The chief executive of one of the country’s biggest retail super funds, Alexis George, has conceded that “big super” has let Australians down when it comes to retirement, helping them build big nest eggs but then “cutting them adrift as they transition” to lives after work.
The AMP boss said this meant older Australians were living frugally in misplaced fear their money would run out before they died, despite many having ample savings for comfortable retirements and the soaring cost of living.
