MARCH 2017
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Director's Message

It has been a month of outstanding achievements for us. Perhaps most important, four prestigious UNSW Scientia PhD Scholarships have been awarded for CEPAR projects

CEPAR Research: projects, people, presentations and publications
In February there was a range of CEPAR researchers presenting at key events here and overseas.

27 February - CEPAR Chief Investigator and ANU Node Leader Professor Kaarin Anstey: “Great Expectations: Inspiring Hope through Research Dementia, MCI and Driving: Balancing Risks and Rights.” Alzheimer’s Australia ACT Research Forum. Plenary. Canberra more

1-2 March - CEPAR Research Fellow Dr George Kudrna, “The Norwegian Pension Reform: An External Perspective”. Norwegian Pension Forum. Oslo, Norway more

13-14 March – CEPAR Chief Investigator Professor Peter McDonald and CEPAR Associate Investigator Dr Iwu Utomo presented “Social Engagement and the Elderly in Rural Indonesia” at the International Conference on Contextualizing Productive Ageing in Asia. Asia Research Institute, National University of Singapore. Singapore. (Authors: Utomo, A., McDonald, P., Utomo, I., Cahyadi, N., and Sparrow, R.). 

18 March - CEPAR Senior Research Associate Dr Shang Wu presented a paper co-authored by himself, CEPAR Associate Investigator Professor Hazel Bateman and Senior Research Fellow Dr Ralph Stevens at the NetSPAR International Pension Workshop on "Optimal Portfolio Choice with Health-Contingent Income. Products: The Value of Life Care Annuities." more

It formed part of a special session showcasing research from Australia chaired by Hazel Bateman. The other paper in the session "Flicking the Switch: How Fee and Return Disclosures Drive Retirement Plan Choice" was co-authored by Hazel (Authors: Bateman, H., Dobrescu, I., Newell, B., Ortmann, A., and Thorp, S.) more 



CEPAR’s Australia-China Population Ageing Research Hub presented a lunch seminar this month with Partner Investigator Professor Hanming Fang via Skype from the University of Pennsylvania.

Katja Hanewald updated the centre on current research of the Australia-China Population Ageing Research Hub. Han Li delivered a presentation on “Modelling Multi-State Health Transitions in China: A Generalized Linear Model with Time Trends.” Shang Wu spoke about the hub’s work on: “Delaying the Public Pension Age in China: Implications for Labour Force Participation and Individual Welfare”. Their combined presentation can be read here
In addition, the hub has a new brochure
Ian Tonks, Professor at the University of Bath School of Management gave a seminar on “Network Centrality and Pension Fund Manager Performance” as part of our Pensions and Superannuation Seminar Series.
His paper looked at the importance of networks between investment consultants and pension fund managers. He showed how more connected managers take more portfolio risk and receive higher investor flows, consistent with these managers improving their ability to exploit investment opportunities through their network connections. Professor Tonks visited CEPAR for three weeks. Here's a recent paper on the topic that Ian published in collaboration with colleagues. 

Presenter, Pensions and Superannuation Series
Paul Secunda, Professor of Law and Director, Labor and Employment Law Program at Marquette University Law School, Milwaukee gave us an enlightening presentation on the retirement situation in the United States. He said there’s a “dangerous” state of affairs with a growing number of workers retiring without employment-based retirement funds. He pointed out that these plans make up a critical part of an individual’s strategy for retirement security.

His presentation, “Uber Retirement”, pointed out that the noteworthy growth of “gig companies”* in the “sharing economy,” has renewed concerns that even more American workers will lack access to employment-based retirement plans. Professor Secunda says that although the gig economy does "offer workers advantages including more independence and flexibility… company-sponsored retirement saving is not one of them.” Here's the paper 

*gig companies employ temporary, contract or freelance workers.

There are also eight working papers here:

Wu, S., Bateman, H., Stevens, R. and Thorp, S. (2017) Income-indemnity long-term care insurance: selection, informal care and precautionary savings. Available here

Kudrna, G. (2017) The Norwegian Pension Reform, An External Perspective. Available here

Pitacco, E. (2017, March) Life Annuities: Products, Guarantees, Basic Actuarial Models. Available here

Kang, B., Ziveyi, J. (2017, Feb) Optimal Surrender of Guaranteed Minimum Maturity Benefits under Stochastic Volatility and Interest Rates. Available here

Gudkov, N., Ignatieva, K., Ziveyi, J. (2017, Feb) Pricing of GMWB Options in Variable Annuities under Stochastic Volatility, Stochastic Interest Rates and Stochastic Mortality via the Componentwise Splitting Method. Available here

Chomik, R., Piggott, J. and McDonald, P. (2017, Feb) The Impact of Demographic Change on Labour Supply and Economic Growth: Can APEC Meet the Challenges Ahead? Available here

Alonso Garcia, J., Wood, O. and Ziveyi, J. (2017, Feb) Pricing and Hedging Guaranteed Minimum Withdrawal Benefits under a General Levy Framework using the COS Method. Available here

Capatina, E. (2017, Jan) Selection in Employer Provided Health Insurance. Available here

Our latest book: Ageing in Australia
We are proud to announce that CEPAR Investigators Kate O’Loughlin, Colette Browning and Hal Kendig have published their book ‘Ageing in Australia’

CEPAR’s Scientia scholars plan original research
Our four candidates awarded prestigious UNSW Scientia PhD Scholarships will investigate significant aspects of population change

Older Indonesians and their carers - who cares?

CEPAR researchers organised two major workshops with the highest planning agency in the Indonesian Government to present their preliminary research into the health of older Indonesians more


2017 Diary

INPARR (International Network for Pensions, Aging, and Retirement Research) Conference. 21 June, OECD, Paris. 

25th Annual Colloquium of Superannuation Researchers. 6-7 July, UNSW Sydney.  
Registrations now open 
Pensions and Superannuation Series
Jointly hosted by CEPAR and the School of Risk & Actuarial Studies at UNSW.
Held Monday from 12-1pm at UNSW Kensington Campus, in Seminar Room 2063, Quadrangle Building.
This series is a unique inter-disciplinary initiative bringing together academics, government and industry to discuss and debate the most important pension and superannuation issues. It offers an excellent opportunity to network with experts from Australia and overseas. We welcome individuals from other universities, government and industry to take part.
Upcoming seminars:
3 April - Johan Bonekamp, NetSPAR, "A Cross-Country Study of Saving and Spending in Retirement."
10 April – David Bell, Mine Wealth + Wellbeing, “Initial Views on CIPR Consultation Paper.”
1 May – Lu Bei, UNSW, CEPAR, “China Pension Reforms: Recent Updates and Implications.”
15 May – Estelle Liu and Adam Shao, Mine Wealth + Wellbeing, “The Members’ Default Utility Function (MDUF).”
5 June – Geoff Kingston, Macquarie University, Department of Economics, Title: TBA

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ARC Centre of Excellence in Population Ageing Research · Level 3, East Wing, 223 Anzac Parade, Kensington · University of New South Wales · Sydney, NSW 2052 · Australia

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