The country’s third-largest pension fund, Aware Super, billed its members more than $46.3 million for marketing and sponsorship expenses last financial year, double the average of its rivals and fuelling fast-rising expenditure across the industry.
The trend has concerned analysts, who have called for greater expense disclosures and have said an increasingly permissive approach to top-dollar advertising deals is doing little to benefit members or the superannuation system .
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