Big super split on plan for automatic super pension

Australia’s biggest superannuation funds are split on whether customers should be automatically rolled into pension products once they reach retirement age, as the government prepares for an onslaught of Baby Boomers leaving the workforce.

In a new discussion paper Labor has signalled a willingness to adopt the idea, proposed nearly a decade ago by David Murray’s Financial System Inquiry, and heavily advocated since by industry giant, the $300 billion AustralianSuper.