London | Australians have been overcharged and under-serviced by their superannuation fund managers for too long – and they need the government to set up a low-fee, open-access sovereign wealth fund to fix the system, says the $575 million Financial Review Rich Lister Graham Tuckwell.

“Billions and billions of dollars a year are being sucked out of the Australian superannuation pot by service providers in one form or another,” he says. “If you compel people to put savings aside, you should give them the ability to invest at a very, very cheap rate. Not just fees but all the associated costs.”