Chief Executive

UniSuper recently welcomed Terry McCredden as our new Chief Executive Officer. Like to know a little more about the man behind UniSuper’s mission? Find out here.

An interview with the Chief Executive Officer

September 2008

In 25 years you’ve seen the super industry come of age. Tell us about some of your most memorable experiences?

I entered the superannuation industry back in 1984, which was around the same time that UniSuper started.

I started out working as a Superannuation Administration Manager for the State Electricity Commission of Victoria. Back then, less than 40% of the workforce had super and those who did were generally public sector or white-collar workers.

Thankfully, some progressive legislative developments back in the 1980s lead to more workers receiving superannuation. As a result, in 1989 I had the opportunity to lead the development of a new superannuation scheme for the staff at Telecom (now Telstra), which would ensure equal benefits for both their blue and white-collar workers.

I served as Telstra Super’s Chief Executive Officer for 18 years, but I’m now looking forward to taking what I have learnt over those years and applying it to a new fund, in a new industry.

You mentioned the “challenge of leading UniSuper into a new era”. Can you give us some insight about what’s on the horizon?

After 25 very successful years, the challenge is to make sure that we continue to deliver innovative and rewarding retirement solutions for UniSuper members.

As the guardians of some 420,000 members’ retirement savings, I want to see if there are any ways that we can better service these members and help them achieve even greater outcomes in their retirement. Can we introduce better educational tools? Can we offer broader financial advice to our members? Can we improve our internal processes? Can we provide even better member and employer services?

Over the next 12 to 18 months, I want to make sure that UniSuper continues to offer members the very highest standard of retirement services. Whether members want to know their account balance, make extra contributions, or simply learn more about super, their UniSuper experience should be quick, easy and seamless.

In the short-term, we will be reviewing how UniSuper performs in all facets, from investments, member services, communications, administration and technology. We will remain member focussed at all times and ensure that UniSuper’s systems and processes are working as efficiently and effectively as possible.

Market volatility is obviously a concern at the moment. Should members be worried?

Unfortunately, significant falls in global investment markets has meant that many of our members are likely to experience negative investment returns this year, possibly for the first time. This is of particular concern for our retirees and flexi pensioners, as in the short-term, the markets may have reduced their account balances.

As in all facets of our business, our aim is to educate and empower members about their investments, to help them understand that market volatility is just a normal part of any investment cycle. That’s why we make sure all of our member services staff are well-equipped to answer any questions you have and we also provide a range of information on our website.

Importantly, UniSuper members can be confident that our Investment Committee and investment staff have in place excellent risk management strategies that they apply to investments. This has been proven over the long-term, where our investment options have performed strongly, particularly compared to many of our competitors.

While it may still be nerve-wracking in the short-term, any investment professor will tell you that you can’t just make calls on the market and go in and out of it at will. It’s about making strategic investment decisions that provide good returns over the long-term.

If you had a single message for UniSuper members, what would it be?

The staff at UniSuper are very conscious that they are stewards of your retirement savings and no matter what the markets throw at us, we will continue to do everything in our power to help you stay on track for retirement.

During this particularly volatile investment period, we encourage you to stay firm in your investment choices. And remember, super is a long-term investment, and even if you have retired, your funds may still be invested for many years to come.

Market downturns don’t last forever, and we can assure you that the staff at UniSuper are doing everything they can to help you live comfortably in retirement for many years to come.