Innovation is commonly mischaracterised. The Oxford English dictionary defines innovation as “to make changes in something established, especially by introducing new methods, ideas, or products.” When we talk about innovation, we are talking about more than just rolling out new software or revamping business processes. Innovation—done right—embraces creativity and originality to address a problem or exploit an opportunity. Given this, it can be argued that superannuation is, in fact, quite innovative. In recent years there have been several significant innovations in the industry: SuperStream, the introduction of a wide range of new retirement products, as well as numerous instances of...