Paul Schroder

In funding society as we age, absolutely it has, and we've now got an indexed, means-tested age pension, and the median balance is going to go from $160,000 or $165,000 to $465,000.

So the central idea, is it good for the country?

Yes, it's categorically good for the country.

Is it good for business?

Yes, it is already an important way of funding business.

And will households have more money?

Yes, they will.

As to the point of competition, it's a very competitive market.

The rest of the world doesn't understand that here you can move funds in three days and you can create your own fund if you want and you can choose a big fund or a small fund or you can lose a billion dollars by putting 12,000 people onto First Guardian and Shield.

You can choose your own adventure in this system.

No, it shouldn't happen.

That should not happen.

It should not happen and it doesn't have to happen and that's a very important place for government to step in and to protect consumers because most people don't have the financial literacy to help them with those things and some people get flogged very poor products and sometimes people are being approached by comparator websites and getting called saying, oh, would you like to make $50,000 more?

Well, of course I would.

Well, come and buy this nonsense.

It's really important that there's proper consumer protections, because that's a devastating thing to happen to somebody.

So in the aggregate, the super system is very sound and good.

It doesn't work.

It's not perfect for everybody.

It still favors older, wealthier, mostly men over women.