Funds in the Australian pension industry will face enforced consolidation if they do not do a better job at managing the compulsory contributions of millions of workers, the Federal Government’s chief superannuation advisor has warned.
The time for ideological argument was over, said the chair of the Stronger Super Committee, Paul Costello, and the industry should work constructively to implement the Australian Government’s response to the Cooper Review.
The Australian Future Fund’s former general manager, Paul Costello, is the chair of a committee advising the government on the implementation of what could be the most important reforms to the $1.3 trillion Australian superannuation industry since the introduction of compulsory super in 1992.
Four years after becoming its first employee, Paul Costello will leave his role as general manager of Australia’s Future Fund, saying “new leadership” was appropriate now that the A$87 billion ($81.2 billion) vehicle was beyond its “startup phase.”
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