Pensions lessons from Australia

Jeremy Cooper, chairman of retirement income at Challenger, says an evaluation of Australia's superannuation scheme reveals it could work more in members' interests. He says his group identified the need for fewer funds, for example, as this would deliver cost savings. But he says, contrary to expectations, the self-managed super fund system, allowing some to look after their own pensions investments, was working very well -- showing that people are able to make good independent decisions about their retirement savings.