Simulations of a model pension scheme are run with stochastic economic and demographic factors, with an aim to investigate the impact of these factors on movements in funding ratio and average contribution rates. These impacts are analyzed by running regressions of movements in funding ratio and...

This study investigates the actuarial monitoring of closed defined benefit superannuation schemes. This is done via a simulation approach of a model scheme, with economic and decrement factors varying stochastically. The desires of trustees and employer-sponsors are expressed numerically and the...

A comprehensive financial and superannuation projection model is developed to investigate the impact of the introduction of AASB 119 on employer sponsors of defined benefit superannuation funds. A model Plan is projected forward 25 to 30 years. It is found that closing a plan to new entrants can...

The quality of the education of actuarial students is discussed from the perspective of the International Actuarial Association, its member associations and external education providers. This discussion is grounded in a literature review of what an actuary is and what the purpose of an actuarial...

As one of the older but still widespread forms of superannuation in Australia, the majority of defined benefit funds in Australia have experienced significant deficits since the beginning of the global financial crisis. Due to the presence of complex actuarial assumptions and...

This paper reports on an investigation into actuarial education in Australia. The approach taken is to review the education frameworks of three other professions, namely the accounting, engineering and medical professions and compare with the actuarial profession. Competency frameworks and...

We use a stochastic life-cycle model to examine the implications for Australian retirees of full access to dividend imputation credits. We find that the availability of imputation credits can justify a significant bias towards Australian equities in retirement portfolios, largely at the expense...

Defined Contribution superannuation plans require fund members to make several decisions requiring a high level of financial expertise and participation. Most members do not have the expertise to make such decisions. Hence, the onus falls on fund providers to offer default products that make the...

Over the past five years, the Australian superannuation system has been subject to a programme of policy and regulatory change of considerable scope and ambition: the Stronger Super initiatives. This article presents the findings of qualitative research undertaken with the fund executives on...

This paper considers an alternative way of structuring stochastic variables in a dynamic programming framework where the model structure dictates that numerical methods of solution are necessary. Rather than estimating integrals within a Bellman equation using quadrature nodes, we use nodes...