Consulting and investment giant Mercer predicts the country’s $2.9 trillion compulsory retirement savings sector will shrink from 89 players to just 32 over the next decade, putting out-sized pressure on the funds that remain to deliver for retirees and find more investments overseas.

This consolidation will happen as the pool of savings that the industry controls grows to nearly $7 trillion by 2034. By 2049, Mercer says there will be over $14 trillion of superannuation savings, yet only 18 players.