Australia loves to call our super system “world-class”. But if you’re in your late 50s or early 60s trying to turn your super into an actual retirement, the reality is very different. It doesn’t always feel world-class. It feels confusing, piecemeal, inconsistent, and unless you’re with one of the good ones, your fund can feel like it’s still operating in 2014.

ASIC and APRA’s latest Pulse Check on the Retirement Income Covenant was handed down this week – essentially, the superannuation sector’s retirement report card from the regulator – and it confirms what many Australians already sense: the industry is splitting in two.