash through to pure equity funds Most are in “Balanced” options 1990’s double digit equity returns members have weighted their super towards more equities 2001-02 global stock market downturn US equities returned –19% Australian equities –8%

13. Super Industry Trends Members are in shock think they have lost money panic and switch to cash were content to reap upside benefits of risky investments, but not the volatility Trends Members are in shock think they have lost money panic and switch to cash were content to reap upside benefits of risky investments, but not the volatility

14. Some traditional areas shrinking older style “defined benefit” super fund work Many new opportunities due to consolidation in industry Life companies are now funds managers and banks Some traditional areas shrinking older style “defined benefit” super fund work Many new opportunities due to consolidation in industry Life companies are now funds managers and banks Job opportunities in Super & Funds Management

15. Traditional roles still exist Actuaries I know are employed in: product development marketing education business development / sales investment & performance attribution strategy broader banking roles Traditional roles still exist Actuaries I know are employed in: product development marketing education business development / sales investment & performance attribution strategy broader banking roles Job opportunities in Super & Funds Management

16. Why are actuaries so employable? The have a rare blend of skills numerate and logical fast learners - adaptable understand key legislation (or can quickly pick it up) skilled in risk analysis can communicate technical concepts in layman’s terms Why are actuaries so employable? The have a rare blend of skills numerate and logical fast learners - adaptable understand key legislation (or can quickly pick it up) skilled in risk analysis can communicate technical concepts in layman’s terms Job opportunities in Super & Funds Management

17. Actuary Australia

18. I am editor this year never read it much before Now monthly, full colour 3-4 feature articles per month only interesting topics get up! update yourself on topical issues Can read pdf online at www.actuaries.asn.au lots of other info on website I am editor this year never read it much before Now monthly, full colour 3-4 feature articles per month only interesting topics get up! update yourself on topical issues Can read pdf online at www.actuaries.asn.au lots of other info on website

19. Actuary Australia