Superannuation consulting to funds

We provide a full range of consulting services to trustees. Here are examples of some of the services we offer:

1. 01

   Mergers and outsourcing

   Is your superannuation fund contemplating a merger? WTW’s significant experience with all aspects of a merger and/or outsourcing of particular components of fund operations can help funds maximise success. Our services include:

   • providing due diligence advice
   • benchmarking the fund against other providers
   • preparing Request for Proposals (RFPs) and conducting tenders
   • providing transition management services.

2. 02

   Retirement income strategy and design

   Has your fund developed an optimal retirement income strategy? Could you benefit from an independent evaluation of the strategy or product design? WTW’s extensive expertise covers:

   • development of retirement income objectives
   • analysis of member data and development of retiree cohorts
   • stochastic modelling and evaluation of retirement strategies
   • review and design of investment / product advice practices
   • drafting and reviewing of retirement income strategy documents.

3. 03

   Product review and design that works for your fund

   From lifecycle investment strategies through to retirement income strategies and overarching product review and rationalisation programs, WTW can help funds by:

   • Leveraging our knowledge and experience of the broader market to design strategies and products that are consistent with the profile, characteristics and objectives of each fund and its members
   • Monitoring the ongoing performance and effectiveness of strategies and products.

4. 04

   Fund operating models

   How can funds ensure their target operating model aligns with strategic priorities that deliver and drive optimal member outcomes? Some of the factors that would support a review of the operating model include mergers, digital transformation and the need for cost efficiencies.

   WTW can take all the complex considerations into account to recommend a model that reflects a fund’s unique circumstances.

5. 05

   Remediation

   Where remediation is required, our vast knowledge of the inner workings of funds and products and extensive actuarial experience helps funds and employers get it right and minimise its cost. WTW can help funds and employers with the remediation of issues related to:

   • Payroll
   • calculation and payment of contributions
   • superannuation administration
   • application of unit pricing and crediting rates
   • calculation of member benefits.

   WTW identifies, measures and corrects the issue, and advises funds and employers on courses of action for the remediation and prevention of recurrence.

6. 06

   Fund modelling

   Trustees and fund executives need insight into how their fund is likely to evolve. WTW’s Fund Navigator^TM is an industry-leading tool designed for this purpose, helping funds be satisfied that they are acting in the best financial interests of their members, underpinning their strategic decisions and demonstrating their fund has sufficient scale.

   Fund Navigator projects membership, assets, fees/expenses and cash flows under different combinations of financial and demographic assumptions with results that can be easily downloaded for further analysis and reporting.

7. 07

   Data analytics and insights

   A powerful combination of actuarial and analytical capabilities provides superannuation funds with data driven insights on their members and key employer base. Trustees need this information for their fund’s strategic priorities, business plan, marketing priorities and to drive member specific experience journeys aimed at improving engagement and ultimately member outcomes.

8. 08

   Secondments – trustee office, operations

   WTW’s large specialist superannuation team has a diverse range of qualifications, experience and expertise in actuarial work and non-actuarial areas such as investments, compliance, communications, insurance and technology.

   Clients have taken advantage of this expertise through secondments into the trustee office or operations team, or an employer’s payroll team, bolstering their resources and building internal capability.

9. 09

   Defined Benefit actuarial services

   Providing actuarial services to defined benefit corporate, government and industry superannuation funds has been a core WTW offering since our inception in Australia more than 40 years ago. We can help funds with all DB matters:

   • valuing DB liabilities
   • conducting initial, regular and interim actuarial investigations
   • developing funding and risk management strategies
   • managing defined benefit solvency
   • compliance and reporting obligations
   • providing regulatory actuarial certifications
   • benefit design
   • calculation of members’ benefits
   • expert actuarial advice (e.g. provision of expert witness reports for arbitration or litigation purposes).

10. 10

    Governance, risk and compliance services

    WTW is perfectly placed to support funds in all risk and compliance matters. Our dedicated research and compliance team is experienced in undertaking internal audits as well as administration, compliance systems and procedures reviews. We also assist funds to prepare policy and framework documents and to review disclosure documents such as PDSs and annual reports for compliance.