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Adelaide happy to bebackinSouthAustralia. Super SA CEODasciaBennettis ISSUE 439 | OCTOBER 2018 calling cover story

While her passion for public policy and superannuation has seen her career journey extend between and Sydney, Super SA CEO Dascia Bennett says she is happy to be back in South . By BEN POWER

22 Superfunds October 2018 BIANCA DE MARCHI

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Superfunds October 2018 23 ascia Bennett was advising the NSW Government on a amazing member services, which is measurable through restructure of the state’s timber industry when she met greater member advocacy. That’s always evolving.” the late industry fund pioneer and Cbus cofounder, Bennett’s move into superannuation was perhaps even DMavis Robinson. more unlikely given she began her life and early career in the Robinson was at an event giving a speech to the country. She was born in Jamestown, a rural hub 200km north timber workers on super. When she returned to Adelaide of Adelaide. Her parents moved to Clare where they had a she rang Bennett—a fellow native of Adelaide—asking vineyard, and she was educated at Clare High School in the if Bennett wanted a job in the superannuation industry. famed wine region. “I’m definitely a country girl. “Superannuation?” Bennett replied. “I’m more into They say you can take the girl out of the country, but never the government advisory.” country out of the girl.” But Robinson was insistent. “Superannuation is legislation After graduating, she studied to be a teacher; but she being implemented and you’d be fantastic at it. I think you never ended up teaching. Bennett married a broadacre wheat should come and work in super.” and sheep farmer from WA where she lived for 13 years, Bennett relented and began her career in super, and apart experiencing the ravages of droughts. “When you do that you

When you work in super it really gets into your blood; it’s a very dynamic industry. It always energises me to keep working in financial services.

from a stint in banking, she has stayed in the industry since. build some resilience and have to have a bit of courage.” “When you work in super it really gets into your blood; it’s a But things changed dramatically after her divorce. She very dynamic industry. It always energises me to keep working went back to university to study Public Policy at Flinders in financial services.” University as a mature aged student. “I’ve always been a public In December last year Bennett was appointed CEO of policy junky because legislation and politics really does impact Super SA, the $28 billion super provider for ’s everyone’s life,” she says. public sector employees. She faces a significant challenge Following her meeting with Mavis Robinson, Bennett’s in her new role. Bennett must not only manage a highly first job in super was client service manager at the Australian complex fund, and bed down a new administration platform, Retirement Fund (now AustralianSuper). “I loved that role. she must also position the fund for an uncertain post-Royal I loved educating members face to face and connecting to Commission future, including the possible removal of the customers. It’s great working with members where you see fund’s mandated status. that light globe moment. That’s very rewarding where you can “Like other funds, we will face significant challenges make a difference in a member’s life.” around the Royal Commission,” she says. “That’s going to The major turning point of her career was moving to impact all funds and government legislation.” Sydney. She says it was difficult to leave the security of But despite those challenges and uncertainty, Bennett Adelaide and embark on the unknown. One of Bennett’s says in her role as CEO her main focus will be to drive the favourite quotes—which she cites to young colleagues one thing that Super SA’s members want: better—more considering a change—is psychologist Abraham Maslow’s, “in individualised—services. “The key to success is delivering any given moment you have two options: to step forward into

24 Superfunds October 2018 growth, or step back into safety”. found that, despite its size, Super SA members expect the In Sydney Bennett worked with Members Equity Bank, fund to deliver a far more personalised service. “That means then moved back into superannuation, with senior roles treating them as individuals and helping them understand at REST, Energy Industries Superannuation Scheme, and their options.” NGS Super, where she was head of customer strategy and A key part of improving member services is the current roll experience. out of a new administration platform. But Bennett doesn’t rule Bennett says throughout her career she has been prepared out the need to develop strong partnerships to help deliver to take different roles in superannuation which has allowed and improve member experience. “Funds that don’t have scale her to develop a broad skill set. “You have to have a bit of courage to do that,” she says. “I’ve never been afraid to change. And I’ve never been afraid to ask for help. Sometimes asking for people’s advice in the industry can be very humbling; and learning new skills can be very humbling if you take yourself out of your comfort zone.” While she was still in Sydney, Bennett had travelled back to Adelaide to spend time with her grown children who hadn’t followed her to Sydney. So when the role of Super SA CEO emerged, it made sense. A head hunter told her to ‘put her hat in the ring’ for it. “I thought it would be an amazing opportunity; it’s an amazing fund. I feel very privileged to be given this opportunity.” Super SA provides superannuation services and manages $28 billion for 220,000 public sector employees in the state. Super SA is a public sector fund and still a constitutionally protected fund regulated by the State Government and not APRA (though it mirrors APRA regulations). Since joining, Bennett is developing a new three to five- year strategic plan for the fund and “future proofing the fund”. Super SA has lots of complexities including open defined benefit and continues to have a mandated membership. There has been increasing discussion and debate about offering choice of fund. “Super SA will quite possibly have to change compared to what it is today,” Bennett says. “Do we become limited public offer, do we continue to have mandated membership? As part of the strategic direction of the fund, ‘future proofing’ is a key initiative. A number of scenarios are currently being explored by the fund”. Bennett says Super SA is working closely with the SA Government and key stakeholders “to develop a plan for the future which is in the best interest of members; but that also evolves the fund in the manner that would meet all changes at a national level as well”. are going to have to find unique partnerships to continue to More broadly, Bennett says the Royal Commission deliver the services that members want. Fortunately, for Super and Productivity Commission report will impact all funds SA we have good scale.” including Super SA, with a greater spotlight on governance. Bennett is loving being back in Adelaide, though she Bennett says she has one major focus: ensuring Super remains a West Coast Eagles fan from her time in WA, and SA becomes more member-centric. “Even though it’s a a South Sydney Rabbitohs member, a legacy of her 12-year complex business and undergoing significant change and Sydney stint. And she is enjoying riding her bike around the transformation, the key thing is to remain member centric.” city’s hills. “Exercise is something that gives me life balance,” Bennett says research she conducted shortly after joining she says.

Superfunds October 2018 25 cover story

While her greatest personal achievement is “having kids who have grown into “decent human beings”, one of her major personal highlights was recently riding with her hero Cadel In any given moment you Evans, the first Australian to win the Tour de France. “In his career he’s been ambitious and courageous, but he’s always have two options: to step conducted himself with a strong sense of stewardship and integrity; he’s someone you would want to emulate.” forward into growth, or Bennett is also excited about catching up with friends at the ASFA Conference, which starts November 14, in her home step back into safety. town. “I love the ASFA Conference. It’s a very policy driven conference. As a public policy junky I’m just in heaven.” Abraham Maslow It’s also a fantastic opportunity to network with friends and colleagues in the industry. “I’m looking forward to having a nice glass of South with them. That will probably be a Clare Valley or a Coonawarra cab sav!” Head of People and is currently recruiting for a Head of For the moment, Bennett is focusing on tactical issues, Brand and Member Services. “By building good capabilities particularly bedding down Super SA’s new administration we can leverage the insourced model to deliver a far more platform by Christmas and driving efficiencies. “We’re looking personalised service for all our members.” forward to getting through the end of the year. In 2019 we can “There’s always something else to do,” she says. “This really start to be more strategic.” is the thing I love about this industry, it’s always changing. Bennett says Super SA is an “insourced” fund, with internal It’s always dynamic. Our superannuation system has really administration, self-insurance and an in-house call centre. The served Australia incredibly well. Even though with the Royal new platform will not only drive efficiencies but allow greater Commission there might be some gaps there now, I think it’s digital capability. an amazing piece of public policy and continues to serve the Her other immediate focus is “building exceptional country well.” capabilities in the business”. Bennett has appointed a new This photograph by Eliza Sherrard. by Eliza photograph This

Enjoying being back in SA. Dascia recently caught up with lifelong school friend and Super SA member Merry Dickens, who came in to organise her retirement plan.

26 Superfunds October 2018