Join SkyNews.com.au to watch this full interview and others on Business Weekend at 11am.

Australia will approach having the second largest pension scheme in the world by 2030 if it maintains its current growth and momentum, despite only having a population of about 27 million people currently.

While the nation’s massive superannuation system is seen to be world leading, with rising contributions from workers in July likely to boost it further, it was a point of criticism for Clime Asset Management’s chair John Abernethy.

“It's outsized,” Mr Abernethy told Sky News’ Business Weekend.

“Is it world leading? I don't know, but it's certainly big.”

He highlighted that despite the accomplishments of Australia’s retirement scheme, the nation still sees 70 per cent of retirees claiming some form of government pension when they retire.

“That's hardly a measure of success,” Mr Abernethy said.

“Success would look like if an overwhelming minority of people retiring draw upon the Commonwealth pension.

“We're a long way from that and I don't think it's likely to get under 50 per cent the next 15 or 20 years, so it's not working.”

He also questioned the effectiveness of Australia’s superannuation system, reiterating his concerns about how the huge lump of cash was being distributed.

“It's wonderful to talk about $4t assets, it's wonderful to talk about $8t in 10 years’ time, but what's the distribution of that and how many people is it going to support off the Commonwealth Pension?” Mr Abernethy said.

The interview with Clime Asset Management's chair came as an array of leading super funds were hit by a cyberattack on Friday.

While the savings in most funds’ customers accounts were not touched, some AustralianSuper members were impacted by the breach.

It also follows the Australian Securities and Investments Commission on Monday handing down a report with 34 recommendations that showed major funds are failing grieving families.

Excessive delays and poor customer service mean Aussies are unable to secure the savings and insurance benefits of loved ones who have passed in a timely manner, the review found.

ASIC's recommendations came from a report that examined the handling of claims on the death benefit – the amount of super a person has in their account after they die.

This money can be transferred to a family member and can be used for bills or expenses and can also include life insurance payments.

The corporate watchdog’s commissioner Simone Constant called on funds to review and take action on the death benefit claims, as systemic failures led to added and unnecessary distress after the death of a loved one.

“Grieving Australians should not have to suffer further stress because of the failure of superannuation trustees to approach claims in a timely, clear, and respectful manner,” she said.

“Trustees have not put in place meaningful performance objectives, tracking or reporting and have failed to approach claims handling with consumers front of mind.”