Both in Australia and overseas the development of superannuation accounts for individuals occurred during the 1970s and 1980s. In the US and the UK workers paid into a fund that they could draw a pension from when they retired.
During the reign of Margaret Thatcher many UK residents were pushed into private pension schemes that paid commissions to advisers. It did not take long for complaints to reach a crescendo forcing the British courts to look into what had happened. They ruled that 1.6 million people were sold private pensions that were worse than the pension funds they had originally been in.
Australians suffered a similar fate during the 1970s and 1980s. They were lured into private superannuation funds by over optimistic estimates of the value of their superannuation at retirement. As was the case in Britain fiinancial advisers were paid large commissions. The members ended up in funds with high costs and poor investment returns that resulted in their super value ending up much less than had been promised.