Improving the governance of superannuation funds in Australia
Date of this Version
Prior to 1945 superannuation was the exception rather than the rule. Individual pensions were uncommon and generally either self funded by the employer as in the case of banks and the public service or were effected through contractual arrangements such as insurance or purchased annuities. A national culture focussed on the availability of the Australian Government pension and a reluctance to embrace the concept of superannuation by many employers and employees. Limitations on trustee investment inhibited the growth of superannuation funds.1
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