E7. Is the system Funds’ use of member Fund surveys; case AIST member funds report that they consistently use member providing information to inform studies data such as age cohorts, account balances and the current products to help product design and pricing#* investment patterns of members to develop their key members (input) investment and insurance strategies. manage risks For example, one fund has an over-representation of female over their life members of child-bearing age who take time out of the cycles and workforce, and so is particularly mindful of downside protection. optimally Other funds provide varying insurance defaults tailored to the consume their needs of members who are self-employed, or those likely to be retirement in casual or contract employment who do not receive incomes? employment benefits like paid sick leave. E7. Is the system Member superannuation and Unclear how member super and insurance literacy is an providing insurance literacy#* (input) indicator of funds providing products to help members manage products to help risks. It may be an indicator of the need for trustees to design members high quality default products to cater for the needs of members manage risks who do not have a high level of financial literacy. Design of over their life member survey will be critical in order to obtain any legitimate cycles and data. Note ANZ survey doesn't address insurance through super optimally so that will need to be specifically addressed consume their retirement incomes?
E7. Is the system providing products to help members manage risks over their life cycles and optimally consume their retirement incomes? Funds’ use of member information to inform product design and pricing#* (input) Fund surveys; case studies AIST member funds report that they consistently use member data such as age cohorts, account balances and the current investment patterns of members to develop their key investment and insurance strategies. For example, one fund has an over-representation of female members of child-bearing age who take time out of the workforce, and so is particularly mindful of downside protection. Other funds provide varying insurance defaults tailored to the needs of members who are self-employed, or those likely to be in casual or contract employment who do not receive employment benefits like paid sick leave. E7. Is the system providing products to help members manage risks over their life cycles and optimally consume their retirement incomes? Member superannuation and insurance literacy#* (input) Unclear how member super and insurance literacy is an indicator of funds providing products to help members manage risks. It may be an indicator of the need for trustees to design high quality default products to cater for the needs of members who do not have a high level of financial literacy. Design of member survey will be critical in order to obtain any legitimate data. Note ANZ survey doesn't address insurance through super so that will need to be specifically addressed