Launched in October 2015, RetireSmart is an account based pension product designed by Australian Catholic Superannuation to generate a consistent stream of income during retirement. RetireSmart’s focus on income longevity seeks to address the issue of longevity risk and ensure that retirees retirement income lasts as long as possible.
Because retirees are naturally uncertain how long they will spend in retirement, Australian Catholic Superannuation have placed an emphasis on the sustainability and automation of RetireSmart, which is available for both transitioning and full retirees.
RetireSmart invests a member’s account balance into two investment buckets: Cash and Growth. A minimum of two years’ worth of pension payments are placed into the cash bucket, aiming to provide a secure short term income. The remainder of the account balance is placed into the Growth bucket to allow for capital growth, increasing the likelihood of pension income lasting longer into retirement.
These buckets are designed to work together to assist members in maintaining a large enough balance for as long as possible and to generate a sufficient level of income for members to meet their lifestyle expenses.
Funds are automatically redistributed between the two buckets so members do not need to actively manage the allocation of their investments to achieve their income goals. This flexibility is designed to allow members to choose a cash flow that meets their own needs and budget, whilst the automation of the system aims to ensure that the system is simple and accessible.
RetireSmart seeks to combine long term growth demands and short term investment stability demands to grow retiree balances whilst they are relied upon for regular income. This investment mix was also found that two years’ worth of pension payments stored in RetireSmart’s cash bucket would provide an adequate safety net against market downturn. Since launching, RetireSmart has previous exceeded 12 month-uptake results in five months of operation, with the fund opening 35 RetireSmart pensions.
The Australian Business Awards are the regional chapter of an integrated, hierarchical leadership program conducted on a national and international level. Eligible organisations from each region are invited to participate in the international chapter of the program at The World Business Awards. Conducted annually and currently in the second year of its international launch, The World Business Awards seeks to engage with the world’s business, innovation and technology leaders through a global recognition and knowledge building initiative that is underpinned by the program’s established framework. The program engages with organisations worldwide to benchmark the full spectrum of their products, services and initiatives and to review their business performance. The cycle culminates in the recognition and celebration of organisations that implement world-class business initiatives and industry leading products and services on a prominent and far-reaching scale. All entries must be entered in the regional chapter where the organisation is based.
Organisational participation includes private companies, publicly listed companies, multinational subsidiaries, not-for-profit organisations, non-government organisations, educational institutions, franchise systems, partnerships, government departments, government agencies, local government and statutory bodies operating in Australia.
Initiatives can include but are not limited to projects, programs, processes, systems, technologies, developments, ventures and undertakings.
Entries are assessed utilising a robust and dynamic framework to ensure that the assessment process is pertinent and objective. The World Business Awards Framework (WBA Framework) is utilised as a structured model of assessment that enables the participating organisations to be benchmarked against world class performance standards. The Framework consists of specialised assessment modules pertaining to the evaluation criteria for each of the award categories. The criteria and sub-criteria provide a robust set of requirements that are used as the methodology for benchmarking and learning among the participating organisations.
Organisations that participate are provided with the unique opportunity to benchmark themselves against the top performers globally. The recipients are acknowledged for their achievements and recognised as the elite of their industry earning a place amongst a distinguished group by having their products, projects, initiatives, contributions and achievements recognised on a prominent and far-reaching scale. The program provides the ultimate platform for building knowledge, increasing brand awareness, equity, loyalty and retention through increased exposure, recognition and prestige. This establishes a valuable resource that can be used extensively to create opportunities for publicity, positive organisational profiling and heightened brand awareness within the respective industries both nationally and internationally.