DFK Australia New Zealand Limited (DFKANZ)’s Post

🙋♀️ 𝐂𝐚𝐥𝐥𝐢𝐧𝐠 𝐚𝐥𝐥 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐒𝐜𝐡𝐞𝐦𝐞 𝐓𝐫𝐮𝐬𝐭𝐞𝐞𝐬... 𝑫𝒐 𝒚𝒐𝒖 𝒉𝒂𝒗𝒆 𝒂 𝒔𝒖𝒊𝒕𝒂𝒃𝒍𝒆 𝒂𝒑𝒑𝒓𝒐𝒂𝒄𝒉 𝒕𝒐 𝑬𝒒𝒖𝒊𝒕𝒚, 𝑫𝒊𝒗𝒆𝒓𝒔𝒊𝒕𝒚 𝒂𝒏𝒅 𝑰𝒏𝒄𝒍𝒖𝒔𝒊𝒐𝒏 𝒊𝒏 𝒚𝒐𝒖𝒓 𝒔𝒄𝒉𝒆𝒎𝒆 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒑𝒍𝒂𝒏𝒔? IGA Talent Sourcing Manager, Katie Thompson recently came across the below article which highlights the importance of having a well managed approach to ED&I in order to enhance trustee board decision-making and member outcomes. The Pension Regulator (TPR) uses a definition of diversity that is much broader than that of the Equality Act 2010 and aims to ensure that schemes comply with it's guidance by adopting a proportionate approach. Ignoring TPR's guidance comes with many risks, one of which is groupthink, which can often lead to catastrophic decision-making. However, there are a number of practical steps that can be taken to meet TPR's requirements for ED&I and the below article provides a good summary of these. One of the key takeaways is the recognition that diversity and inclusion are inseparable; one cannot exist without the other, and it is important that individuals realise that they themselves are part of diversity. How far along the inclusion journey are you? We would love to hear your thoughts in the comments below 👇 #PensionScheme #Trustee #Diversity #Inclusion #IGAtalent

The Atal Pension Yojana (APY) has surpassed an impressive 7 crore enrolments! 🎉 In just the financial year 2024-25 alone, over 56 lakh new members have joined this vital initiative. As we celebrate the 10th anniversary of the APY, it’s a testament to our collective efforts in building a universal social security system. This scheme is particularly significant for the poor and workers in the unorganised sector, providing them with a safety net for a secure financial future. As a Chartered Accountant Firm, We recognise the crucial role financial inclusion plays in empowering individuals and fostering economic growth. The APY not only enhances savings culture but also promotes long-term financial planning among our citizens. Let's continue to advocate for initiatives that strengthen our social security framework and support those in need. Together, we can build a more secure and prosperous future for all! 💪 #AtalPensionYojana #FinancialInclusion #SocialSecurity #CACommunity #Empowerment #FinancialPlanning

𝑩𝑷 𝑪𝒐𝒏𝒇𝒍𝒊𝒄𝒕𝒔 𝒐𝒇 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 - 𝒘𝒉𝒚 𝒊𝒕 𝒎𝒂𝒚 𝒔𝒕𝒊𝒍𝒍 𝒃𝒆 𝒑𝒓𝒆𝒗𝒂𝒍𝒆𝒏𝒕 𝒂𝒇𝒕𝒆𝒓 𝒕𝒐𝒅𝒂𝒚 As part of the fall out from Bernard Looney’s sudden departure as CEO, bp has finally got round to updating its conflicts of interest policy by integrating “Relationships at work” guidelines and updating the ethics & compliance register to make recording and managing conflicts of interest easier. But has this gone far enough and are there still clear and obvious conflicts of interest? Indeed is the code of conduct still the right platform to hold these policies when it seems to have fallen into disrepute itself after all pensioner allegations have been swept under the carpet even though bp insists still it is mandatory…🤔 Specifically: ✅ Knowing the code of conduct, and the behaviours shown by bp leaders towards their pensioners, is conflicts of interest the only part of the code that bp thinks need addressing or are their other sections that should change to reflect current practice of harm towards pensioners without any apparent concern internally? What about the code sections that talk to living a purpose and caring for others?How can bp leaders show through their actions, not fancy words, that pensioners are not being harmed at the expense of pursuing the pensioner funds for own purpose? ✅ Are there indeed conflicts of interest amongst bp leaders who may stand to benefit financially through their remuneration schemes, in seeking to take pensioner surplus funds for corporate benefit at the expense of honouring commitments given to pensioners? Does this cloud their moral judgements and provision of care to those who deserve more as vulnerable stakeholders? ✅ Are there conflicts of interest amongst members of the Trustee board in that their allegiances appear stronger to bp than they are to the beneficiaries they serve? Knowing the commitments made to pensioners and the importance of discretionary increases in times of need, should Trustees be doing more when they can see bp refusing fair requests for no good reason? bp has declared a three-month grace period until 1st September on today’s changes. Should it use this time to go further and change parliamentary perception of bp as a morally bankrupt company, to one of high integrity that stands by its code of conduct with no exceptions? Not even exceptions for those pesky old folk that have no value today even if they built the bp we all know today. Will bp seize this opportunity or will it pass and we still see the same bp that has shocked and harmed so many former colleagues and friends? Over to you bp. #bp #codeofconduct #BPpensions

Read what’s being said here, read the comments by respectable BP pensioners, take a look at who is “liking” the post, read more of the background on how BP is treating its UK Defined Benefit pensioners and how it recently lost a case in the US federal court after it fought tooth and nail for 8 years to deprive its ex Sohio pensioners of their rightful pensions and the federal judge ruled that BP committed “fraud or similarly inequitable conduct.” Then become intimately familiar with BP’s Code of Conduct - as BP’s pensioners (once loyal employees) were expected to become during their period of employment. Then consider if BP’s executive leadership actions with respect to its pensioners are even remotely aligned with this Code of Conduct. Somebody needs to take action when a Company’s executive leaders flaunt the #COC in the manner that they are. BP’s UK pensioners are doing just that - they shouldn’t have to but bp has left them no other option. #BPPensions #beyondparsimony #betrayingpensioners #codeofconduct

With female-led #SMSFs growing steadily since 2017, empowered by increased resources and workforce participation, women are taking charge of their financial futures. As Australia gears up for a monumental #intergenerational wealth transfer, women's roles in managing wealth are more crucial than ever. Learn how SMSFs are shaping the financial landscape and empowering women towards greater financial independence in our latest blog. Get in touch with our team of SMSF experts to understand our transparent fee structures, and stay up to date with the regulatory changes and SMSF investment options. #RetirementSavings #FinancialEquality #InvestingForWomen #WealthManagement #Superannuation #WealthTransfer #SMSFInvesting #RetirementPlanning

Always great information from Heather Schreiber, RICP®, NSSA® on Social Security I believe the most likely first step will be for congress to raise the Social Security wage base significantly. May be the most easy thing to do politically. Second would be to increase or change the taxable amount of Social Security for higher incomes: Currently capped at 85%. I could see them going to 100% for higher incomes.

The DFK ANZ Superannuation Committee serves as a nexus where industry expertise converges, facilitated by the active participation of our DFKANZ firms. For the past three years, the committee has been chaired by Daniel Shaw from DFK Benjamin King Money. Daniel has directed this committee with his valuable insights and knowledge propelling professional development within the region and steering the committee to be more than a forum of discussion. Reflecting on his role as chair, Daniel Shaw shares, "The chair role has given me an opportunity to help the DFKANZ network pursue excellence in this area and provided me with further leadership experience. Chairing the group has also opened doors for me, including opportunities to present at the annual conference, which has helped me grow my brand and network." Under Daniel's leadership, the Superannuation Committee is a forum for innovation and collaboration. Members benefit from the invaluable space to share ideas and content, enhancing the group's technical knowledge and driving efficiencies in processes and other areas of their work, to the benefit of their firms and clients. The impact of Daniel's chairmanship extends beyond the committee room, resonating throughout the DFKANZ network. Daniel cultivates stronger connections among member firms, accelerating the cross-pollination of ideas and best practices. This collaborative ethos not only enhances the collective expertise of DFKANZ but also reinforces our position as thought leaders in superannuation planning. #accounting #membership #memberbenefits #thedfkdifference #collaboration #innovation #joinus #associations #associationmanagement #accountant #accountmanagement DFK Everalls, DFK Laurence Varnay, DFK Gray Perry, DFK Hirn Newey, DFK Gooding Partners, DFK PA, DFK Collins, DFK Kidsons, DFK Oswin Griffiths Carlton, CIB Leading Accountants & Business Advisers DFK Nugents

𝐓𝐨𝐝𝐚𝐲 𝐢𝐬 𝐒𝐨𝐜𝐢𝐚𝐥 𝐌𝐨𝐛𝐢𝐥𝐢𝐭𝐲 𝐃𝐚𝐲 So what does that mean for a company like bp? Well bp has asked for us all to “share moments that highlight the importance, value and potential obstacles when championing social mobility.” So for the benefit of the bp ‘leaders’ who are hosting a panel discussion on this topic today, including Kerry Dryburgh (who remains blocked to many due to her concerns of being asked difficult questions that cannot be answered), Ann Davies, and Neil McGuinness, let’s explore this. For the last three years bp has refused to honour decade long promises made to employees to allow their pensions (which average £18,000 per annum) to keep up with inflation. Such has been the devastating affect of this on many vulnerable people, that the loss of income now exceeds 11% and the real loss much worse due to the higher impact of inflation on pensioners (energy, food and care costs particularly). It is no wonder that many are deeply concerned about their remaining years, and where mental health is now a real risk as a result of the behaviours of silent bullying being shown by bp leaders. Leaders that should know better given the knowledge of mental health risk on retirees, and leaders who should behave better if for no other reason than the fact the bp code of conduct expects it. They all have to take personal responsibility to what is now happening. So we can see that bp pensioners are now experiencing downward social mobility, with recognised implications on well being and depression likely amongst many. So let’s see how the bp leadership panel get on with discussing that and if, as they have for over a year now, they will simply choose to ignore this and therefore be complicit in the harm of thousands of vulnerable stakeholders. Stakeholders who lived the bp code of conduct when employed at bp, and who should expect that same code to be applied by leaders towards their care today #bp #BPpensions #Codeofconduct #SocialMobility

THE PERFECT SUPER MODEL   The Royal Commission in 2018 was extremely expensive, but it did not result in the perfect service model for superannuation, as one might have expected. Approximately 170 recommendations were adopted by the government, leading to regulatory changes. However, these changes primarily focused on addressing mistakes made by the financial services industry.   As someone who has specialised in superannuation within the financial services industry for over 30 years, it is evident that the Royal Commission missed the opportunity to improve super outcomes for all Australians by addressing the shortcomings within the existing service models.   Some of the key items overlooked are:   ·      Ensuring all participating products have precise functionality in recording account balances.  ·      Demanding all participating products to openly explain their unique value proposition and clarify what they do not do.  ·      Requiring all participating products to provide a minimum range of asset classes for investment.  ·      Mandating that all other super service providers that provide input and advice should not have conflicts of interest.  ·      Directing all other super service providers to explain their unique value proposition and point of difference.   Perhaps there was a reason for this?   Got questions?   Phone: 1800 111 299 Email: consulting@axisfg.com.au   Web: www.axisfg.com.au   #superannuation #employeebenefits #hr #remunerationbenefits #employeeengagement