Cath Mulcare, who has been Chief Financial Officer of Defence Health since September 2011, has worked across a range of industries, including as a Partner at a professional services firm, Board Director, Treasurer and Operations and Finance Executive with a strong focus on not-for-profit organisations.

Board Chairman Peter Crump said the organisation was delighted to have an independent director of the calibre of Cath.
“She has extensive knowledge and experience in dealing with Australian regulators, including three organisations whose roles are integral to the work of the Association – ASIC, APRA and the ATO – as well as a history of working with government departments and ministers.

“Cath has focused on change management, particularly in the area of regulatory change, and the Association’s board believes this skill set will prove particularly relevant considering the number of inquiries involving the superannuation industry that are in the pipeline.”

Mulcare said she was both honoured and thrilled to be asked to join the board.“I have never worked directly in superannuation. But I have watched with fascination as it has grown exponentially since the introduction of the compulsory system in 1992.
“What I believe I bring to the board is an independent viewpoint that is underpinned by a sound knowledge of finance and governance, as well as my past experiences working with professional organisations.

“I think it speaks volumes for the Association that it is aware of the importance of strong governance, and is prepared to enlist an independent director as part of that commitment.”

Cath holds a Bachelor of Economics, was admitted as a CA in 1992 and advanced to a Fellow in 2013. She is also a Member of the Australian Institute of Company Directors.

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Peter Crump

The SMSF Professionals’ Association of Australia (SPAA) has appointed a new chair and deputy chair.

Peter Crump steps up from deputy chair, a position he has held since 2012, to become the chair, and Andrew Gale, a co-owner and Executive Director at Chase Corporate Advisory, has been appointed deputy chair.

Crump, a Specialist Superannuation Adviser, a Fellow of the Institute of Actuaries of Australia, a Chartered Tax Adviser and licensed financial adviser, brings a wealth of knowledge about SPAA and the SMSF sector to his new role.

He is an executive director and the superannuation strategist at ipac South Australia (an ipac equity partner), providing personal and SMSF financial planning and consulting advice, as well as actuarial consulting services. He has been with ipac South Australia for more than 13 years.

He has held include various consulting and consulting management roles before joining ipac in South Australia.

He has recently co-authored a book, Control your own super fund, which provides guidance on the merits of SMSFs and how to run one, with veteran personal finance writer Paul Clitheroe.

Outgoing chair Andrew Hamilton, whose services to SPAA were widely acknowledged at last week’s national conference, says Crump is an outstanding choice to head the board over the next two years.

“Peter has extensive industry knowledge and has demonstrated a strong commitment to SPAA since joining the board in 2010 and becoming vice chair in 2012.

“The next two years are very exciting for SPAA. We have a vision and thought leadership program for the SMSF sector – the largest part of the superannuation industry that is predicted to be one of Australia’s five growth engines in the next 20 years – where Peter’s leadership will be invaluable,” he says.

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Understanding the role life expectancy plays is important in advice.

Understanding how long our SMSF members might live is important when advising them on how to manage their super in retirement and into old age.

That was a key theme of a paper delivered at the SMSF Professionals’ Association of Australia (SPAA) 10^th conference in Brisbane by Peter Crump, Executive Director, ipac SA, and Meg Heffron of Heffron SMSF Solutions.

Their paper, “Pensions – self managing your deferred annuity“, looked at the new risks for SMSFs that are inherent in people living longer, with a focus on how it can be managed in a self managed super fund.

Crump and Heffron told the delegates: “Taking the risk of living well past life expectancy – what we call longevity risk – into account will help understand how much money is needed in retirement

“Keeping track of how much money needs to be set aside for advanced age (typically assumed to be aged 85 plus) needs some simple calculations based on retirement factors.”

They said there were a number of ways of keeping track of how much you have for this advanced age, including keeping separate member accounts in the fund, or just paper records.

“There are simple processes available for accounting for the ‘longevity account’ in a SMSF, and, if people decide to use external solutions they must realise they come with risks.”

“It’s an important conversation for SMSF specialists to have with their clients to ensure they take control of their retirement, and maintain a good lifestyle without lapsing into age pension mode. Certainly the role of trustee education is this area should be under-estimated; how much do I need if I live well beyond life expectancy and how well.

“The other obvious benefit is that this places less strain in the public retirement system,” Crump and Heffron said.

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