Over the past three decades, Australia’s compulsory superannuation framework has grown into the world’s fourth-largest pool of pension savings, worth $4.2 trillion. It’s an impressive achievement predicated on generating sustainable long-term investment returns.
The day was always coming when the system would transition from the accumulation phase as the Baby Boomer generation started to exit the workforce. Yet the super industry appears ill-prepared to look after its members as they start to draw down on their retirement savings.
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