AustralianSuper CEO commits to retirees

Paul Schroder
AustralianSuper - Chief Executive
Date: 1 October 2021
Position: Chief Executive
By Elizabeth Fry

On Tuesday, which marked Paul Schroder's first day as the official head of AustralianSuper, he pledged to help members achieve the best retirement outcomes.

"Ensuring Australians who are members of AustralianSuper have more money to fund their retirement is the absolute focus for me and the executive team," Schroder said.

"We must continue to use our size scale and skill to deliver better outcomes for members through strong, consistent returns over the long term, keeping fees low, and meeting changing community expectations."

"Our super system is among the best in the world - superannuation funds like AustralianSuper, in growing members' balances, not only help fund the future of Australians but also the future of Australia," the new Aussie Super boss noted.

However, while there is no doubt that Australia has built an impressive defined contribution system, accumulation is the easy part of the pension cycle. Turning accumulated contributions into sustainable retirement incomes remains a challenge for funds.

With the Retirement Income Covenant taking effect next July, the super funds have switched their focus from wealth accumulation to the provision of sustainable retirement income products.

Schroder lists the challenges for AustralianSuper as helping members better understand their superannuation, connecting with young people, developing new products to meet the needs of members especially in retirement, and improving service through digital platforms

"AustralianSuper is a long-term and patient investor in Australian businesses, infrastructure, and the nation's capital markets," he added.