The chairman of the country’s largest retirement savings fund says the superannuation sector has yet to properly grapple with its responsibility to older members who have begun to take billions of dollars out of traditional asset managers and divert them toward more specialised products.
Don Russell, a former public servant and diplomat who was once one of Paul Keating’s closest prime ministerial advisers, is the chairman of AustralianSuper, which manages about $400 billion in savings. In a rare interview, he said there was a growing recognition among super funds “that we do have to better equip members” to draw down their savings.
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