Pandemic Briefing
Death and Disability Benefits in Superannuation
The latest Pandemic Briefing has been prepared by the Insurance in Super Working Group and covers advice provided by actuaries to the trustees of superannuation funds.
Morbidity and Macro-Economic Considerations
This briefing aims to provide a list of considerations on the issues related to morbidity claims in life insurance products in light of the emerging COVID-19 pandemic. Because of the major impact of economic conditions on the level of morbidity claims, this document includes discussion of macro-economic matters.
Asset Impacts
The purpose of this note is to identify various considerations relating to the impact of COVID-19 on the assets and investment side of the balance sheet, for life insurers.
Life Insurance implications of Coronavirus (COVID-19)
Developed by the Life Insurance Working Group formed as part of the Institute’s COVID-19 Working Group, the briefing considers a range of implications relating to pricing, policy liabilities, capital management, valuations, underwriting, and product design.
Check list and considerations - Defined Benefit Funds
This document details a number of considerations surrounding defined benefit funds including funding, early release and change in employment status. It aims to assist actuaries advising superannuation trustees in their roles. The Superannuation Practice Committee and the COVID-19 Working Group are looking for feedback on this document. Please forward any comments to Jeff Humphreys.
Information Sheet
The Actuaries Institute, the Connexus Institute and Super Consumers Australia have collaborated to produce an information sheet addressing various considerations for consumers seeking early access to superannuation.
Press Release
26 March 2020: Early Release
Actuaries Institute says early call on super could be $25 billion; calls on ATO to smooth process
iOPS Statement on pension supervisory actions to mitigate the consequences of COVID-19 crisis
The International organisation of Pension Supervisors (IOPS) has released a Statement in relation to the Pandemic which can be viewed here {add link to the document}. IOPS is an international standard setting body in private pensions supervision. The document aims to offer guidance to pension supervisors and interested parties on the way the issues raised by the Pandemic could be addressed. Read here.