The SMSF Association will establish a 'policy think tank' to provide thought leadership for the retirement savings market on financial and non-financial issues.
The Global Centre of Excellence for Retirement Savings will be based in Adelaide and will cover a range of topics including the design of retirement incomes policies, behavioural economics and investment markets, aged care and mental capacity.
SMSFA chief executive John Maroney said the centre will focus on all social, economic and community issues that have an influence on a person's ability to enjoy a dignified and secure retirement.
"The centre will also act as a clearing house for existing literature and research into retirement issues, as well as commission and conduct relevant research into these areas via teams of experienced researchers, PhD students, industry participants and other interested parties," Maroney said.
The centre will serve to increase awareness of key issues related to retirement design and operation in Australia and other countries, driving improved efficiency and effectiveness of the Australian superannuation system and the public policy surrounding it, with a particular focus on the SMSF sector.
"Another key priority will be to advance the technological architecture of the SMSF sector by providing an industry hub to develop data standards for SMSFs and new applications of information technology to SMSF administration. This will pull together SMSF businesses, researchers, regulators and other industry participants to advance SMSF information technology," Maroney said.
All research provided by the centre will be structured to provide genuine practical value and will be sourced from universities, financial institutions, SMSF service providers and other associations.
The SMSFA has also engaged the University of Adelaide, Monash University, University of Western Australia, Curtin University, University of New South Wales and Macquarie University to provide input via an academic advisory group.
Adjunct professor at Monash University Dr Phillip Dolan will assist in establishing the group. Dolan is a former dean of the UWA Business School and former head of the Macquarie University Applied Finance Centre and Actuarial Program. He is also a former her of investment research at Macquarie Bank.
"Phillip has an enviable reputation is this field and we are honoured he has decided to accept this role," Maroney said.
The SMSFA expects the centre to be open by the end of the year.
This article was originally sourced from the Financial Standard.