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...

This paper summarizes views on the superannuation system and its regulation collected through interviews of fund executives. While the majority of interviewees saw the superannuation system as working relatively well, some areas of concern were detected. Issues raised relate to: certain aspects...

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 interview Australian fund executives about how their organisations responded to MySuper, a regulatory framework for default retirement savings funds that providers were required to have in place by the beginning of 2014. In addition to providing an account of the influences on product design...

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...

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...

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...

We investigate optimal investment and drawdown decisions in retirement, and show that the asset mix and drawdown strategy vary significantly with financial circumstances and preferences. Loss aversion preferences lead to hedging strategies to secure the target consumption through use of...

This paper examines the effect of objective function structures on the optimal management decisions (in particular, asset allocation and surplus/deficit spread period) for a model defined benefit superannuation scheme. The objectives of employer-sponsors, members and trustees are identified,...