Australian Super, the country’s biggest superannuation fund, says it is scaling back exposure to equities as the world stares down the twin perils of a resurgent COVID-19 pandemic and rising interest rates, but other super players are not rushing for the exits yet.

The top scorer in APRA’s first-ever superannuation performance test UniSuper said rather than being scared off by the recent dip in global equity markets, it had used it as a buying opportunity.