Retirement Planning: An actuary's perspective

Obligation as an actuary

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Video transcript

Joanne Gyte: In some of the countries that we work for in Asia, there’s actually probably not enough occupational pensions. So they are only paying out cash when people leave. There’s just not the structure there in the country yet to give good pension provision. So we’re trying to help influence. So one of the duties of an actuary, I think, is to help with that, that public obligation to try and support retirement products being developed and just sort of influence the well-being of the people in those countries.

The right thing for the next generation

Danny Quant: I feel I have an opportunity to have some influence and reverse some trends that have evolved over the last 20 years or so.

Danny Quant: And that trend essentially in the pensions world, or the benefits world, is short-termism—short-termism driven by analysts who only look at the results of a company each quarter and politicians who are only interested in the next election. And some decisions have been made which pander to those desires. And I think the actuarial profession, and Milliman within, should be taking the position of what is going to be the right thing for the next generation. There are too many people who are only interested in this year or the next couple of years. There aren’t enough people who are looking at the next generation. And I think we should be taking that position. I think it’s really, really important.

Knowing that we’re helping

Kamilla Svajgl: What I would say what drives all of us is truly believing in bringing transformational change to the retirement industry, knowing that we are helping retirees or people near retirement achieve their financial goals and achieve financial stability as they’re entering their retirement.

Next steps