Australia Moves to Toughen Pension Funds’ Performance Scorecard

The Australian government is moving to tighten an annual performance test for the nation’s A$4.5 trillion ($3.2 trillion) pension industry as concerns grow the current model may be steering investment away from some sectors.

The government has launched a public consultation on the test, which measures pension fund performance against a set of benchmarks, according to a statement from Treasurer Jim Chalmers on Friday. Introduced five years ago, the test was designed to weed out under performing funds.