A new global model is emerging for pensions: investing in passive funds and shifting towards lower-risk assets as savers age. That was the clear picture that emerged from the global pensions conference run by asset management trade association ICI Global in Geneva last week.

It may come as no surprise to observers of the UK system where these are well-established trends - but it means big changes elsewhere. One market in transition is Australia, a country usually cited as being at the cutting edge of pension reform. Since introducing compulsory savings almost 25 years ago, Australian pension assets have swelled to A$1.6 trillion ($1.5 trillion), or almost as much as the country's gross domestic product.