Honouring David Haynes’ Career: A Retirement Celebration

Today, we have the privilege of sharing insights from David Haynes, a seasoned expert in the superannuation industry and integral part of both AIST and SMC’s teams. David is set to begin a new chapter in retirement soon, so we wanted to celebrate the immense contributions he has made in the superannuation industry since 1981.  
 
David’s journey began in 1981 with the trade union movement, where he saw inequities in existing superannuation schemes that disadvantaged low-paid workers and women. 

Throughout his career, David has been instrumental in setting up superannuation arrangements in higher education, being a pioneer in addressing lost and duplicated super, building financial advice services for ordinary Australians, and being part of landmark changes within the superannuation system.  
 
In this conversation, David emphasises the critical importance of good governance, culture, and regulation in the superannuation industry. Join us as we delve into his experiences and highlights from the journey so far.  

David, tell us about your career and how you initially felt coming into the superannuation industry? 

“I always had a view that superannuation was a really important thing, but I didn’t have super to start with, and my parents both retired with no superannuation at all.  However, I was conscious a lot of public sector workers had it, and they could look forward to a much better life, not just in retirement, but also in terms of the lead up to retirement.  

You know, once public servants with good super turned 50 and their thoughts turned to retirement, they didn’t have to think about it, didn’t have to worry about it. I thought, wouldn’t it be great if everyone could be like that. So that was always very important to me.” 

Do you have any moments that you can think of that were huge pivotal moments in your career in the super sector?  

“There are some changes I have been involved in that have been pivotal in improving the system. And the interesting thing with those is that there wasn’t always a full appreciation of their significance at the time, like when MySuper came in. 

 A whole lot of people said that it’s just codification of what we what we as profit member funds have been doing always or even that it was a race to the bottom!! But in fact, it confirmed  the highest performing funds were profit-to-member funds and set the standard the whole industry needed to aspire to.  

So was putting in place SuperStream, which was the modernizing of super transactions using data standards and electronic transmission.  It wasn’t just about pipes and wires. Super went from being a laggard to a leader in the transaction space in a short space of time – but a decade later it’s time to refresh SuperStream and implement Payday Super to ensure the efficiency of the super system and address the scourge of unpaid super.  

When I stepped into the role of CEO at AUSfund, I was fortunate enough to work alongside the indomitable Mavis Robertson, our chairperson.  Mavis knew it was a stain on our industry that so many small, lost, and unclaimed superannuation accounts existed, and found prevalence of duplicate accounts also troubling.  

Over the next few years, we put innovative processes aimed at tracking down the rightful owners of these lost accounts and reuniting them with their hard-earned money in place. We estimated our work was instrumental in identifying and resolving approximately one million duplicate accounts across various funds. With the active support of many industry funds, we were 15 years ahead of the curve in terms of doing work with that. 

It was also enormously satisfying – and not a little challenging – to be running Industry Fund Services at a time when we were able to greatly increase access to financial planning for ordinary fund members, but the challenge of providing accessible advice services still remains.” 

What do you think is the future of the system? What do you want to happen? 

 “I want to ensure the system remains relevant, important and accountable to members. I believe good governance is the key, and thank goodness, I’ve been involved in a part of the industry where this has always been important. 
 
Maintaining a strong culture within funds is essential, requiring continuous effort and improvement. Boards must address issues proactively to ensure the system benefits all members, stays focused on delivering strong retirement outcomes and isn’t distracted by bells and whistles. 

Superannuation, our system, is the private provision of a public good. So, we’re doing this for the community. Good regulation, good and continually reviewed and updated regulation, is vital for maintaining the system’s integrity. 

The best thing about the establishment of the Super Members Council is that it is the result of a conscious decision by super fund chairs and boards to have a collective voice for the benefit of the members of superannuation funds.” 

And what about your retirement, David?  
 
“I don’t think plans for battle survive the first shot. This isn’t aligned with the popular view that you should have extensive plans for retirement, but I believe retirement will sort itself out for me. I have a large and close family, lots of friends, lots of interests and activities, and endless curiosity. We like to travel. I like to cook. I am a collector of various arcane things, and I’m interested in the arts generally, reading and other things. And I think the combination of those will fill out my life effectively. Maybe I’ll read the Financial Review to see what everyone is doing. And if I need more stimulation. Well then, I’ll go and find it.” 

We thank David for his tireless work in superannuation and most recently, at AIST and now SMC, and wish him a joyful retirement.