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Rice Warner prepares to shut up shop

Actuarial firm Rice Warner is in the final stages of closing down as its team heads to Deloitte.

At the end of April 2021, Rice Warner will officially cease trading and its consulting staff will all transfer to Deloitte.

Rice Warner was founded by Michael Rice in 1987 and grew to have approximately 50 staff in recent years.

The flagship Rice Warner product was the Superannuation Market Projections report which provided commentary on market trends and projections for asset size.

Since the early 2000s, Rice Warner had worked for several industry super funds and master trusts.

The strategic advice from Rice Warner was credited with assisting both the Australian Retirement Fund and the Superannuation Trust of Australia to merge, which formed AustralianSuper.

Since then, Rice Warner has consulted on a series of mergers including Health Super and VicSuper (which created First State Super, now Aware) and the proposed merger between Media Super and Cbus.

Rice and actuary David Knox have both been active in public policy discussions on superannuation.

Rice Warner said that in 1996 Knox and Rice met with then Prime Minister John Howard to discuss the superannuation guarantee policy. At this meeting, it was decided to leave Labor's policy in place - a catalyst to getting SG to the level of 9%.

Rice Warner was acquired by Deloitte on April 1. Rice Warner's chief executive Andrew Boal, head of superannuation Stephen Freeborn, and executive general manager of insurance Jennifer Baxter will become Deloitte consulting partners.

Rice will join Deloitte in a consulting capacity.

"The move will provide strong career opportunities for our talented team as well as giving us a solid platform to grow our consulting activities.  We have built a business which will be a formidable addition to the capabilities of our new employer, a major multi-disciplinary global consulting firm," Rice Warner said.

"We consider that our brand and reputation has set us aside from our peers.  The brand has been built over many years and is an outcome of our actuarial genesis, strong industry research, active participation in public policy and creative work with clients."

Read more: Rice WarnerDeloitteMichael RiceDavid KnoxAustralian Retirement FundAustralianSuperCbusFirst State SuperHealth SuperJennifer BaxterLaborMedia SuperPrime Minister John HowardStephen FreebornSuperannuation Market ProjectionsSuperannuation Trust of AustraliaVicSuper