Pension funds are not generally thought of as innovative enterprises. Yet their fiduciary duty as custodians of members’ pension savings requires them to maintain strong returns and provide products and services that benefit their membership. As a 100-year-old public-sector fund — a closed-membership fund available only to current and former employees of the provincial government of Queensland — QSuper recently entered a stark new era. Following a current political trend in Australia, the Queensland government introduced a “choice of fund” policy, no longer requiring its workforce to hold QSuper accounts and propelling the fund into competition with others in the private sector.
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