- 20th Anniversary of APRA’s Unit Pricing: Guide to Good Practice – Is It Still Relevant?
- The Impact of Inflation and Market Volatility on Unit Pricing
- The proposed tax on large super balances
- Valuation of unlisted assets for unit pricing
- Unlisted assets and unit pricing
- Unit pricing error remediation
- Automated unit pricing solutions
- Unit pricing controls and automation
- Regulatory Updates and Their Implications for Superannuation Funds
- Building a unit pricing control framework from scratch
- Principles of value attribution for Unit pricing and Crediting rates – Business as Usual and Compensation
- Are Unit Pricing policies always all they seem?
- The unit pricing structure adopted by superannuation fund
- Should we be challenging the old order of unit pricing. Is everything as stable as we might be led to believe?
- Significant cash flows and backdating
- Insights into a service provider’s control framework
- Sustainability and ESG (Environmental, Social, and Governance) Considerations in Unit Pricing
- Data Integrity and Accuracy in Unit Pricing
Early Invited Speakers include:
speakers of the Annual UP 2025 - Navigating Innovation & Best Practices in Unit Pricing Forum 2025 will update soon!.
Head of Investment Operations, Brighter Super
Senior Manager, Investment Accounting and Operations, Funds SA
Head of Fund Operations at Generation Life
Managing Partner at Legal & Prudential Advisors
Country Manager, Financial Risk Solutions (FRS) Ltd
Managing Director McGing Advisory & Actuarial
Managing Director at CXi Software
Partner-Superannuation and Investment Consulting, PricewaterhouseCoopers
Senior Fund Accountant at Funds SA
Principal Consultant, Novigi
Partner Financial Services, Ernst & Young
Associate Director – Unit Pricing – Asset Servicing, National Australia Bank Limited
Actuarial Consultant at McGing Advisory & Actuarial
Principal | Investment & Superannuation Advisory | Actuarial, Deloitte
Product Manager, Fund Services at BNP Paribas
Manager, EY
Actuarial Manager at EY
Chief Operating Officer at BetaShares
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KYLE RINGROSE
Principal at Athena IOC
• Why today is different
• Regulatory changes
• Unit pricing risk management enhancements
• Automation improvements
• Why things haven’t always changed for the better
MICHAEL BERG
Principal | Investment & Superannuation Advisory | Actuarial, Deloitte
• Unit pricing complexity – the cycle, multiple inputs, timing
• What are the risks?
• Operational
• Financial
• Strategic
• Legal & Regulatory
• Managing these risks
• Reducing risk by learning and improving
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
• Managing Unit Pricing in Volatile Markets Inflation’s Effect on Asset Valuations and Member Outcomes
• Inflation’s Effect on Asset Valuations and Member Outcomes
• Governance, Risk, and Operational Challenges
PANEL MEMBERS:
DANIEL DI STEFANO
Product Manager, Fund Services at BNP Paribas
MICHAEL BERG
Principal, Investment & Superannuation Advisory Actuarial, Deloitte
SEAN MCGING
Managing Director, McGing Advisory & Actuarial
11:00 MORNING COFFEE & NETWORKING
• What the regulators are saying
• Arbitrage opportunities
• The inconsistency between unlisted assets and daily unit pricing
• The issues with timely and accurate valuations
• The potential to address the issues with price discovery solutions
KYLE RINGROSE
Principal Consultant Athena IOC
• Investments in unlisted assets by global pension funds
• Are unlisted assets better suited to Defined Benefit rather than Defined Contribution super funds
• The need for investments in unlisted assets
• Comparing retail and industry fund asset allocations and unit pricing
• The issues with daily unit pricing and unlisted assets
PANEL MEMBERS:
MICHAEL NIGHTINGALE
Head of Investment Operations, Brighter Super
MATTHEW BAYNES
Senior Manager, Investment Accounting And Operations, Funds SA
DAVID MILLAR
Partner Financial Services, Ernst & Young
MICHAEL BERG
Principal | Investment & Superannuation Advisory | Actuarial, Deloitte
• Common causes of unit pricing errors
• Key elements in an error rectification plan
• Defining what is and what is not an error
• Managing reputation risk
• Why a unit pricing error may be just the tip of the iceberg
THOMAS MCCUTCHEON
Manager, EY
WINONA HUANG
Actuarial Manager at EY
12:40 LUNCH BREAK
• Examples of advanced automation in unit pricing
• How controls can be enhanced with an automated solution
• Integrating the unit pricing system with the investment and registry systems
CIAN O'DRISCOLL
Country Manager, Financial Risk Solutions (FRS) Ltd
• The potential issues with a “black box” solution
• How automation can add integrity
• Would intra day unit pricing introduce additional risks?
• The case for continued manual checks and controls
MODERATOR:
SÉAMUS Ó CONCHEANAINN
Managing Director, CXi Software
PANEL MEMBERS:
MATTHEW BAYNES
Senior Manager, Investment Accounting And Operations, Funds SA
KATHY TAYLOR-HOFMANN
Principal Consultant, Novigi
LISA BATES
Head of Fund Operations at Generation Life
DEBBIE BENNETT
Chief Operating Officer at BetaShares
2:40 AFTERNOON TEA
An overview of new and upcoming Australian regulatory changes, including ASIC guidance or APRA regulations, and how they affect unit pricing frameworks and compliance
PANEL MEMBERS:
DAVID MILLAR
Partner Financial Services, Ernst & Young
JONATHAN STEFFANONI
Managing Partner, Legal & Prudential
• Where to start in a “green field” environment
• Key considerations form the asset owner’s perspective
• Examples of developing the controls with the benefit of hindsight
• How we can learn from historical errors in other organisations
• The need for independent external input into building the internal control framework
• Overview of how unit pricing practices have changed over the past two decades.
• Advances in technology and data processing that have impacted unit pricing accuracy and efficiency.
• Reflection on lessons learned from past issues and scandals related to unit pricing errors.
• Impact of automation and AI on unit pricing processes.
• An assessment of which aspects of APRA’s original guide remain relevant and which may require updates.
• Are the core principles of the guide still applicable in today’s financial landscape?
• Recommendations for updates or modernization of the guide, considering current industry trends.
• Future Outlook for Unit Pricing
MODERATOR:
KYLE RINGROSE
Principal Consultant, Athena IOC
5:00 - 6:00 1 Hour Networking Drinks
KYLE RINGROSE
Principal at Athena IOC
• The objectives of a unit pricing process review
• What is involved in a unit pricing process review
• Useful findings - issues and recommendations from past unit pricing reviews
Theme will be for audience members from funds that use unit pricing to:
- consider the merits of a unit pricing process review; and
- reflect on whether the issues and recommendations shared in the presentation could apply to their funds.
DANIEL BARTLETT
Actuarial Consultant at McGing Advisory & Actuarial
AMIT GADE
Associate Director – Unit Pricing – Asset Servicing, NAB
• Example of a traditional structure
• The advantages and disadvantages of the traditional structure
• Why the traditional structure may be better suited to accumulation accounts rather than income stream accounts
• Accommodating derivative instruments in the unit pricing structure
10:40 MORNING COFFEE
• Do we really need to strike so many unit prices with such high frequency?
• Is the industry offering too many unitised products
• The case for daily or less frequent pricing
• Unit pricing issues as the superannuation industry evolves from wealth accumulation into income paying products
PANEL MEMBERS:
MICHAEL NIGHTINGALE
Head of Investment Operations, Brighter Super
KYLE RINGROSE
Principal Consultant, Athena IOC
Other Panel Members TBA
• Why two heads can often be better than one
• The need for reassurance at Board level
• How insights from other industry players can enhance a unit pricing governance framework
• The dangers of complacency
12:30 LUNCH BREAK
• How large cash flows can impact unit pricing
• Alternative policies to deal with large cash flows
• The pros and cons of using member reserves to correct unit prices
• Why backdating will always be an issue
• How to minimise the impacts of backdating with appropriate policies
MICHAEL NIGHTINGALE
Head of Investment Operations, Brighter Super
• Using software solutions to automate policies
• Ensuring integrity of the unit pricing process
• Minimising the risk of huma error
• Removing ambiguity from unit pricing discretions
14:30 AFTERNOON TEA
• The control framework required for multiple unit pricing clients
• Examples of the service provider’s controls
• The need for independent review of the control framework
• Where the service provider’s controls differ to the asset ownwer’s controls
• The need for the asset owner to become involved in the service provider’s control framework
DANIEL BARTLETT
Actuarial Analyst at McGing Advisory & Actuarial
Discuss how superannuation funds are incorporating ESG factors into unit pricing strategies and reporting, and the financial impact of sustainable investing trends.
• Importance of data accuracy in pricing and valuations
• Building robust controls to ensure data integrity in pricing calculations
• Using data analytics to prevent discrepancies in unit pricing
• Data Analytics and Insights for Unit Pricing Optimization
PANEL MEMBERS:
KIRSTEN GILES
Senior Fund Accountant at Funds SA
DANIEL BARTLETT
Actuarial Analyst at McGing Advisory & Actuarial
Other Panel Members TBA
Closing Remarks from the chair
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