Rest Super’s own staff say the industry retirement fund has a poor understanding of risk management roles and their responsibilities, with internal surveys also suggesting nearly half the investment governance team was considering quitting within two years.

The sentiment survey of Rest’s investment risk and governance team came to those conclusions just as the superannuation sector, which manages about $4.2 trillion in retirement savings, faces increased scrutiny from the regulators for the way it manages non-financial issues including how quickly members’ funds are paid out and how prepared funds are for cyberattacks or the failure of major service suppliers.