Australia’s biggest retail superannuation funds are paying out billions more dollars in cash than they are bringing in as the wave of baby boomers reaching retirement age starts to hit the $3.6 trillion sector.
Mercer, Colonial First State, AMP, BT and Insignia had combined net outflows of $10.6 billion in 2022-23, a report by KPMG found.
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correction —
An earlier version of the article said, Mercer, Colonial First State, AMP, BT and Insignia’s cash flows had shrunk by $10.6 billion, but the figure is a sum of their net outflows. It has been corrected.
