In Australia, the term 'Retail superannuation fund
There are various providers of retail super funds in Australia. Australia's four major banks, historically provided superannuation as a component of wealth management services. In recent years however, some international players have entered the market including Vanguard.
Retail fund managers have lobbied for legislative changes that reduce a differential treatment between industry funds and retail funds. One reform that has been advocated for is the de-regulation of workplace default funds; such as by removing certain funds from being a default payment option under Australia's award system.
Not being established in the manner of industry funds, the boards of trustees for retail funds typically do not consist of trade union or employer representatives.
As at July 2018, the major retail super funds were:
Now defunct funds include:
In 2012, the Abbott government committed to opening up the default fund section system suggesting that doing so will generate greater competition.[5]
Testimony at the Hayne Royal Commission highlighted conflicts of interest where retail super funds are owned by banks; including bank advisors recommending a retail super fund to their customers, even where not in the best interest of the prospective member.[6] Following the Royal Commission, several banks commenced processes to dispose of their wealth management divisions.