One of the lessons about preventing financial institutions running into problems is to be wary of rapid growth -- another doubling in size in a bit over 3 years? -- and the related diversion of management time and energy to 'growth' as distinct from managing the established business in the interests of the members. A single fund can become too big to be flexible and too much risk rides on a single mangement and investment team.

Super funds need clear open commitments to a set of institutional checks and balances -- and had these been in place in recent years either the word 'balanced' would not have been used to denote the default option or management would have ensured a more objectively balanced asset allocation in the default fund in the GFC context .

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