SMSF CEO finds new gig

Former SMSF Association head John Maroney has been appointed chief executive of the Singapore-based Global Asia Insurance Partnership.

In this role, he is tasked with accelerating the development of the insurance sector and monitoring emerging risks like pandemic risks, climate change-related risks and increased life expectancy.

Maroney previously ran the Institute of Actuaries of Australia, was a director at Professional Financial Solutions, a principal at Trowbridge Consulting and manager of superannuation public affairs at AMP.

Further, he spent eight years developing global insurance standards at the Bank for International Settlements in Basel as a member of the International Association of Insurance Supervisors.

Although Maroney wasn't looking for a full-time role, the job in Singapore ticked a lot of boxes. First of all, he will was back dealing with global players..

"Singapore is certainly more plugged into the region and the world than Australia, particularly on the insurance side, and it's a different lifestyle," he said.

Nevertheless, he won't be turning his back on Australia.

He is still on the Institute of Actuaries Council, and Australia's prudential regulator is an affiliate member of the partnership.

As for SMSF legislative amendments, he says there is a pipeline that Canberra has agreed to but not yet implemented.

Chief among these is the move to relax the residency rules for SMSF and small, prudentially regulated super funds so that people living overseas can keep control of their funds for five years, up from two years.

"We urged the previous government to extend that to five years but while Canberra has agreed to do it, it's not high on their priority list," he says.

"It's a small thing, but you want senior professionals to be able to move in and out of the country for more than two years without having to effectively either take all their money out and put in the retail fund until they return."

Especially now.

Maroney believes consolidation will further reduce the number of senior positions forcing more people to leave the super industry.

"With the high level of interest in what Australia has developed, there are more and more opportunities opening up internationally for those who have worked in the Australian super industry and funds management," he adds.

"Other countries are looking at shifting from defined benefits into defined contributions and shifting away from corporate plans into larger funds. So I think Australia is a potential recruiting ground.

"Funds opening up and expanding their London offices will give people at different stages in their careers a chance to get that international experience while still working for an Australian organisation."

The chief executive says Australia is seen as a great training ground for people at an early stage of their careers as they often have a greater breadth of responsibility than their US and UK counterparts.

Incidentally, he is looking to take some people with him namely a policy and research analyst and a business development manager.