<p>The long-term investment horizon favoured by superannuation funds is putting Australia's ageing population at risk, according to a new Milliman paper.</p>
<p>The paper argues that the priority on long-term net returns highlighted in the Productivity Commission's draft report is a "dangerous approach which fails to acknowledge the underlying goals of an ageing population and shows that the industry has learnt little from the impact of the global financial crisis."</p>