For those interested here is a quick review of the Australian model showing some of the concerns. The concerns were highlighted in The Financial System Inquiry, which was established to develop a direction for the future of Australia's financial system.
Superannuation is primarily a long-term savings vehicle to fund retirement. Australia’s superannuation sector has grown rapidly in the period since the Wallis Inquiry and is an important source of funding for long-term capital formation, which is important for productivity growth. Although the superannuation system has considerable strengths, the efficiency of the system is a significant issue. Superannuation in Australia is part of a three prong approach to retirement savings.