The chairwoman of Australia’s newest superannuation fund has hit out at funds such as Hostplus and Maritime Super for engaging in pseudo-mergers that do not deliver the best outcomes for members.

Naomi Edwards, chairwoman of the $23 billion Spirit Super, has also criticised parts of the $3 trillion sector for “getting wealthy on the back of a compulsory superannuation system” and backed a “relentless” drive to make the system the best in the world.