Management and Regulation of Pension Schemes: Australia a Cautionary Tale

With people on average living longer a substantial part of the pension requirements of the next cohort of retirees needs to be met from savings accumulated during working years. The effective management of these savings is crucial. This book considers the Australian experience, highlighting the extent to which the financial services industry has extracted rents from Australian pensioners, and why this occurred. Based on empirical research the book will demonstrate the numerous problems which have emerged in Australia which include inefficiency and industrial-scale rent extraction. The book goes on to draws lessons from Australia for other developing economies enacting pension reform.