Kevin Liu

Undergraduate Actuarial Program Coordinator
Senior Lecturer

Kevin Liu is the Undergraduate Program Co-ordinator of the School of Risk and Actuarial Studies at the University of New South Wales. Prior to joining UNSW in 2011, Kevin served in the research department at the Australian Prudential Regulation Authority (APRA). He has an honours degree and a PhD in Finance from the University of Sydney.

Kevin’s primary area of expertise is superannuation and retirement income policy. Kevin’s current research projects focus on the governance and performance of superannuation funds; regulation and supervision of superannuation and private pension funds; systemic risk in retirement systems; and retirement saving and investment decision making. Kevin has led and participated in grant projects attracting over $300,000 dollars in public and industry funding.

Kevin is also a regular contributor to superannuation policy discussions, and his research is cited by major public reviews and inquiries. He served on two APRA working groups on investment governance and trustee governance in conjunction with the post-Cooper Review (Super System Review) superannuation reforms. Kevin has been a consultant on superannuation governance and performance issues to APRA and Industry Super Australia (ISA), and was a member of the Productivity Commission’s Industry Roundtable on the efficiency and competitiveness of the superannuation system.

Besides carrying out his research agenda, Kevin is also engaged in teaching developments. He believes that educators can inspire and empower students by developing and delivering inspirational learning experiences through the integration of a career-focused educational approach and innovative educational technologies. Kevin has designed and delivered four new courses in superannuation, retirement planning and risk management for undergraduate, postgraduate and professional students at UNSW. The newly developed retirement planning course received the AFA (Association of Financial Advisers) Plan for Life “Annuity & Income Stream Innovation Award” in 2014. Kevin also received the UNSW Business School Teaching Excellence Award for “A Program that Enhances Learning” in 2017. Kevin is also a director of Understanding Super, a not-for-profit start-up company that provides free financial literacy education through website and mobile app to help young people understand superannuation.

Research interests

Kevin has research interests in the areas of superannuation and retirement income policy. His current research investigates the operation, structure and performance of superannuation funds; the governance and regulation of superannuation and pension funds; systemic risk in retirement systems; retirement saving and investment decisions; and pension reform in China.

Research Grants

  • 2016-2017: Team Leader and Chief Investigator (with E Ooi), Industry Research Grant, Industry Super Australia, $50,000.
    Governance, related-party outsourcing and MySuper performance of Australian Superannuation Funds
  • 2016: Chief Investigator (with E Ooi and P Gerrans), UWA Business School Research Development Awards (BSRDA), $8,000.
    Who is Best to Look After Our Retirement Savings? The Role of Trustee Independence for Superannuation Fund Boards
  • 2015: Chief Investigator, UNSW Business School Research Grants (BSRG), $20,000.
    Does Governance Explain Heterogeneous Fees for Homogeneous Products? Trustee Board Structure and Default Product Fee-setting in the Australian Superannuation Industry
  • 2014: Chief Investigator, UNSW Business School Research Grants (UNSW Business School Research Grant), $25,000.
    Are Trustees Rewarded for Performance? The Remuneration of Superannuation Fund Trustees and Its Determinants
  • 2013-2014: Chief Investigator (with B Arnold, H Bateman, R Buckley, S Donald), Centre for International Finance and Regulation (CIFR) Research Grant (with Australian Prudential Regulation Authority), $200,800 over 2 years. Identifying, Monitoring and Managing Systemic Risks in Australia's Superannuation System
  • 2013: Investigator (with H Bateman),The ARC Centre of Excellence in Population Ageing Research (CEPAR) Research Grant, $15,000.Retirement Income Provision in China: The impact of Household Characteristics and Regional Differences
  • 2013: Chief Investigator UNSW Business School Special Research Grant (SRG), $10,000. Can Trustee's Expertise be Trusted? The Competence of Superannuation Fund Trustees and Its Implications on Fund Performance

 

publications

Conference Posters
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Lutze-Mann L; Amberer M; Bilbao J; Binder T; Carlon S; Chen Z; Davis S; Dedova I; Eaton R; Holdom R; Jones P; Kanapathipillai K; Lapere K; Liu K; Mak C; Neal P; Oliver C; Pather N; Smith F; Sulway S; Taylor S; Velan G; Watson K, 2018, 'Digital assessment: empowering students and supporting teachers through innovative student-oriented educational practices', UNSW Sydney, presented at 2018 UNSW Learning and Teaching Forum — Partners in Learning: Connecting Communities, UNSW Sydney, 26 October 2018
2018
Journal articles
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Liu K; Ooi E, 2018, 'When Boards Use Related Parties: Outsourcing And Superannuation Fund Performance', Accounting and Finance, vol. 59, pp. 715 - 746, http://dx.doi.org/10.1111/acfi.12379
2018
Bateman H; Liu K, 2017, 'Pension reform: Australia and China compared', Economic and Political Studies, vol. 5, pp. 456 - 474, http://dx.doi.org/10.1080/20954816.2017.1384620
2017
Donald S; Bateman H; Buckley R; Liu K; Nicholls R, 2016, 'Too Connected to Fail: The Regulation of Systemic Risk within Australia's Superannuation System', Journal of Financial Regulation, vol. 2, pp. 56 - 78, http://dx.doi.org/10.1093/jfr/fjv010
2016
Jarnecic E; Liu K; Issa G, 2015, 'The Role of Retail and Institutional Traders in Options Markets', The Journal of Derivatives, pp. 1 - 14, http://dx.doi.org/10.3905/jod.2015.2015.1.048
2015
Liu K; Arnold B, 2013, 'Superannuation and the Cost of Insurance', JASSA - Journal of the Securities Institute of Australia, vol. 1, pp. 56 - 59, http://search.informit.com.au/documentSummary;dn=285087016265336;res=IELBUS
2013
Liu K; Arnold B, 2013, 'Superannuation and Insurance: Related Parties and Member Cost', The Journal of Superannuation Management, vol. 5, pp. 44 - 52, http://www.fssuper.com.au/media/library/FS_Advice/FS_Super_Superannuation_and_insurance-_related_parties_and_member_cost.pdf
2013
Liu K; Arnold B, 2010, 'Australian Superannuation Outsourcing', JASSA - Journal of the Securities Institute of Australia, pp. 6 - 11, http://search.informit.com.au/documentSummary;dn=829671292362231;res=IELAPA
2010
Sy W; Liu K, 2010, 'Improving the Cost Efficiency of Australian Pension Management', Rotman International Journal of Pension Management, vol. 3, pp. 38 - 47, http://dx.doi.org/10.2139/ssrn.1618830
2010
Working Papers
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Liu K; Ooi E, 2017, When Boards Use Related Parties: Outsourcing and Superannuation Fund Performance?, http://dx.doi.org
2017
Liu K; Ooi E, 2016, What Drives Trustee-Director Compensation in Australian Superannuation Funds?, http://dx.doi.org
2016
Liu K, 2015, Governance and Performance of Private Pension Funds: Australian Evidence, http://dx.doi.org
2015
Nicholls R; Donald S; Liu K, 2015, It's a Small World after All: Using Social Network Analysis to Investigate Systemic Risk in the Australian Superannuation Sector, http://dx.doi.org
2015
Bateman H; Liu K, 2013, Pension reform in China: Racing against the demographic clock, http://dx.doi.org
2013
Reports
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Liu K; Arnold B, 2012, Superannuation and Insurance: Related Parties and Member Cost, Australian Prudential Regulation Authority, Australia, APRA Working Paper, http://www.apra.gov.au/AboutAPRA/Documents/SA_WP_SIRPMC_102012_ex.pdf
2012
Liu K; Arnold B, 2010, Australian Superannuation Outsourcing: Fees, Related Parties and Concentrated Markets, Australian Prudential Regulation Authority, Australia, APRA Working Paper, http://www.apra.gov.au/AboutAPRA/Documents/SA_WP_ASOFRP_072010_complete.pdf
2010
Liu K; Arnold B, 2010, Australian Superannuation - The Outsourcing Landscape, Australian Prudential Regulation Authority, Australia, APRA Working Paper, http://www.apra.gov.au/AboutAPRA/Documents/SA_WP_ASOL_072010_overview-3.pdf
2010
Sy W; Liu K, 2009, Investment Performance Ranking of Superannuation Firms, Australian Prudential Regulation Authority, Australia, APRA Working Paper, http://www.apra.gov.au/AboutAPRA/Documents/SA_WP_IPRSF_062009_ex.pdf
2009