Education + engagement at the heart of the Retirement Income Covenant 

4 min read
4 min read

In the face of increased competition and regulatory requirements and expectations focused on retirement income strategies, superannuation funds find themselves at a crossroads. And in this rapidly changing superannuation environment, funds must explore ways to address member challenges, especially for those members heading into retirement. 

Growing pressure from competition and regulators 

Heightened competition and market consolidation necessitates a shift to robust member education and engagement. Funds must strive not only to attract members but also to retain them. 

This means that funds must not only understand their members’ needs but also provide them with the support, advice, education, and solutions required to successfully navigate the complexities of retirement planning. 

As the Minister for Financial Services, Stephen Jones recently said,”…the future is likely to require more meaningful interactions between funds and their members…” 

We believe that a substantial part of that is the way funds engage with their members in the digital sphere – and this now extends well beyond merely providing useful tools and generic calculators. In today’s user environment, engagement must also incorporate effective education and knowledge sharing.  

They’re a key part of online retirement income strategies, but must be supported by relevant, relatable bite-sized education and plain English content, which is accessible and empowering.

The new realm of engagement 

Drawing on more than 15 years of deep experience in the sector, SGY (formerly Spark Green) is collaborating with a growing number of super funds to help them more actively and holistically educate and engage with members, with a particular focus on digitising retirement income strategies and journeys. 

Digital engagement must encompass a range of strategies, tools and solutions that educate, inform, advise, simplify and, most of all, provide assurance in decision-making.  

Many superannuation funds currently offer online calculators to help members project their super balances and what they might retire with. While these calculators are a step in the right direction, they often fall short of true member engagement.  

“We’re heartened by the regulators’ focus on engagement tools,” says Sharon Nelson, Managing Director of SGY.  “It reinforces SGY’s approach to ensuring an equal focus between the underlying assumptions and mathematics and the member experience to make these tools engaging, educational and useful.” 

Education + engagement: the bigger picture 

“Well-functioning tools are great, but on their own they don’t provide a complete solution.

“They’re a key part of online retirement income strategies, but must be supported by relevant, relatable bite-sized education and plain English content, which is accessible and empowering,” said Nelson. 

Innovative tools, with the member firmly in mind from a design and experience perspective and supported by user analytics, are essential components of a broader engagement push by funds. These tools provide members with both the detail and the understanding they need to make informed decisions about their retirement planning. 

Venturing into the world of digital advice for example can be really daunting for many people.

The first step is to overcome the barriers 

It’s vital for the industry as a whole to help members overcome the knowledge barriers and dispel common myths and preconceptions around finance and advice. 

“Venturing into the world of digital advice for example can be really daunting for many people. Often, they lack confidence, are unfamiliar with financial terminology, or have never encountered these types of financial concepts before. So how can we expect them to jump straight into digital advice journeys without the knowledge and confidence to do so?

“Similarly, they might feel they don’t have the time to devote to research or even enough super to make it worthwhile,” continued Nelson.

Knowing that member pain-points can exist well before proper engagement even commences, is critical, which is why fundamental education and easy-to-understand language, is so important.

360 degree digital engagement is the key

To bridge the knowledge gap and effectively interact with members digitally, SGY is working closely with proactive superannuation funds to innovatively engage with members and help them overcome these hurdles. This, in turn, empowers members to design their retirement their way, while building a deeper, more trusted relationship with their super fund. 

The key is to create effective ways to raise awareness, and help fund members achieve greater knowledge, capability and confidence around retirement outcomes and goals. 

Meeting the education + engagement challenges 

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Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

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Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

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Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.