Covid-19 seen likely to accelerate mergers in pension sector

The challenges caused by Covid-19 are seen likely to accelerate consolidation of the pension industry, notably in Australia, as smaller funds struggle to compete for assets and face increasing pressure to improve returns. Earlier this month, Australia’s assistant minister for superannuation, Jane Hume, said the coronavirus crisis had exposed structural weaknesses in the country’s retirement savings system because funds, whose members are from industries such as tourism, retail or …