ASIC’s assault on big super’s failings points to a new phase that will determine whether the big industry funds that dominate the accumulation of retirement capital are best placed to help retirees spend it.
The 3.4 million customers of Australia’s biggest superannuation fund may ask why they are financing an advertising campaign on how their fund is “committed to giving you the best super experience”.
The focus on experience builds on the industry funds’ selling point of building a bigger nest egg through superior investment returns. Now it’s about lifetime member services.
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Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024). Email Michael at mstutchbury@afr.com
