In the insurance space, some funds have already moved beyond death and total and permanent disablity (TPD) to the promotion of household and general insurance services to members. It would not be far-fetched for a fund or consortium of funds to position themselves for the future by simply acquiring 100 per cent of a health fund or forming a long-term alliance with a major provider as part of their overall value proposition. Can funds remain as agnostic investment houses or will there be a gradual but greater shift into investment in health and aged care? Will they be driven that way, urged on by governments seeking greater private funding and involvement in the sector and their boomer members wanting a wider range and higher quality of care and accommodation in retirement?

Much depends on which policy settings and options are adopted in the remainder of this decade. But it would seem that the super industry and its constituent funds are becoming well and truly immersed in the social currents that will sweep back and forth across the intergenerational divide. As the super pot grows towards $2 trillion, the expectations of both members and the community will increase. Ideas, campaigns and even legislation as to what and how super should be invested will be debated in the public domain. The young and the taxed will be having their own say, as will the boomers. Super funds’ role as social vehicles may well be defined for them, ready or not.