Pensions funds and the internationalisation of insurance companies: An Australian example

G37G37 Pensions funds ... An Australian example Introduction G54G68G69G73G20 G70G61G70G65G72G20 G6FG75G74G6CG69G6EG65G73G20 G74G68G65G20 G64G65G76G65G6CG6FG70G6DG65G6EG74G20 G6FG66G20 G74G68G65 G70G65G6EG73G69G6FG6EG20G69G6EG64G75G73G74G72G79G20G69G6EG20G41G75G73G74G72G61G6CG69G61G20G61G6EG64G20G74G68G65G6EG20G65G78G61G6DG2D G69G6EG65G73G20 G74G68G65G20 G69G6DG70G6CG69G63G61G74G69G6FG6EG73G20 G6FG66G20 G74G68G65G20 G6EG65G77G20 G73G79G73G74G65G6DG20 G66G6FG72 G6FG6EG65G20G63G6FG6DG70G61G6EG79G20G74G68G61G74G20G68G61G73G20G63G6FG6DG65G20G74G6FG20G64G6FG6DG69G6EG61G74G65G20G62G6FG74G68 G74G68G65G20G69G6EG73G75G72G61G6EG63G65G20G61G6EG64G20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G20G69G6EG64G75G73G74G72G69G65G73G20G69G6E G41G75G73G74G72G61G6CG69G61G2EG20 G41G4DG50G2CG20 G66G6FG72G6DG65G72G6CG79G20 G63G61G6CG6CG65G64G20 G41G75G73G74G72G61G6CG69G61G6E G4DG75G74G75G61G6CG20G50G72G6FG76G69G64G65G6EG74G20G53G6FG63G69G65G74G79G2CG20G68G61G73G20G73G69G6EG63G65G20G69G74G73G20G64G65G6DG75G2D G74G75G61G6CG69G73G61G74G69G6FG6EG20 G74G61G6BG65G6EG20 G66G75G6CG6CG20 G61G64G76G61G6EG74G61G67G65G20 G6FG66G20 G74G68G65G20 G6EG65G77 G70G65G6EG73G69G6FG6EG20G73G79G73G74G65G6DG2EG20G49G6DG70G6FG72G74G61G6EG74G6CG79G2CG20G68G61G76G69G6EG67G20G61G63G71G75G69G72G65G64 G74G65G6EG20G79G65G61G72G73G20G65G78G70G65G72G69G65G6EG63G65G20 G69G6EG20 G74G68G65G20G73G65G63G6FG6EG64G20G61G6EG64G20G74G68G69G72G64 G70G69G6CG6CG61G72G20G70G65G6EG73G69G6FG6EG20G6DG61G72G6BG65G74G73G20G6FG66G20G41G75G73G74G72G61G6CG69G61G20G61G6EG64G20G68G61G76G2D G69G6EG67G20 G70G75G72G63G68G61G73G65G64G20 G74G68G65G20 G42G72G69G74G69G73G68G20 G63G6FG6DG70G61G6EG79G20 G48G65G6EG64G65G72G2D G73G6FG6EG20G47G6CG6FG62G61G6CG20G49G6EG76G65G73G74G6DG65G6EG74G73G2CG20G69G74G20G69G73G20G6EG6FG77G20G77G65G6CG6CG20G73G65G74G20G75G70 G74G6FG20G65G78G70G61G6EG64G20G66G75G72G74G68G65G72G20G69G6EG74G6FG20G45G75G72G6FG70G65G2E G41G75G73G74G72G61G6CG69G61G20 G66G69G72G73G74G20 G69G6EG74G72G6FG64G75G63G65G64G20 G69G74G73G20 G6DG61G6EG64G61G74G6FG72G79 G65G6DG70G6CG6FG79G65G65G20 G61G6EG64G20 G65G6DG70G6CG6FG79G65G72G20 G66G75G6EG64G65G64G20 G72G65G74G69G72G65G6DG65G6EG74 G70G65G6EG73G69G6FG6EG20 G73G79G73G74G65G6DG20 G69G6EG20 G31G39G39G32G2CG20 G6EG6FG77G20 G6DG6FG72G65G20 G74G68G61G6EG20 G74G65G6E G79G65G61G72G73G20G61G67G6FG2EG20G57G68G69G6CG65G20G74G68G65G20G73G74G72G75G63G74G75G72G65G20G6FG66G20G74G68G65G20G41G75G73G74G72G61G2D G6CG69G61G6EG20 G70G65G6EG73G69G6FG6EG20 G73G79G73G74G65G6DG20 G69G73G20 G63G6FG6EG73G69G64G65G72G65G64G20 G61G6EG20 G61G6EG67G6CG69G2D G63G69G73G65G64G20 G6DG6FG64G65G6CG2CG20 G63G6CG6FG73G65G6CG79G20 G72G65G73G65G6DG62G6CG69G6EG67G20 G74G68G65G20 G55G53G20G61G6EG64 G74G68G65G20G55G4BG2CG20G69G74G20G6DG61G79G20G68G6FG6CG64G20G73G6FG6DG65G20G6CG65G73G73G6FG6EG73G20G66G6FG72G20G53G63G61G6EG64G69G2D G6EG61G76G69G61G6EG20G61G6EG64G20G43G65G6EG74G72G61G6CG20G45G75G72G6FG70G65G61G6EG20G65G63G6FG6EG6FG6DG69G65G73G2CG20G77G68G6F G68G61G76G65G20 G72G65G63G65G6EG74G6CG79G20 G72G65G66G6FG72G6DG65G64G20 G6FG72G20 G61G72G65G20 G63G75G72G72G65G6EG74G6CG79G20 G72G65G2D G66G6FG72G6DG69G6EG67G20G74G68G65G69G72G20G70G65G6EG73G69G6FG6EG20G73G79G73G74G65G6DG73G20G61G6CG6FG6EG67G20G74G68G65G20G6CG69G6EG65 G6FG66G20 G74G68G65G20 G57G6FG72G6CG64G20 G42G61G6EG6BG20 G54G68G72G65G65G20 G50G69G6CG6CG61G72G20 G4DG6FG64G65G6CG2EG20 G54G68G65 G6DG6FG73G74G20G6EG6FG74G61G62G6CG65G20G63G68G61G6EG67G65G73G20G74G68G61G74G20G68G61G76G65G20G6FG63G63G75G72G72G65G64G20G61G73G20G61 G72G65G73G75G6CG74G20G6FG66G20G74G68G65G20G69G6EG74G72G6FG64G75G63G74G69G6FG6EG20G6FG66G20G74G68G65G20G73G79G73G74G65G6DG20G68G61G76G65 G62G65G65G6EG20 G61G20 G64G72G61G6DG61G74G69G63G20 G69G6EG63G72G65G61G73G65G20 G69G6EG20 G70G65G6EG73G69G6FG6EG20 G66G75G6EG64 G61G73G73G65G74G73G2CG20G61G73G20G77G65G6CG6CG20G61G73G20G61G20G64G69G76G65G72G73G69G66G69G63G61G74G69G6FG6EG20G6FG66G20G70G65G6EG73G69G6FG6E by Nick Coates This article examines the internationalisation of AMP – Australia’s first insurance company and largest pension fund. This may seem detached from the interests of Scandinavian Insurance readers. However, there are a number of aspects associated with AMP’s internationalisation of its operations that are relevant. Firstly, it provides lessons for the impact the new Swedish pension system will have on Scandinavian insurance and pension industries. Secondly, it is highly likely that through it’s success in investing pension assets, AMP is now likely to target Northern European pension markets for further international expansion. Dr. Nick Coates is a Visiting Research Fellow at The Baltic States Financial Markets Group, Södertörns Uni- versity College, Sweden. The author wishes to thank Dick Bryan, Mikael Lönn- borg and Michael Rafferty for comments on this paper. Of course, any errors or emissions remain the responsi- bility of the author. Nick Coates G6EG69G63G6BG2EG63G6FG61G74G65G73G40G73G68G2EG73G65 Pensions funds and the internationalisation of insurance companies: An Australian example NFT 1/2002 G37G38 Pensions funds ... An Australian example G66G75G6EG64G73G92G20G70G6FG72G74G66G6FG6CG69G6FG20G69G6EG76G65G73G74G6DG65G6EG74G20G96G20G6DG6FG73G74G20G6EG6FG74G61G62G6CG79G20G61G6E G69G6EG63G72G65G61G73G65G20 G69G6EG20 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20 G61G73G73G65G74G73G20 G68G65G6CG64G20 G62G79G20 G70G65G6EG2D G73G69G6FG6EG20G66G75G6EG64G73G2E G48G6FG77G65G76G65G72G2CG20G61G6EG6FG74G68G65G72G20G66G75G6EG64G61G6DG65G6EG74G61G6CG20G63G68G61G6EG67G65G20G68G61G73 G69G6EG76G6FG6CG76G65G64G20 G74G68G65G20 G72G65G73G68G61G70G69G6EG67G20 G6FG66G20 G62G6FG74G68G20 G74G68G65G20 G70G65G6EG73G69G6FG6E G61G6EG64G20G69G6EG73G75G72G61G6EG63G65G20 G69G6EG64G75G73G74G72G69G65G73G2EG20G57G68G61G74G20G68G61G73G20G65G6DG65G72G67G65G64 G69G73G20 G74G68G61G74G20 G74G68G65G20 G6CG61G72G67G65G72G20 G70G65G6EG73G69G6FG6EG20 G66G75G6EG64G73G2CG20 G6CG69G6BG65G20 G41G4DG50G2C G77G68G6FG20G66G6FG6CG6CG6FG77G65G64G20G61G20G70G6FG6CG69G63G79G20G6FG66G20G67G65G6EG65G72G61G6CG6CG79G20G64G69G76G65G72G73G69G66G79G2D G69G6EG67G20 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An Australian example G70G65G6EG73G69G6FG6EG20G73G79G73G74G65G6DG2EG20G49G6EG64G65G65G64G2CG20G61G73G20G65G61G72G6CG79G20G61G73G20G31G39G38G35G20G74G68G65 G70G6FG74G65G6EG74G69G61G6CG20 G66G75G74G75G72G65G20 G66G69G73G63G61G6CG20 G63G72G69G73G69G73G20 G69G6EG20 G74G68G65G20 G66G6FG72G6DG20 G6FG66 G69G6EG63G72G65G61G73G65G64G20 G70G75G62G6CG69G63G20 G70G65G6EG73G69G6FG6EG20 G70G61G79G2DG6FG75G74G73G2CG20 G77G61G73G20 G61G6CG2D G72G65G61G64G79G20G73G74G61G72G74G69G6EG67G20G74G6FG20G62G65G20G64G69G73G63G75G73G73G65G64G20G77G69G74G68G20G73G69G67G6EG69G66G69G63G61G6EG74 G61G6CG61G72G6DG2E The Impact of Pension Reforms on Superannuation Business G54G75G72G6EG69G6EG67G20 G6EG6FG77G20 G74G6FG20 G74G68G65G20 G69G6DG70G61G63G74G20 G74G68G65G20 G6EG65G77G20 G70G65G6EG73G69G6FG6E G73G79G73G74G65G6DG20 G68G61G73G20 G68G61G64G20 G6FG6EG20 G74G68G65G20 G41G75G73G74G72G61G6CG69G61G6EG20 G66G69G6EG61G6EG63G69G61G6C G73G79G73G74G65G6DG2CG20 G77G65G20 G63G61G6EG20 G73G75G6DG6DG61G72G69G7AG65G20 G74G68G65G20 G69G6DG70G61G63G74G20 G61G73 G72G6FG75G67G68G6CG79G20 G74G68G72G65G65G66G6FG6CG64G3AG20 G28G31G29G20 G69G74G20 G68G61G73G20 G69G6EG63G72G65G61G73G65G64G20 G74G68G65 G6EG75G6DG62G65G72G20G6FG66G20G61G73G73G65G74G73G20G68G65G6CG64G20G62G79G20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G73G3BG20G28G32G29G20G69G74 G68G61G73G20G63G68G61G6EG67G65G64G20G74G68G65G20G73G74G72G75G63G74G75G72G65G20G6FG66G20G65G78G69G73G74G69G6EG67G20G70G65G6EG73G69G6FG6E G66G75G6EG64G73G20 G69G6EG76G65G73G74G6DG65G6EG74G3BG20 G61G6EG64G2CG20 G28G33G29G20 G69G74G20 G68G61G73G20 G61G6CG74G65G72G65G64G20 G74G68G65 G73G74G72G75G63G74G75G72G65G20G6FG66G20G74G68G65G20G66G69G6EG61G6EG63G69G61G6CG20G73G79G73G74G65G6DG2E G54G68G65G20 G67G72G6FG77G74G68G20 G6FG66G20 G70G65G6EG73G69G6FG6EG20 G66G75G6EG64G20 G61G73G73G65G74G73G20 G73G69G6EG63G65 G31G39G39G32G20G68G61G73G20G62G65G65G6EG20G73G74G61G72G74G6CG69G6EG67G2EG20G49G6EG64G65G65G64G2CG20G74G68G65G69G72G20G67G72G6FG77G74G68 G69G73G20 G74G68G65G20 G73G65G63G6FG6EG64G20 G66G61G73G74G65G73G74G20 G69G6EG20 G74G68G65G20 G4FG45G43G44G2EG20 G49G6EG20 G31G39G39G30G2C G41G75G73G74G72G61G6CG69G61G6EG20G69G6EG73G74G69G74G75G74G69G6FG6EG61G6CG20G69G6EG76G65G73G74G6FG72G73G20G64G69G64G20G6EG6FG74G20G72G61G74G65 G61G20 G6DG65G6EG74G69G6FG6EG20 G69G6EG20 G4FG45G43G44G20 G73G75G72G76G65G79G73G20 G6FG66G20 G69G6EG73G74G69G74G75G74G69G6FG6EG61G6C G69G6EG76G65G73G74G6FG72G73G20 G62G79G20 G63G6FG75G6EG74G72G79G20 G72G61G6EG6BG2CG20 G68G61G76G69G6EG67G20 G6FG6EG6CG79G20 G24G33G2EG34 G30 G32 G34 G36 G38 G31G30 G31G32 G31G34 G31G36 G31G39G37 G39 G31G39G38G30 G31G39G38G31 G31G39G38G32 G31G39G38G33 G31G39G38G34 G31G39G38G35 G31G39G38G36 G31G39G38G37 G31G39G38G38 G31G39G38G39 G31G39G39G30 G31G39G39G31 G31G39G39G32 G31G39G39G33 G31G39G39G34 G31G39G39G35 G31G39G39G36 G31G39G39G37 G31G39G39G38 G31G39G39G39 G32G30G30G30G20G28G62 G29 G79G65G61G72 G50 G65 G72 G20 G63 G65G6EG74 Figure 1: Australian Household Savings Ratio (a) G53G6FG75G72G63G65G3AG20G4FG45G43G44G20G45G63G6FG6EG6FG6DG69G63G20G4FG75G74G6CG6FG6FG6B G4EG6FG74G65G73G3AG20G28G61G29G20G69G73G20G72G61G74G69G6FG20G6FG66G20G68G6FG75G73G65G68G6FG6CG64G20G73G61G76G69G6EG67G73G20G74G6FG20G64G69G73G70G6FG73G61G62G6CG65G20G69G6EG63G6FG6DG65G2EG20G28G62G29G20G32G30G30G30G20G69G73G20G61G6EG20G4FG45G43G44G20G65G73G74G69G6DG61G74G65G2E Figure 2: Retirement Incomes Modelling Task-Force Projections of Superannuation Guarantee Contributions to National Savings G53G6FG75G72G63G65G3AG20G52G49G4DG20G54G61G73G6BG66G6FG72G63G65G2CG20G54G72G65G61G73G75G72G79 – G2DG30G2CG32 G30 G30G2CG32 G30G2CG34 G30G2CG36 G30G2CG38 G31 G31G2CG32 G31G39G39G37G2DG39G38 G31G39G38G38G2DG38G39 G31G39G39G39G2DG30G30 G32G30G30G30G2DG30G31 G32G30G30G31G2DG30G32 G32G30G30G32G2DG30G33 G32G30G30G33G2DG30G34 G32G30G30G34G2DG30G35 G32G30G30G35G2DG30G36 G59G65G61G72 G70G65G72G20G63 G65G6EG74G20G6FG66G20G47 G44 G50 G43G68G61G6EG67G65G20G69G6E G50G72G69G76G61G74G65G20G53G61G76G69G6EG67 G28G25G20G6FG66G20G47G44G50G29 G43G68G61G6EG67G65G20G69G6E G4EG61G74G69G6FG6EG61G6C G53G61G76G69G6EG67G20G28G25G20G6FG66 G47G44G50G29 G43G68G61G6EG67G65G20G69G6E G50G75G62G6CG69G63G20G53G61G76G69G6EG67 G28G25G20G6FG66G20G47G44G50G29 G38G30 Pensions funds ... An Australian example G62G69G6CG6CG69G6FG6EG20 G69G6EG20 G61G73G73G65G74G73G20 G6FG72G20 G34G39G2EG33G20 G70G65G72G20 G63G65G6EG74G20 G6FG66G20 G47G44G50G2E G48G6FG77G65G76G65G72G2CG20G62G79G20G31G39G39G37G20G41G75G73G74G72G61G6CG69G61G6EG20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G73 G68G61G64G20 G72G65G61G63G68G65G64G20 G74G68G65G20 G74G6FG70G20 G74G65G6EG20 G77G69G74G68G20 G61G73G73G65G74G73G20 G77G6FG72G74G68 G6DG6FG72G65G20 G74G68G61G6EG20 G38G33G2EG38G20 G70G65G72G20 G63G65G6EG74G20 G6FG66G20 G47G44G50G29G20 G28G4FG45G43G44G2C G31G39G39G38G63G3AG20G33G35G29G2EG20G41G73G20G73G68G6FG77G6EG20G69G6EG20G46G69G67G75G72G65G20G33G2CG20G69G6EG20G53G65G70G74G65G6DG2D G62G65G72G20G31G39G39G39G20G74G6FG74G61G6CG20G73G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G61G73G73G65G74G73G20G72G65G61G63G68G65G64 G24G34G31G35G2EG31G20G41G75G73G20G62G69G6CG6CG69G6FG6EG2EG20G49G74G20G69G73G20G70G72G6FG6AG65G63G74G65G64G20G74G68G61G74G20G73G75G70G65G72G2D 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G74G68G65G20G6EG65G77G20G70G65G6EG73G69G6FG6EG20G73G79G73G74G65G6DG20G74G68G65G72G65G20G77G65G72G65G20G61G70G70G72G6FG78G69G2D G6DG61G74G65G6CG79G20G31G38G36G2CG30G30G30G20G73G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G65G6EG74G69G74G69G65G73G20G6FG70G65G72G2D G61G74G69G6EG67G20 G69G6EG20 G41G75G73G74G72G61G6CG69G61G20 G61G6EG64G20 G31G38G35G2CG30G30G30G20 G66G75G6EG64G73G20 G61G6EG64 G31G2CG33G30G30G20 G61G70G70G72G6FG76G65G64G20 G64G65G70G6FG73G69G74G73G2EG20 G53G75G70G65G72G61G6EG6EG75G61G74G69G6FG6E G63G6FG76G65G72G61G67G65G20G6FG66G20G74G68G65G20G41G75G73G74G72G61G6CG69G61G6EG20G77G6FG72G6BG66G6FG72G63G65G20G69G73G20G68G69G67G68G2D G65G72G20G74G68G61G6EG20G65G69G67G68G74G79G20G6EG69G6EG65G20G70G65G72G20G63G65G6EG74G20G61G6EG64G20G63G6FG76G65G72G61G67G65G20G6FG66 G66G75G6CG6CG2DG74G69G6DG65G20 G65G6DG70G6CG6FG79G65G65G73G20 G69G73G20 G67G72G65G61G74G65G72G20 G74G68G61G6EG20 G39G38G20 G70G65G72 G63G65G6EG74G20G28G41G50G52G41G2CG20G31G39G39G39G3BG20G49G53G43G2CG20G31G39G39G36G2FG39G38G3AG20G37G38G29G2EG20G57G68G69G6CG65 G74G68G65G72G65G20 G61G72G65G20 G61G20 G6CG61G72G67G65G20 G6EG75G6DG62G65G72G20 G6FG66G20 G73G75G70G65G72G61G6EG6EG75G61G74G69G6FG6E G66G75G6EG64G73G20G69G6EG20G41G75G73G74G72G61G6CG69G61G2CG20G74G68G65G72G65G20G69G73G20G61G6CG73G6FG20G61G20G68G69G67G68G20G64G65G67G72G65G65 G6FG66G20G69G6EG64G75G73G74G72G79G20G63G6FG6EG63G65G6EG74G72G61G74G69G6FG6EG2EG20G49G6EG20G74G68G65G20G77G6FG72G64G73G20G6FG66G20G74G68G65 G73G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20 G72G65G67G75G6CG61G74G6FG72G3A G54G68G65G20G69G6EG64G75G73G74G72G79G20G69G73G20G63G6FG6EG63G65G6EG74G72G61G74G65G64G20G61G72G6FG75G6EG64G20G61G20G73G6DG61G6CG6C G6EG75G6DG62G65G72G20G6FG66G20G6CG61G72G67G65G20G66G75G6EG64G73G2CG20G77G68G69G63G68G20G68G6FG6CG64G20G61G70G70G72G6FG78G2D G69G6DG61G74G65G6CG79G20 G38G35G25G20 G6FG66G20 G61G73G73G65G74G73G2CG20 G6FG6EG6CG79G20 G34G25G20 G6FG66G20 G66G75G6EG64G73 G30 G35G30G30G30G30 G31G30G30G30G30G30 G31G35G30G30G30G30 G32G30G30G30G30G30 G32G35G30G30G30G30 G33G30G30G30G30G30 G33G35G30G30G30G30 G34G30G30G30G30G30 G34G35G30G30G30G30 G31G39G39G34G2F G39G35 G31G39G39G35G2F G39G36 G31G39G39G36G2F G39G37 G31G39G39G37 G2F G39 G38 G31G39G39G38G2F G39G39 G31G39G39G39G2F G32G30G30G30 G59G65G61G72 G24G20G4D G69G6CG6CG69G6FG6E G30G2CG30 G32G2CG30 G34G2CG30 G36G2CG30 G38G2CG30 G31G30G2CG30 G31G32G2CG30 G31G34G2CG30 G31G36G2CG30 G31G38G2CG30 G32G30G2CG30 G50 G65 G72G20G63 G65G6EG74 G54G6FG74G61G6CG20G41G73G73G65G74G73 G28G4CG48G53G29 G4FG76G65G72G73G65G61G73 G41G73G73G65G74G73G20G28G4CG48G53G29 G4FG76G65G72G73G65G61G73 G41G73G73G65G74G73G20G61G73G20G25 G6FG66G20G54G6FG74G61G6C G41G73G73G65G74G73G20G28G52G48G53G29 Figure 3: Total Superannuation Assets ‘In’ and ‘Outside’ Australia G53G6FG75G72G63G65G3AG20G41G50G52G41G2CG20G31G39G39G39 G4EG6FG74G65G73G3AG20 G46G69G67G75G72G65G73G20 G61G72G65G20 G66G6FG72G20 G4AG75G6EG65G20 G77G69G74G68G20 G74G68G65G20 G65G78G63G65G70G74G69G6FG6EG20 G6FG66G20G31G39G39G39G2FG32G30G30G30G20G28G53G65G70G74G65G6DG62G65G72G29G2EG20G43G6FG6DG70G6FG6EG65G6EG74G73G20 G6FG66G20G53G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G69G6EG63G6CG75G64G65 G66G75G6EG64G73G20G68G65G6CG64G20G77G69G74G68G20G6CG69G66G65G20G6FG66G66G69G63G65G20G73G74G61G74G75G74G6FG72G79G20G66G75G6EG64G73G20G74G72G61G64G69G74G69G6FG6EG61G6CG6CG79G20G65G78G63G6CG75G64G65G64G20G66G72G6FG6DG20G41G42G53G20G63G61G74G2EG20G35G36G35G35G2EG30G2E G38G31 Pensions funds ... An Australian example G68G61G76G65G20G61G73G73G65G74G73G20G69G6EG20G65G78G63G65G73G73G20G6FG66G20G24G31G6DG69G6CG6CG69G6FG6EG2CG20G61G6EG64G20G37G37G25 G6FG66G20 G66G75G6EG64G73G20 G68G6FG6CG64G20 G6CG65G73G73G20 G74G68G61G6EG20 G24G32G35G30G2CG30G30G30G20 G28G49G53G43G2C G31G39G39G35G2FG39G36G3AG20G37G35G29G2E G49G6EG20G41G75G73G74G72G61G6CG69G61G20G74G68G65G72G65G20G61G72G65G20G6DG61G6EG79G20G76G65G72G73G69G6FG6EG73G20G6FG66G20G73G75G70G65G72G2D G61G6EG6EG75G61G74G69G6FG6EG20 G66G75G6EG64G73G20 G61G6EG64G20 G61G63G63G6FG75G6EG74G73G2EG20 G54G68G65G73G65G20 G61G72G65G3A G63G6FG72G70G6FG72G61G74G65G20 G28G24G36G39G20 G62G69G6CG6CG69G6FG6EG20 G61G73G73G65G74G73G29G3BG20 G69G6EG64G75G73G74G72G79G20 G28G24G33G30 G62G69G6CG6CG69G6FG6EG29G3BG20 G70G75G62G6CG69G63G20 G73G65G63G74G6FG72G20 G28G24G39G36G20 G62G69G6CG6CG69G6FG6EG29G3BG20 G72G65G74G61G69G6C G28G24G31G31G39G20 G62G69G6CG6CG69G6FG6EG29G3BG20 G61G6EG64G20 G65G78G63G6CG75G64G65G64G20 G66G75G6EG64G73G31 G20 G28G24G35G35 G62G69G6CG6CG69G6FG6EG29G20 G28G41G50G52G41G2CG20 G31G39G39G39G3BG20 G49G53G43G2CG20 G31G39G39G37G2FG39G38G3AG20 G36G39G29G2E G42G72G6FG61G64G6CG79G20G74G68G65G73G65G20G63G61G74G65G67G6FG72G69G65G73G20G63G61G6EG20G62G65G20G64G69G76G69G64G65G64G20G69G6EG74G6F G28G31G29G20G69G6EG64G75G73G74G72G79G20G66G75G6EG64G73G2FG70G75G62G6CG69G63G20G73G65G63G74G6FG72G20G66G75G6EG64G73G20G61G6EG64G20G28G32G29 G6DG61G72G6BG65G74G20G70G6FG6FG6CG65G64G20G73G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G66G75G6EG64G73G2CG20G69G6EG63G6CG75G64G2D G69G6EG67G20G63G6FG72G70G6FG72G61G74G65G2CG20G72G65G74G61G69G6CG20G61G6EG64G20G65G78G63G6CG75G64G65G64G2EG20G42G75G74G20G74G68G65G73G65 G63G61G74G65G67G6FG72G69G65G73G20G61G72G65G20G66G61G72G20G66G72G6FG6DG20G65G78G63G6CG75G73G69G76G65G20G77G69G74G68G20G61G20G6EG75G6DG2D G62G65G72G20 G66G75G6EG64G73G2CG20 G6FG66G20 G77G68G69G63G68G20 G41G4DG50G20 G69G73G20 G69G6EG63G6CG75G64G65G64G2CG20 G74G68G61G74 G6FG70G65G72G61G74G65G20 G69G6EG20 G62G6FG74G68G2EG20 G55G73G69G6EG67G20 G47G6FG72G64G6FG6EG20 G43G6CG61G72G6BG92G73 G28G32G30G30G30G3AG38G35G2DG39G33G29G20 G63G61G74G65G67G6FG72G69G73G61G74G69G6FG6EG20 G6FG66G20 G74G68G65G20 G73G74G72G75G63G74G75G72G65 G6FG66G20G4FG45G43G44G20G70G65G6EG73G69G6FG6EG20G69G6EG64G75G73G74G72G69G65G73G20G77G65G20G63G61G6EG20G70G72G6FG62G61G62G6CG79 G73G75G6DG6DG61G72G69G73G65G20G74G68G65G20G41G75G73G74G72G61G6CG69G61G6EG20G73G74G72G75G63G74G75G72G65G20G61G73G20G61G20G63G6FG6DG2D G62G69G6EG61G74G69G6FG6EG20G6FG66G20G4DG6FG64G65G6CG20G41G20G28G77G68G65G72G65G20G74G68G65G72G65G20G61G72G65G20G61G20G6CG61G72G67G65 G6EG75G6DG62G65G72G20G6FG66G20G73G6DG61G6CG6CG20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G73G20G77G68G6FG73G65G20G73G69G7AG65G20G69G73 G75G6EG72G65G6CG61G74G65G64G20G74G6FG20G61G73G73G65G74G73G29G20G61G6EG64G20G4DG6FG64G65G6CG20G42G20G28G77G68G65G72G65G20G74G68G65G72G65 G61G72G65G20 G61G20 G66G65G77G20 G6BG65G79G20 G6CG61G72G67G65G20 G66G75G6EG64G73G20 G74G68G61G74G20 G64G6FG20 G69G6EG74G65G72G6EG61G6C 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G63G69G61G6CG20G69G6EG73G74G69G74G75G74G69G6FG6EG73G20G28G41G42G43G20G54G56G2CG20G32G30G30G30G29G2EG20G42G65G74G74G65G72G20G61G63G2D G63G65G73G73G20 G74G6FG20 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20 G63G61G70G69G74G61G6CG20 G6DG61G72G6BG65G74G73G20 G77G69G6CG6CG20 G6EG6F G64G6FG75G62G74G20G61G73G73G69G73G74G20G41G4DG50G20G69G6EG20G65G78G74G65G6EG64G69G6EG67G20G69G74G73G20G6FG70G65G72G61G74G69G6FG6EG73 G66G75G72G74G68G65G72G20G69G6EG74G6FG20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G73G2E G53G69G6EG63G65G20 G31G39G39G37G20 G41G4DG50G20 G68G61G73G20 G63G6FG6EG63G65G6EG74G72G61G74G65G64G20 G6FG6EG20 G69G74G73 G70G65G6EG73G69G6FG6EG20 G62G75G73G69G6EG65G73G73G20 G61G6EG64G20 G66G75G6EG64G73G20 G6DG61G6EG61G67G65G6DG65G6EG74G2EG20 G49G74 G68G61G73G20G62G65G65G6EG20G74G68G65G20G72G65G6CG61G74G69G76G65G20G73G75G63G63G65G73G73G20G6FG66G20G74G68G69G73G20G73G65G67G6DG65G6EG74 G6FG66G20G69G74G73G20G6FG70G65G72G61G74G69G6FG6EG73G20G74G68G61G74G20G68G61G73G20G6CG65G64G20G74G68G65G20G43G45G4FG20G6FG66G20G41G4DG50 G74G6FG20G65G73G74G69G6DG61G74G65G20G74G68G61G74G20G77G69G74G68G69G6EG20G66G69G76G65G20G79G65G61G72G73G20G74G6FG20G74G65G6EG20G79G65G61G72G73 G37G30G2DG38G30G20 G70G65G72G20 G63G65G6EG74G20 G6FG66G20 G41G4DG50G20 G72G65G76G65G6EG75G65G73G20 G77G69G6CG6CG20 G62G65 G67G65G6EG65G72G61G74G65G64G20 G6FG76G65G72G73G65G61G73G20 G28G42G72G65G6EG63G68G6CG65G79G2CG20 G31G39G39G37G3AG20 G31G33G29G2E G45G6CG73G65G77G68G65G72G65G2CG20 G74G68G65G20 G74G68G65G6EG20 G43G45G4FG20 G47G65G6FG72G67G65G20 G54G75G72G6EG62G75G6CG6C G68G61G73G20G73G74G61G74G65G64G20G74G68G61G74G20G91G69G6EG20G72G65G61G6CG69G74G79G20G41G4DG50G20G69G73G20G6EG6FG77G20G61G20G6DG75G6CG74G69G2D G6EG61G74G69G6FG6EG61G6CG20 G63G6FG6DG70G61G6EG79G20 G77G69G74G68G20 G74G68G65G20 G6DG61G6AG6FG72G69G74G79G20 G6FG66G20 G69G74G73 G30 G31G30 G32G30 G33G30 G34G30 G35G30 G36G30 G37G30 G38G30 G39G30 G31G30G30 G31G39G39G37 G31G39G39G38 G31G39G39G39 G32G30G30G30 G70G65G72G20G63 G65G6EG74 G49G6EG74G65G72 G6EG61G74 G69G6FG6EG61G6CG20G41 G73 G73 G65G74G73 G20 G41G75G73G74G20G41G73G73G65G74G73 Figure 4: Geographical Segmentation of AMP’s Assets for 1997 to 2000 G53G6FG75G72G63G65G3A G41G4DG50 G41G6EG6EG75G61G6CG20G52G65G70G6FG72G74G73 G38G33 Pensions funds ... An Australian example G72G65G76G65G6EG75G65G20G61G6EG64G20G61G73G73G65G74G73G20G6FG75G74G73G69G64G65G20G41G75G73G74G72G61G6CG69G61G92G20G28G41G4DG50G2C G39G20G46G65G62G20G31G39G39G39G3AG20G35G29G2EG20G57G68G69G6CG65G20G74G68G61G74G20 G69G73G20G6EG6FG74G20G73G74G72G69G63G74G6CG79G20G74G68G65 G63G61G73G65G20G74G68G65G20G74G72G65G6EG64G20G69G73G20G63G65G72G74G61G69G6EG6CG79G20G74G72G75G65G2EG20G46G69G67G75G72G65G20G34G20G61G6EG64 G66G69G67G75G72G65G20 G35G20 G73G68G6FG77G20 G41G4DG50G92G73G20 G61G73G73G65G74G73G20 G61G6EG64G20 G70G72G6FG66G69G74G20 G62G79 G67G65G6FG67G72G61G70G68G69G63G61G6CG20G73G65G67G6DG65G6EG74G20G68G61G76G65G20G67G65G6EG65G72G61G6CG6CG79G20G65G78G70G61G6EG64G2D G65G64G20 G6FG76G65G72G73G65G61G73G20 G73G69G6EG63G65G20 G64G65G6DG75G74G75G61G6CG69G73G61G74G69G6FG6EG2EG20G53G65G67G6DG65G6EG2D G74G61G74G69G6FG6EG20G64G61G74G61G20G69G73G20G6EG6FG74G6FG72G69G6FG75G73G6CG79G20G69G6EG61G63G63G75G72G61G74G65G20G61G73G20G69G74G20G67G65G6EG2D G65G72G61G6CG69G73G65G73G20G74G68G65G20G64G65G67G72G65G65G20G6FG66G20G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G61G73G73G65G74G73G20G61G6EG64 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20 G72G65G76G65G6EG75G65G20 G69G6EG74G6FG20 G74G68G65G20 G63G61G74G65G67G6FG72G79G20 G6FG66 G6FG74G68G65G72G20G74G68G61G6EG20G64G6FG6DG65G73G74G69G63G2CG20G62G75G74G20G73G74G69G6CG6CG20G69G74G20G74G65G6CG6CG73G20G61G20G73G74G6FG72G79G2E G34 G46G69G67G75G72G65G20 G34G20 G73G68G6FG77G73G20 G41G4DG50G92G73G20 G6FG76G65G72G73G65G61G73G20 G61G73G73G65G74G73G20 G65G78G2D G70G61G6EG64G69G6EG67G20G64G72G61G6DG61G74G69G63G61G6CG6CG79G20G69G6EG20G74G68G65G20G6CG61G73G74G20G66G6FG75G72G20G79G65G61G72G73G2EG20G49G6E G31G39G39G38G20G6FG76G65G72G73G65G61G73G20G61G73G73G65G74G73G20G77G65G72G65G20G34G32G20G70G65G72G20G63G65G6EG74G20G6FG66G20G74G6FG74G61G6C G61G73G73G65G74G73G2CG20 G62G79G20 G32G30G30G30G20 G74G68G69G73G20 G68G61G64G20 G65G78G70G61G6EG64G65G64G20 G74G6FG20 G36G31G20 G70G65G72 G63G65G6EG74G2EG20G46G69G67G75G72G65G20G35G2CG20G73G68G6FG77G69G6EG67G20G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G70G72G6FG66G69G74G73G2C G69G73G20 G73G6FG6DG65G74G68G69G6EG67G20 G6FG66G20 G61G6EG20 G65G78G63G65G70G74G69G6FG6EG2EG20 G49G6EG74G65G72G6EG61G74G69G6FG6EG61G6C G70G72G6FG66G69G74G73G2CG20G77G68G69G63G68G20G62G65G67G61G6EG20G74G6FG20G65G78G70G61G6EG64G20G69G6EG20G31G39G39G39G20G72G65G61G63G68G65G64 G35G35G20G70G65G72G20G63G65G6EG74G20G6FG66G20G61G6CG6CG20G70G72G6FG66G69G74G73G20G62G75G74G20G74G68G65G6EG20G63G6FG6EG74G72G61G63G74G65G64G2C G69G6EG20 G32G30G30G30G20 G62G61G63G6BG20 G74G6FG20 G61G62G6FG75G74G20 G33G35G20 G70G65G72G20 G63G65G6EG74G2CG20 G6AG75G73G74G20 G61G73 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G61G73G73G65G74G73G20G77G65G72G65G20G65G78G70G61G6EG64G69G6EG67G2EG20G54G68G65G20G69G6EG2D G76G65G72G73G65G20 G74G72G65G6EG64G20 G6DG61G79G20 G62G65G20 G70G72G69G6EG63G69G70G61G6CG6CG79G20 G64G75G65G20 G74G6FG20 G74G68G65 G75G6EG64G65G72G70G65G72G66G6FG72G6DG61G6EG63G65G20 G6FG66G20 G6EG65G77G20 G6FG76G65G72G73G65G61G73G20 G69G6EG76G65G73G74G2D G6DG65G6EG74G73G2E G49G6EG20G74G65G72G6DG73G20G6FG66G20G41G4DG50G92G73G20G6FG76G65G72G73G65G61G73G20G61G73G73G65G74G73G2CG20G69G74G20G6EG6FG77 G68G61G73G20G6FG70G65G72G61G74G69G6FG6EG73G20G69G6EG20G31G36G20G64G69G66G66G65G72G65G6EG74G20G63G6FG75G6EG74G72G69G65G73G2CG20G74G68G65G73G65 G61G72G65G3AG20G55G4BG2CG20G41G75G73G74G72G61G6CG69G61G2CG20G4EG65G77G20G5AG65G61G6CG61G6EG64G2CG20G55G53G41G2CG20G4EG65G74G68G2D G65G72G6CG61G6EG64G73G2CG20 G4CG75G78G65G6DG62G75G72G67G2CG20 G47G65G72G6DG61G6EG79G2CG20 G49G74G61G6CG79G2CG20 G43G61G6EG61G2D G64G61G2CG20 G4AG61G70G61G6EG2CG20 G49G72G65G6CG61G6EG64G2CG20 G49G6EG64G69G61G2CG20 G43G68G69G6CG65G2CG20 G48G6FG6EG67G20 G4BG6FG6EG67 G61G6EG64G20 G43G68G69G6EG61G2E G35 G20 G49G6DG70G6FG72G74G61G6EG74G6CG79G2CG20 G61G6CG6CG20 G6FG66G20 G74G68G65G73G65G20 G63G6FG75G6EG2D G74G72G69G65G73G20G61G72G65G20G69G6EG20G74G68G65G20G70G72G6FG63G65G73G73G20G6FG66G20G70G72G69G76G61G74G69G73G61G74G69G6FG6EG20G6FG72G20G68G61G76G65 G72G65G63G65G6EG74G6CG79G20G70G72G69G76G61G74G69G73G65G64G20G74G68G65G69G72G20G70G65G6EG73G69G6FG6EG20G73G79G73G74G65G6DG73G20G61G6EG64 G6DG6FG76G65G64G20 G74G6FG77G61G72G64G20 G63G6FG6DG70G75G6CG73G6FG72G79G20 G70G72G69G76G61G74G65G6CG79G20 G6DG61G6EG2D G61G67G65G64G20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G20G73G63G68G65G6DG65G73G20G28G73G65G63G6FG6EG64G20G74G69G65G72G20G70G65G6EG2D G73G69G6FG6EG20G73G79G73G74G65G6DG73G20G74G6FG20G75G73G65G20G74G68G65G20G57G6FG72G6CG64G20G42G61G6EG6BG92G73G20G63G6CG61G73G73G69G2D G66G69G63G61G74G69G6FG6EG20G73G79G73G74G65G6DG20G96G20G57G6FG72G6CG64G20G42G61G6EG6BG2CG20G31G39G39G34G29G2EG20G45G75G72G6FG70G65 G61G6EG64G20 G43G68G69G6EG61G20 G61G72G65G20 G74G68G65G20 G6DG61G69G6EG20 G74G61G72G67G65G74G20 G70G65G6EG73G69G6FG6EG20 G6DG61G72G2D G6BG65G74G73G2EG20 G41G73G20 G45G75G72G6FG70G65G20 G69G6EG20 G70G61G72G74G69G63G75G6CG61G72G20 G66G6FG6CG6CG6FG77G73G20 G6FG74G68G65G72 G63G6FG75G6EG74G72G69G65G73G20 G73G75G63G68G20 G61G73G20 G41G75G73G74G72G61G6CG69G61G2CG20 G55G53G2CG20 G43G68G69G6CG65G20 G61G6EG64 G53G69G6EG67G61G70G6FG72G65G20G64G6FG77G6EG20G74G68G65G20G63G6FG6DG70G75G6CG73G6FG72G79G20G70G65G6EG73G69G6FG6EG20G64G69G2D G72G65G63G74G69G6FG6EG2CG20G41G4DG50G20G69G73G20G68G6FG70G69G6EG67G20G69G74G73G20G65G78G70G65G72G69G65G6EG63G65G20G69G6EG20G74G68G65 G41G75G73G74G72G61G6CG69G61G6EG20G6DG61G72G6BG65G74G20G77G69G6CG6CG20G70G6FG73G69G74G69G6FG6EG20G69G74G20G74G6FG20G62G65G63G6FG6DG65G20G61 G6DG61G6AG6FG72G20G69G6EG76G65G73G74G6FG72G20G61G6EG64G20G66G75G6EG64G73G20G6DG61G6EG61G67G65G72G20G6FG66G20G70G65G6EG73G69G6FG6E G73G61G76G69G6EG67G73G2EG20G49G6EG20G41G4DG50G92G73G20G77G6FG72G64G73G20G93G63G61G70G69G74G61G6CG69G73G69G6EG67G20G6FG6EG20G74G68G65 G64G65G72G65G67G75G6CG61G74G69G6FG6EG20 G69G6EG20 G45G75G72G6FG70G65G20 G61G6EG64G20 G72G61G70G69G64G6CG79G20 G67G72G6FG77G69G6EG67 G45G75G72G6FG70G65G61G6EG20 G70G65G6EG73G69G6FG6EG20 G66G75G6EG64G73G20 G6DG61G72G6BG65G74G94G20 G69G73G20 G61G20 G6DG61G6AG6FG72 G67G6FG61G6CG20G28G41G4DG50G20G41G6EG6EG75G61G6CG20G52G65G70G6FG72G74G20G32G30G30G30G3AG31G39G29G2E G41G4DG50G20 G48G65G6EG64G65G72G73G6FG6EG92G73G20 G69G6EG76G65G73G74G6DG65G6EG74G20 G61G72G6DG20 G69G73G20 G74G68G65 G6BG65G79G20 G74G6FG20 G74G68G69G73G20 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20 G65G78G70G61G6EG73G69G6FG6EG2EG20 G48G65G6EG64G65G72G2D G73G6FG6EG20G77G61G73G20G6FG72G69G67G69G6EG61G6CG6CG79G20G61G20G4CG6FG6EG64G6FG6EG20G62G61G73G65G64G20G63G6FG6DG70G61G6EG79 G70G75G72G63G68G61G73G65G64G20 G62G79G20 G41G4DG50G2CG20 G77G68G69G63G68G20 G69G6EG20 G74G68G65G20 G6CG61G73G74G20 G31G32 G6DG6FG6EG74G68G73G20G68G61G73G20G62G65G65G6EG20G77G6FG75G6EG64G20G75G70G20G69G6EG74G6FG20G41G4DG50G92G73G20G6EG65G77 G61G73G73G65G74G20 G6DG61G6EG61G67G65G6DG65G6EG74G20 G61G72G6DG2CG20 G63G61G6CG6CG65G64G20 G48G65G6EG64G65G72G73G6FG6E G47G6CG6FG62G61G6CG20 G49G6EG76G65G73G74G6FG72G73G2EG20 G54G68G69G73G20 G6DG65G61G6EG73G2CG20 G74G6FG67G65G74G68G65G72G20 G77G69G74G68 G41G4DG50G92G73G20G50G65G61G72G6CG20G6CG69G66G65G20G69G6EG73G75G72G61G6EG63G65G2CG20G61G6EG64G20G41G4DG50G20G66G69G6EG61G6EG2D G63G69G61G6CG20G73G65G72G76G69G63G65G73G2CG20G61G6EG64G20G74G68G65G20G6AG6FG69G6EG74G20G76G65G6EG74G75G72G65G20G77G69G74G68G20G56G69G72G2D G67G69G6EG20G28G74G68G65G20G6CG61G74G65G72G20G74G77G6FG20G6FG66G66G65G72G69G6EG67G20G61G20G72G61G6EG67G65G20G6FG66G20G62G61G6EG6BG69G6EG67 G61G6EG64G20 G66G69G6EG61G6EG63G69G61G6CG20 G73G65G72G76G69G63G65G73G29G2CG20 G74G68G61G74G20 G74G68G65G20 G76G61G73G74G20 G62G75G6CG6BG20 G6FG66 G41G4DG50G92G73G20G6FG70G65G72G61G74G69G6FG6EG73G20G61G72G65G20G6EG6FG77G20G72G75G6EG20G6FG75G74G20G6FG66G20G4CG6FG6EG64G6FG6E G30 G31G30 G32G30 G33G30 G34G30 G35G30 G36G30 G37G30 G38G30 G39G30 G31G30G30 G31G39G39G37 G31G39G39G38 G31G39G39G39 G32G30G30G30 G70G65G72G20G63 G65G6EG74 G49G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G50G72G6FG66G69G74G73 G41G75G73G74G20G50G72G6FG66G69G74G73 G53G6FG75G72G63G65G3A G41G4DG50 G41G6EG6EG75G61G6CG20G52G65G70G6FG72G74G73 Figure 5: Geographical Segmentation of AMP’s Profits for 1997 to 2000 G38G34 Pensions funds ... An Australian example G41G4DG50 G4CG6FG63G61G74G69G6FG6EG73 G50G72G6FG64G75G63G74G73G2FG53G65G72G76G69G63G65G73 G43G75G73G74G6FG6DG65G72G73 G46G69G6EG61G6EG63G69G61G6CG20G53G65G72G76G69G63G65G73 G41G73G73G65G74G73G20G3DG20G24G28G6DG69G6CG6CG29G34G39G37G37G37 G41G75G73G74G72G61G6CG69G61 G4CG69G66G65G20G26G20G72G69G73G6BG20G49G6EG73G75G72G61G6EG63G65 G49G6EG64G69G76G69G64G75G61G6CG73 G34G34G25G20G6FG66G20G54G6FG74G61G6CG20G41G73G73G65G74G73 G4EG65G77G20G5AG65G61G6CG61G6EG64 G53G61G76G69G6EG67G73G20G26G20G69G6EG76G65G73G74G6DG65G6EG74G73 G53G6DG61G6CG6CG20G62G75G73G69G6EG65G73G73 G41G4DG50 G53G75G70G65G72G61G6EG6EG75G61G74G69G6FG6E G43G6FG72G70G6FG72G61G74G65G20G61G6EG64G20G49G6EG64G75G73G74G72G79 G41G6EG6EG75G69G74G69G65G73 G53G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G66G75G6EG64G73 G42G61G6EG6BG69G6EG67G20G46G69G6EG61G6EG63G69G61G6CG20G50G6CG61G6EG6EG69G6EG67 G41G4DG50 G4CG6FG63G61G74G69G6FG6EG73 G50G72G6FG64G75G63G74G73G2FG53G65G72G76G69G63G65G73 G43G75G73G74G6FG6DG65G72G73 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An Australian example G28G41G4DG50G2CG20G32G30G30G30G20G41G6EG6EG75G61G6CG20G52G65G70G6FG72G74G3AG20G31G39G29G2E G49G74G20 G68G61G73G20 G62G65G65G6EG20 G41G4DG50G92G73G20 G65G78G70G65G72G69G65G6EG63G65G20 G69G6EG20 G74G68G65G20 G70G65G6EG2D G73G69G6FG6EG20 G69G6EG64G75G73G74G72G79G20 G74G68G61G74G20 G68G61G73G20 G67G69G76G65G6EG20 G69G74G20 G74G68G69G73G20 G61G62G69G6CG69G74G79G20 G74G6F G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG69G73G65G2EG20G57G68G65G74G68G65G72G20G69G74G73G20G6FG70G74G69G6DG69G73G74G69G63G20G66G6FG72G65G2D G63G61G73G74G73G20 G6FG66G20 G37G30G20 G74G6FG20 G38G30G20 G70G65G72G20 G63G65G6EG74G20 G6FG66G20 G72G65G76G65G6EG75G65G2CG20 G69G6EG20 G74G68G65 G66G75G74G75G72G65G2CG20 G63G6FG6DG69G6EG67G20 G66G72G6FG6DG20 G6FG76G65G72G73G65G61G73G20 G65G78G70G61G6EG73G69G6FG6EG20 G61G72G65 G61G63G68G69G65G76G61G62G6CG65G20 G72G65G6DG61G69G6EG73G20 G74G6FG20 G62G65G20 G73G65G65G6EG2EG20 G43G65G72G74G61G69G6EG6CG79 G41G4DG50G92G73G20 G65G78G70G61G6EG73G69G6FG6EG20 G68G61G73G20 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G76G65G6EG74G75G72G65G73 G77G61G73G20G69G6EG20G74G68G65G20G6EG61G74G69G6FG6EG61G6CG20G69G6EG74G65G72G65G73G74G3AG20G61G20G6EG65G77G20G73G6FG75G72G63G65G20G6FG66 G6EG61G74G69G6FG6EG61G6CG20 G77G65G61G6CG74G68G2CG20 G61G20 G6EG65G77G20 G73G6FG75G72G63G65G20 G6FG66G20 G65G78G70G6FG72G74G20 G69G6EG2D G63G6FG6DG65G94G20G28G31G39G39G39G3AG20G32G38G37G2DG38G29G2EG20G48G6FG77G65G76G65G72G2CG20G77G68G65G6EG20G69G74G20G63G61G6DG65 G74G69G6DG65G20G74G6FG20G64G65G66G65G6EG64G69G6EG67G20G74G68G65G20G91G6EG61G74G69G6FG6EG61G6CG20G69G6EG74G65G72G65G73G74G92G20G64G75G72G2D G69G6EG67G20G66G6FG72G65G69G67G6EG20G6FG77G6EG65G72G73G68G69G70G20G62G61G74G74G6CG65G73G20G41G4DG50G92G73G20G6EG61G74G69G6FG6EG2D G61G6CG69G73G6DG20G77G61G73G20G6EG6FG74G20G61G73G20G63G6CG65G61G72G2DG63G75G74G20G72G65G66G6CG65G63G74G69G6EG67G20G69G74G73G20G70G6FG73G69G2D G74G69G6FG6EG20G61G73G20G61G6EG20G69G6EG76G65G73G74G6FG72G20G6FG66G20G6FG74G68G65G72G20G70G65G6FG70G6CG65G73G92G20G73G61G76G69G6EG67G73G2E G41G73G20 G41G4DG50G20 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An Australian example G74G65G6EG64G65G64G20G74G6FG20G73G69G64G65G20G77G69G74G68G20G74G68G65G20G64G65G63G69G73G69G6FG6EG20G74G68G61G74G20G77G61G73G20G69G6EG20G74G68G65 G62G65G73G74G20G69G6EG74G65G72G65G73G74G73G20G6FG66G20G69G74G73G20G6FG77G6EG20G73G68G61G72G65G68G6FG6CG64G65G72G73G20G61G6EG64G20G74G68G69G73 G6CG65G61G64G20G74G6FG20G69G74G73G20G70G6FG6CG69G63G79G20G6FG66G20G6DG61G78G69G6DG69G73G69G6EG67G20G73G68G61G72G65G68G6FG6CG64G65G72 G76G61G6CG75G65G20G6FG6EG20G74G68G65G20G66G75G6EG64G73G20G69G74G20G77G61G73G20G69G6EG76G65G73G74G69G6EG67G20G28G42G6CG61G69G6EG65G79G2C G31G39G39G39G3AG32G38G38G29G2EG20G44G69G76G65G72G73G69G66G69G63G61G74G69G6FG6EG20G61G6CG73G6FG20 G68G61G64G20 G69G74G73G20 G72G6FG6FG74G73 G69G6EG20G74G68G65G20G70G6FG6CG69G74G69G63G61G6CG20G70G72G6FG62G6CG65G6DG73G20G61G73G73G6FG63G69G61G74G65G64G20G77G69G74G68G20G62G65G2D G69G6EG67G20G61G20G6BG65G79G20G69G6EG76G65G73G74G6FG72G20G69G6EG20G61G20G72G65G6CG61G74G69G76G65G6CG79G20G73G6DG61G6CG6CG20G65G63G6FG6EG2D G6FG6DG79G2E Conclusion G57G65G20G68G61G76G65G20G65G78G61G6DG69G6EG65G64G20G74G68G65G6EG20G74G68G65G20G64G65G76G65G6CG6FG70G6DG65G6EG74G20G6FG66 G6DG61G6EG64G61G74G6FG72G79G20 G70G65G6EG73G69G6FG6EG20 G73G61G76G69G6EG67G73G20 G69G6EG20 G41G75G73G74G72G61G6CG69G61G20 G61G6EG64 G6CG6FG6FG6BG65G64G20G61G74G20G68G6FG77G20G74G68G69G73G20G70G6FG6CG69G63G79G20G64G65G76G65G6CG6FG70G6DG65G6EG74G20G61G73G73G69G73G74G2D G65G64G20G69G6EG20G74G68G65G20G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG69G73G61G74G69G6FG6EG20G6FG66G20G6FG6EG65G20G63G6FG6DG70G61G6EG79 G41G4DG50G2EG20G54G68G65G20G66G61G63G74G20G74G68G61G74G20G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G64G69G76G65G72G73G69G66G69G63G61G2D G74G69G6FG6EG20G6FG66G20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G20G69G6EG76G65G73G74G6DG65G6EG74G73G20G6FG63G63G75G72G73G20G61G74G20G74G68G65 G73G61G6DG65G20 G74G69G6DG65G20 G74G68G65G20 G69G6EG73G74G69G74G75G74G69G6FG6EG20 G69G73G20 G65G78G70G61G6EG64G69G6EG67G20 G69G74G73 G6FG70G65G72G61G74G69G6FG6EG73G20G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG6CG79G20G73G68G6FG75G6CG64G20G6EG6FG74G20G62G65G20G73G75G72G2D G70G72G69G73G69G6EG67G2EG20 G42G75G74G20 G74G68G65G73G65G20 G64G65G76G65G6CG6FG70G6DG65G6EG74G73G20 G61G6CG73G6FG20 G73G68G6FG77 G68G6FG77G20G6EG61G69G76G65G20G74G68G65G20G6FG72G69G67G69G6EG61G6CG20G31G39G39G32G20G70G6FG6CG69G63G79G20G6AG75G73G74G69G66G69G63G61G2D G74G69G6FG6EG20G66G6FG72G20G69G6EG74G72G6FG64G75G63G69G6EG67G20G6DG61G6EG64G61G74G6FG72G79G20G70G65G6EG73G69G6FG6EG20G73G61G76G2D G69G6EG67G73G20G72G65G61G6CG6CG79G20G77G61G73G2EG20G41G73G20G6EG61G74G69G6FG6EG61G6CG20G73G61G76G69G6EG67G73G20G68G61G64G20G62G65G65G6E G64G65G63G6CG69G6EG69G6EG67G2CG20 G6DG61G6EG64G61G74G6FG72G79G20 G70G65G6EG73G69G6FG6EG20 G73G61G76G69G6EG67G73G20 G77G61G73 G73G65G65G6EG20G61G73G20G69G6EG63G72G65G61G73G69G6EG67G20G74G68G65G20G6EG61G74G69G6FG6EG61G6CG20G70G6FG6FG6CG20G6FG66G20G73G61G76G69G6EG67G73 G61G76G61G69G6CG61G62G6CG65G20 G66G6FG72G20 G69G6EG76G65G73G74G6DG65G6EG74G2EG20 G54G68G69G73G20 G77G61G73G20 G63G65G72G74G61G69G6EG6CG79 G6EG61G69G76G65G20 G69G6EG20 G61G6EG20 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG69G73G69G6EG67G20 G66G69G6EG61G6EG63G69G61G6CG20 G73G79G73G2D G74G65G6DG2EG20 G41G6EG64G20 G61G73G20 G74G68G65G20 G41G4DG50G20 G65G78G61G6DG70G6CG65G20 G73G68G6FG77G73G2CG20 G74G68G65 G62G75G73G69G6EG65G73G73G20 G66G72G6FG6DG20 G74G68G69G73G20 G73G61G76G69G6EG67G73G20 G70G6FG6CG69G63G79G20 G66G61G63G69G6CG69G74G61G74G65G64 G62G6FG74G68G20 G74G68G65G20 G67G6CG6FG62G61G6CG20 G65G78G70G61G6EG73G69G6FG6EG20 G6FG66G20 G74G68G65G20 G69G6EG73G74G69G74G75G74G69G6FG6E G61G6EG64G20G69G74G73G20G69G6EG76G65G73G74G6DG65G6EG74G20G6FG66G20G74G68G65G73G65G20G70G65G6EG73G69G6FG6EG20G73G61G76G69G6EG67G73G20G96 G74G68G65G20G73G6FG2DG63G61G6CG6CG65G64G20G6EG61G74G69G6FG6EG61G6CG20G73G61G76G69G6EG67G73G2EG20G46G69G6EG61G6CG6CG79G2CG20G77G68G69G6CG65 G74G68G69G73G20G73G74G6FG72G79G20G61G62G6FG75G74G20G41G4DG50G20G61G6EG64G20G74G68G65G20G41G75G73G74G72G61G6CG69G61G6EG20G70G65G6EG2D G73G69G6FG6EG20G73G79G73G74G65G6DG20G6DG61G79G20G73G65G65G6DG20G72G65G6DG6FG76G65G64G20G66G72G6FG6DG20G53G63G61G6EG64G69G2D G6EG61G76G69G61G6EG20G69G6EG73G75G72G61G6EG63G65G20G69G73G73G75G65G73G20 G69G74G20G70G72G6FG76G69G64G65G73G20G73G6FG6DG65G20G69G6EG2D G74G65G72G65G73G74G69G6EG67G20G65G78G61G6DG70G6CG65G73G20G66G6FG72G20G63G75G72G72G65G6EG74G20G62G75G73G69G6EG65G73G73G20G64G65G63G69G2D G73G69G6FG6EG73G20 G66G72G6FG6DG20 G61G20 G70G65G6EG73G69G6FG6EG20 G73G79G73G74G65G6DG20 G74G68G61G74G20 G69G73G20 G6FG6EG6CG79G20 G61 G63G6FG75G70G6CG65G20G6FG66G20G79G65G61G72G73G20G66G75G72G74G68G65G72G20G64G6FG77G6EG20G74G68G65G20G74G72G61G63G6BG2E Notes G31 G45G78G63G6CG75G64G65G64G20G66G75G6EG64G73G20G68G61G76G65G20G66G69G76G65G20G6FG72G20G6CG65G73G73G20G6DG65G6DG62G65G72G73G20G61G6EG64 G74G79G70G69G63G61G6CG6CG79G20 G73G65G72G76G69G63G65G20 G73G65G6CG66G2DG65G6DG70G6CG6FG79G65G64G20 G61G6EG64G20 G70G61G72G74G6EG65G72G2D G73G68G69G70G73G2E G32 G54G68G65G20 G61G64G64G69G74G69G6FG6EG61G6CG20 G63G61G74G65G67G6FG72G69G65G73G20 G61G72G65G3AG20 G4DG6FG64G65G6CG20 G43G2CG20 G6CG61G72G67G65 G66G75G6EG64G73G20G77G69G74G68G20G65G78G74G65G6EG73G69G76G65G20G66G75G6EG64G20G61G6EG64G20G73G65G72G76G69G63G65G20G64G65G6CG65G67G61G2D G74G69G6FG6EG3BG20G61G6EG64G20G4DG6FG64G65G6CG20G44G2CG20G6CG61G72G67G65G20G66G75G6EG64G73G20G77G69G74G68G20G69G6EG74G65G6EG73G69G76G65 G64G65G6CG65G67G61G74G69G6FG6EG2E G33 G49G6EG20G74G68G65G20G77G6FG72G64G73G20G6FG66G20G74G68G65G20G74G68G65G6EG20G41G4DG50G20G63G68G61G69G72G6DG61G6EG2CG20G47G65G6FG72G67G65 G54G75G72G6EG62G75G6CG6CG2CG20G91G4FG6EG63G65G20G77G65G20G68G61G76G65G20G64G65G6DG75G74G75G61G6CG69G73G65G64G20G77G65G20G77G69G6CG6C G68G61G76G65G20G74G68G65G20G73G74G6FG63G6BG20G74G6FG20G75G73G65G20G61G73G20G63G75G72G72G65G6EG63G79G20G73G6FG20G77G65G20G64G6FG6EG92G74 G68G61G76G65G20G74G6FG20G70G75G74G20G69G6EG20G61G6CG6CG20G63G61G73G68G92G20G28G42G72G65G6EG63G68G6CG65G79G2CG20G31G39G39G37G3AG20G31G33G29G2E G34 G54G68G65G20G64G69G73G74G69G6EG63G74G69G6FG6EG20G62G65G74G77G65G65G6EG20G64G6FG6DG65G73G74G69G63G20G61G6EG64G20G69G6EG74G65G72G6EG61G2D G74G69G6FG6EG61G6CG20 G69G6EG76G65G73G74G6DG65G6EG74G20 G6FG72G20 G62G65G74G77G65G65G6EG20 G64G6FG6DG65G73G74G69G63G20 G61G6EG64 G69G6EG74G65G72G6EG61G74G69G6FG6EG61G6CG20G72G65G76G65G6EG75G65G20G63G61G6EG20G62G65G20G61G72G62G69G74G72G61G72G79G20G66G6FG72G20G61G6CG6CG20G74G68G65 G73G61G6DG65G20 G72G65G61G73G6FG6EG73G20 G61G73G20 G42G72G79G61G6EG92G73G20 G28G31G39G39G35G29G20 G63G72G69G74G69G63G69G73G6DG20 G6FG66 G6EG61G74G69G6FG6EG61G6CG20G61G63G63G6FG75G6EG74G69G6EG67G2E G35 G41G20 G6EG75G6DG62G65G72G20 G6FG66G20 G74G68G65G20 G73G6DG61G6CG6CG65G72G20 G6FG76G65G72G73G65G61G73G20 G6FG70G65G72G61G74G69G6FG6EG73 G69G6EG76G6FG6CG76G65G20 G6AG6FG69G6EG74G20 G76G65G6EG74G75G72G65G73G2EG20 G54G68G65G73G65G20 G69G6EG63G6CG75G64G65G20 G6AG6FG69G6EG74G20 G61 G61G67G72G65G65G6DG65G6EG74G20 G77G69G74G68G20 G55G6EG69G74G20 G54G72G75G73G74G20 G6FG66G20 G49G6EG64G69G61G20 G74G6FG20 G69G6EG76G65G73G74 G66G75G6EG64G73G20G69G6EG20G49G6EG64G69G61G20G61G6EG64G20G70G6CG61G6EG73G20G74G6FG20G6CG61G74G65G72G20G6FG66G66G65G72G20G70G65G6EG73G69G6FG6E G70G72G6FG64G75G63G74G73G20G28G41G4DG50G20G31G39G39G39G64G3BG20G44G75G72G69G65G2CG20G31G39G39G39G29G2CG20G41G4DG50G20G68G61G73 G61G6CG73G6FG20G73G65G74G20G75G70G20G74G68G65G20G53G61G6EG6DG61G72G20G47G72G6FG75G70G20G77G68G69G63G68G20G70G72G6FG76G69G64G65G73 G6CG69G66G65G20 G69G6EG73G75G72G61G6EG63G65G20 G61G6EG64G20 G41G4DG50G20 G68G61G73G20 G74G68G65G20 G6DG61G78G69G6DG75G6D G73G68G61G72G65G20 G6FG66G20 G32G36G25G20 G74G6FG20 G77G68G69G63G68G20 G69G74G20 G69G73G20 G6CG65G67G61G6CG6CG79G20 G61G6CG6CG6FG77G65G64G2E G54G68G65G79G20 G68G61G76G65G20 G61G6CG73G6FG20 G73G65G74G20 G75G70G20 G61G20 G70G72G6FG70G65G72G74G79G20 G69G6EG76G65G73G74G6DG65G6EG74 G66G75G6EG64G20 G69G6EG20 G53G69G6EG67G61G70G6FG72G65G20 G77G69G74G68G20 G70G61G72G74G6EG65G72G20 G4BG65G70G70G65G6CG20 G4CG61G6EG64 G28G41G4DG50G63G20 G31G39G39G39G29G2EG20 G4FG74G68G65G72G20 G45G61G73G74G20 G41G73G69G61G6EG20 G61G63G74G69G76G69G74G69G65G73G20 G69G6EG2D G63G6CG75G64G65G20 G41G4DG50G20 G50G61G6EG69G6EG20 G4CG69G66G65G2CG20 G77G68G69G63G68G20 G70G72G6FG76G69G64G65G73G20 G6CG69G66G65 G69G6EG73G75G72G61G6EG63G65G20 G69G6EG20 G49G6EG64G6FG6EG65G73G69G61G20 G28G31G39G39G38G62G3AG20 G37G35G29G2EG20 G49G6EG20 G4AG61G70G61G6E G41G4DG50G20G68G61G73G20G6AG6FG69G6EG74G20G76G65G6EG74G75G72G65G20G77G69G74G68G20G4EG45G43G20G61G6EG64G20G4DG4AG53G2EG20G54G68G65 G4DG4AG53G20G70G61G72G74G6EG65G72G73G68G69G70G20G69G73G20G66G6FG63G75G73G69G6EG67G20G6FG6EG20G70G65G6EG73G69G6FG6EG20G66G75G6EG64G73 G61G6EG64G20 G6DG61G6EG61G67G65G64G20 G66G75G6EG64G73G20 G28G41G4DG50G20 G49G6EG76G65G73G74G6FG72G73G20 G52G65G70G6FG72G74 G32G30G30G31G3AG20G32G32G29G2E References G41G42G43G20G54G56G20G28G31G39G39G39G29G2CG20G91G49G73G20G42G69G67G67G65G72G20G42G65G74G74G65G72G3AG20G54G68G65 G4DG65G72G67G65G72G73G20G57G61G76G65G92G2CG20G4CG61G74G65G6CG69G6EG65G2CG20G32G39G20G4DG61G72G63G68G2C G42G72G6FG61G64G63G61G73G74 G41G4DG50G20G28G31G39G39G36G62G29G2CG20G91G53G75G70G65G72G61G6EG6EG75G61G74G69G6FG6EG20G41G72G6FG75G6EG64G20G74G68G65 G47G6CG6FG62G65G3AG20G49G73G20G74G68G65G20G57G6FG72G6CG64G20G4FG75G72G20G4FG79G73G74G65G72G3FG94G2CG20G41G4DG50 G53G75G70G65G72G54G72G65G6EG64G73G2CG20G49G73G73G75G65G20G33G2CG20G4EG6FG76G65G6DG62G65G72G2CG20G70G70G2EG20G32G33G2DG32G39G2E G28G31G39G39G37G62G29G2CG20G50G72G6FG70G6FG73G61G6CG20G74G6FG20G44G65G6DG75G74G75G61G6CG69G73G65G2CG20G41G4DG50G2C G53G79G64G6EG65G79G2E G28G31G39G39G38G62G29G2CG20G4FG66G66G65G72G20G62G79G20G41G4DG50G20G4CG69G6DG69G74G65G64G20G74G6FG20G41G63G71G75G69G72G65 G41G6CG6CG20G59G6FG75G72G20G47G49G4FG20G53G68G61G72G65G73G2CG20G41G4DG50G2CG20G53G79G64G6EG65G79G2E G28G31G39G39G39G62G29G2CG20G91G41G4DG50G20G42G61G6EG6BG69G6EG67G20G4FG70G65G6EG73G20G66G6FG72G20G42G75G73G69G2D G6EG65G73G73G92G2CG20G50G72G65G73G73G20G52G65G6CG65G61G73G65G2CG20G38G20G44G65G63G65G6DG62G65G72G2C G77G77G77G2EG61G6DG70G2EG63G6FG6DG2EG61G75G2FG20 G20 G61G6DG70G61G75G73G74G72G61G6CG69G61G2FG41G4DG50G2F G43G6FG6EG74G65G6EG74G2F G28G31G39G39G39G63G29G2CG20G91G41G4DG50G20G41G73G73G65G74G20G4DG61G6EG61G67G65G6DG65G6EG74G20G61G6EG64 G38G38 Pensions funds ... An Australian example G53G69G6EG67G61G70G6FG72G65G92G73G20G4BG65G70G70G65G6CG20G4CG61G6EG64G20G74G6FG20G53G65G74G20G55G70G20G50G72G6FG70G65G72G74G79 G46G75G6EG64G92G2CG20G50G72G65G73G73G20G52G65G6CG65G61G73G65G73G2CG20G35G20G4DG61G79G2C G77G77G77G2EG61G6DG70G2EG63G6FG6DG2EG61G75G2FG61G6DG70G61G75G73G74G72G61G6CG69G61G2FG41G4DG50G2F G43G6FG6EG74G65G6EG74G2F G28G31G39G39G39G64G29G2CG20G91G41G4DG50G20G41G6EG6EG6FG75G6EG63G65G73G20G45G6EG74G72G79G20G69G6EG74G6FG20G49G6EG64G69G61G92G2C G50G72G65G73G73G20G52G65G6CG65G61G73G65G73G2CG20G31G39G20G4DG61G72G63G68G2C G77G77G77G2EG61G6DG70G2EG63G6FG6DG2EG61G75G2FG61G6DG70G61G75G73G74G72G61G6CG69G61G2FG41G4DG50G2F G43G6FG6EG74G65G6EG74G2E G28G32G30G30G30G61G29G2CG20G91G54G68G69G6EG6BG20G47G6CG6FG62G61G6CG6CG79G3AG20G57G68G65G6EG20G44G65G63G69G64G69G6EG67 G57G68G65G72G65G20G74G6FG20G70G75G74G20G59G6FG75G72G20G4DG6FG6EG65G79G92G2CG20G41G4DG50G20G47G6CG6FG62G61G6C 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