Suite Talk: Deanne Stewart

How would you describe the current industry landscape, its biggest challenges, and where Aware Super fits in?

The system faces several significant challenges, especially given its rapid growth to over $4 trillion. First, managing that size and complexity brings greater responsibility to invest wisely, both here and globally, and heightened regulatory scrutiny around governance, risk, resilience, and financial crime.

Second, ensuring the maturity, safety, and security of the entire system is crucial.

Third, member expectations are evolving rapidly. More Australians entering retirement expect personalised guidance and higher levels of support – and meeting those expectations is central to our role.

How does Australia’s superannuation industry compare globally, and what can we learn or lead on internationally?

Australia is seen globally as world-class. Many in the US are keen to learn from our approach, and we’re well-positioned to explore international investment opportunities. We genuinely punch above our weight in terms of how effective our system is.

“Australia is seen globally as world-class. Many in the US are keen to learn from our approach, and we’re well-positioned to explore international investment opportunities. We genuinely punch above our weight in terms of how effective our system is.”
- Deanne Stewart, CEO of Aware Super

Australia’s pension system is the fourth-largest globally, despite ranking around 55th by population and 13th economically. Australians entering retirement are becoming some of the wealthiest¹ in the Organisation for Economic Co-operation and Development (OECD), thanks to our strong superannuation and Age Pension.

The key to our success is the system’s compulsory and universal nature, mandated at 12% and preserved until retirement. Internationally, there's growing interest in our defined contribution model, which avoids the funding issues common with defined benefit models.

Another standout feature is the competition and portability between funds – rare globally – which drives innovation and member engagement. At Aware Super, we particularly emphasise providing members help and guidance. That is seen as quite unique and differentiating in the system as well.

Businesses face a challenging economic environment – how are you navigating risks while addressing short-term pressures?

These are definitely volatile times, but managing superannuation means we naturally take a long-term view, which helps us see beyond short-term fluctuations. In fact, given the continued growth of the system, we often ask ourselves: is this a moment to lean in and take on more risk – particularly when there’s a dip in the market?

We’re supported by two key strengths: our long-term perspective, which helps us look beyond political and market cycles, and significant portfolio diversification. Investments in infrastructure, property, and private equity provide buffers against volatility – for example, inflation-linked infrastructure assets offer protection during high inflation periods.

This diversification is central to our consistent long-term performance. Over the past 15 years, Aware Super has delivered strong returns for our members, thanks largely to this diversified, risk-managed approach.

Would you say volatility can be an opportunity, not something to shy away from?

Exactly. We saw this clearly during COVID. Our default life-cycle product adjusts investment risk based on age – more risk for younger members and stability for retirees. When markets dropped sharply during COVID, we leaned in and slightly increased our equity exposure above benchmark. Decisions like this can significantly boost members’ retirement savings over time.

You've recently completed a major digital transformation project – what did you learn, and why is it so important for Aware Super’s future?

Historically, large super funds outsourced most activities. As we've grown, we've realised the benefits of scale and the need to control our member experience. After several mergers, we had multiple administration and digital systems. We decided to lead the industry by investing heavily in technology and innovation to create one unified, seamless experience.

Our investment was driven by a shift in member expectations. Australians now entering retirement want easy, digital access to manage their funds – something less critical when super was mainly in accumulation mode. Aware Super is now a largely digital fund, with most member transactions completed fully online.² We've looked to banks, like CommBank, who’ve excelled through core technology, aiming to replicate that advantage in superannuation.

“Aware Super is now a largely digital fund, with most member transactions completed fully online. We've looked to banks, like CommBank, who’ve excelled through core technology, aiming to replicate that advantage in superannuation.”
- Deanne Stewart, CEO of Aware Super

We’re applying this digital-first thinking to advice, too. Over the past year, more than 100,000 members used our retirement planning tool, which helps set achievable goals using personalised data. Members can include their spouse, factor in the Age Pension, and receive a 'confidence score' and practical advice to boost their retirement outlook.

Personalisation really is our mantra. Retirement is highly individual – health, family, home ownership, risk tolerance, financial buffers, and Age Pension eligibility all come into play. Our approach uses tailored guidance and tools to support members through this personalised journey.

How would you describe your leadership style, and has it changed over your career?

My style has certainly evolved over time, and will continue to with continuous learning. I would call my style ‘human-centred leadership’, balancing clarity – setting a clear, ambitious vision – with genuine care and empathy for people’s lives and challenges. Getting this balance right is crucial.

While there will always be room for growth, I’ve always emphasised two qualities in my career: courage and curiosity. Courage to make bold moves and advocate for what's right; curiosity to stay open, learn, and seek new perspectives. So, clarity and care, alongside courage and curiosity – these define my leadership and guide my growth.

“While there will always be room for growth, I’ve always emphasised two qualities in my career: courage and curiosity. Courage to make bold moves and advocate for what's right; curiosity to stay open, learn, and seek new perspectives.”
- Deanne Stewart, CEO of Aware Super

How has your experience in management consulting – rapidly understanding complex business problems – equipped you for leadership?

Management consulting throws you into complex, C-suite-level issues that you quickly need to grasp and add value to. McKinsey taught me structured problem-solving and clear communication – skills I've relied on throughout my career.

However, at McKinsey, I mostly led people similar to me: overachievers. When I moved to Merrill Lynch, leading diverse teams from varied backgrounds and cultures, I truly learned what leadership means beyond problem-solving – it's about understanding people, relationships, and influence across different perspectives.

“When I moved to Merrill Lynch, leading diverse teams from varied backgrounds and cultures, I truly learned what leadership means beyond problem-solving – it's about understanding people, relationships, and influence across different perspectives"
 - Deanne Stewart, CEO of Aware Super

What's the best advice you've received – and what would you offer someone stepping into a role like yours?

It came when Merrill Lynch asked me to lead their international unit at just 29. My initial reaction was to cry – I felt overwhelmed and unprepared. But the COO told me something I'll never forget: “Don’t think so small – think big.”

That changed everything. It reminded me not to limit myself. We’re all capable of far more than we believe. Honestly, I wasn't perfect and received critical feedback early on. But it taught me to back myself and manage complexity across different cultures and time zones. Taking that risk was tough, but it became one of the most formative experiences of my career.

Now, I aim to help others recognise strengths they might not see and encourage them to grow. That advice still shapes how I lead today.

Looking ahead, what are the core pillars of Aware Super’s long-term strategy, looking five to ten years ahead?

Our vision is simple: reimagining retirement to be super helpful, super simple, and deliver super returns. Retirement today is far more dynamic and personalised than it was 30 years ago. Our goal is to help Australians imagine and achieve the retirement they want – whether it’s travel, part-time work, volunteering, or family.

"Retirement today is far more dynamic and personalised than it was 30 years ago. Our goal is to help Australians imagine and achieve the retirement they want – whether it’s travel, part-time work, volunteering, or family.”
- Deanne Stewart, CEO of Aware Super

Strategically, we focus on our core segments: the care economy (health, education, public service), pre-retirees, and retirees. Everything we do – our digital tools, guidance, education, and advice – is tailored for these members.

On products, we're developing retirement-specific solutions that genuinely support members in their next life stage. That's at the heart of our long-term strategy.

What trends are you observing about Australians heading into retirement, and how does that shape your strategy?

It’s about recognising retirement as a completely different rhythm of life. It’s not the routine of working life anymore. It will look different for you than it will for me – but helping you think that through ahead of time, so you're ready to enjoy those fantastic years in your third age, is an incredible role to play.

Our advisers act not just as financial coaches, but as life coaches, helping members navigate this major transition. There are three key areas we consider: financial wellbeing, emotional wellbeing, and physical health.

Emotionally, retirement often raises questions about purpose and belonging, as people leave behind career-based identities and routines. Health is another critical factor; plans can easily be disrupted by health issues.

While financial security is foundational, our aim is to support members in all these aspects – helping them live fuller, healthier, and more meaningful retirements. Retirement will look different for everyone, but supporting people to plan well ahead for this next life stage is incredibly rewarding.

This interview has been edited for length and clarity.