Australia’s multi-billion dollar compulsory superannuation system faces structural changes following a sweeping parliamentary review to check that it is adequately resourced, well regulated and running efficiently.

Remarkably, the Australian pension market, the world’s fourth largest, which is underwritten by compulsory contributions of A$70bn (£35bn, €39bn, $53bn) a year, has not come under scrutiny since its introduction 21 years ago.