Poor liquidity management by the $3.9 trillion superannuation sector could threaten financial stability similar to the near-collapse of pension funds in Britain in 2022 after a rush on margin calls, the Reserve Bank has warned.

RBA governor Michele Bullock told senators the sector’s sheer size meant it could “exacerbate ructions in the market” in times of stress, and suggested that increasing members’ ability to access their super could add to this.