Australian funds are responsible for $3.5 trillion in investments and 24 million member accounts, as at 30 June 2023. Working Australians increasingly rely on their chosen fund to grow their savings, provide insurance and, on retirement, deliver an income. It is encouraging to see nearly 20% of actuaries in Australia already working on matters related to superannuation, supporting this critical component of the Australian economy.
Superannuation and Retirement Applications promotes the concept of the actuary as an expert advisor on retirement funds in the Australian environment. The subject reviews the external environment, global longevity funding issues, the role of retirement funds, regulation and how government policies have a significant impact on fund operations and member outcomes.
The Chief Examiner draws on significant personal experience and the active support of actuaries working in the superannuation practice area to ensure the content is current and relevant and will help you broaden your thinking about future career opportunities as an actuary.
Benefits
A microcredential in superannuation and retirement applications provides you an opportunity to further develop or refresh your understanding of the Australian superannuation industry and actuarial practice. This course will assist in expanding your toolkit particularly if you’re planning a move into the superannuation industry from another practice area, as well as helping actuaries with pension skills who are relocating to Australia to become familiar with our industry and regulatory environment.
We’re preparing you to not just be the technical expert, but also a respected advisor to trustees, sponsors, service providers and other stakeholders.
Student Outcomes
Upon completion, you will be able to:
-
Discuss ageing population issues and the principles of retirement systems globally;
-
Interpret the legislative, regulatory, and environmental factors of the Australian retirement income system;
-
Explain the statutory and professional roles for the actuary in relation to Australian superannuation and retirement funds
-
Demonstrate a deep understanding of Australian defined contribution funds;
-
Apply the actuarial control cycle to manage projects for superannuation and retirement funds;
-
Demonstrate a deep understanding of Australian retirement income products; and
-
Develop models to support consumer decision-making.
Study Options
A key element of the microcredential design is a tiered structure that gives you the flexibility to choose the investment of time and type of study that meets your needs.
-
If you’re interested in developing your understanding of the Australian superannuation sector across products, services, risk management, government policy and legislative requirements to a level that changes how you are perceived within your profession, a more rigorous tier ─ one with assessment ─ may be more appropriate.
-
If you want to refresh your knowledge on the Australian retirement income system but have limited time to complete professional development, you can attend tutorials and engage with the learning modules without completing assessments.
Recommended background knowledge
It is assumed that you have completed your Foundation and Actuary Program studies plus studied two Fellowship Principles subjects. Taking the microcredential with assessments usually requires the following prior knowledge:
- Life Insurance and Retirement Product Development, or equivalent Fellowship subject(s).
Microcredential syllabus
Completion
Professional certificate: Successful completion of this tier (pass result) is equivalent to the Superannuation and Retirement Applications Fellowship subject. Upon completion, you will receive a Superannuation and Retirement Applications Professional Certificate digital badge and up to 312 CPD points.
Certificate: Upon your successful completion of this tier (pass result for the assignment) you will receive a Superannuation and Retirement Applications Certificate digital badge and up to 182 CPD points.
Course: Upon completion of the course materials and tutorials you can claim up to 36 CPD points.
Any hours spent reading or attending tutorials can be claimed as CPD as per the Institute’s Professional Standard 1: Continued Professional Development.
Next steps
The new Superannuation and Retirement Applications microcredential will deepen your understanding of the Australian retirement income system and so enhance your career options. It’s designed so you can tailor the time and effort you invest to line up with your needs.
Want to enrol for the next course?
Check out the important dates for the next teaching period.
Have any questions?
Contact Louise Atkins, Education Director, via email louise.atkins@actuaries.asn.au