“Complacent” Australian super funds face mergers

Questions have been raised about Australian government proposals that could force underperforming superannuation funds to merge or exit the system. The changes would likely mean savings for members but result in the closure of numerous sub-scale funds, noted consultants. The Productivity Commission – which advises the government on microeconomic policy – released a 256-page draft report at the end of March investigating ways to reduce super fees and streamline the number of accoun…