Industry funds stand to be amongst those most affected by auto-consolidation, according to Australian Institute of Superannuation Trustees expert David Haynes.
Addressing the Conference of Major Superannuation Funds in Brisbane, Haynes acknowledged that given the growth in group life premiums in the industry funds segment, it was likely they would be most affected.
This was in circumstances where industry funds were the fastest growing segment with respect to life premiums.
Haynes said consolidation in the number of super accounts was imperative in circumstances where there were 28 million super accounts in Australia for just 11 million workers.
He said the challenge had been to find ways of reducing the number of accounts to a reasonable level while at the same time addressing account proliferation.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.