The $380 billion not-for-profit super industry is conducting a comprehensive review of its structure, led by former Labor MP Greg Combet.
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The review comes amid a hostile political environment for industry funds, with the Royal Commission into Trade Union Governance and Corruption, and an aggressive push by retail funds to compete as default funds in modern awards.
Coalition MPs such as Paul Fletcher have accused unions of piggybacking on the fast-growing super sector to increase their power and influence.
The review is designed to prepare the sector for an ageing population, technological change and a deferral in the increase of compulsory super to 12 per cent of workers' pay.
It will study the industry funds' extensive collectively-owned entities and could lead to asset sales, more investments in areas such as insurance, and more mergers between funds.
The not-for-profit sector accounts for 21 per cent of the superannuation market and has investments in super administration, banking, debt collection, financial planning, property trusts and pension products. Other related-party interests include asset consultants Frontier and global infrastructure business IFM Investors.
The review was commissioned by the lobby group for industry super funds, Industry Super Australia.
ISA chief executive David Whiteley and Cath Bowtell, who unsuccessfully sought Lindsay Tanner's seat of Melbourne and was chief executive of AGEST Super, are also involved.
The review follows the agreed sale of the trouble-plagued super administration company, Superpartners. Superpartners - owned by AustralianSuper, HOSTPLUS, CBus, HESTA and MTAA Super - will be sold to Link Market Services.
