(Bloomberg) -- Australia may see pension funds with at least A$1 trillion ($712 billion) in assets as the size of the nation’s retirement savings pool almost triples within 20 years. 

That’s the view of Linda Elkins, head of KPMG’s asset and wealth management practice in Australia, who anticipates AustralianSuper Pty., the nation’s largest pension and Australian Retirement Trust to hit that threshold by 2040. At the same time, the nation’s savings pool will be about A$8.6 trillion, she said. 

Australia’s retirement savings pot -- the world’s fifth biggest pool with A$3.5 trillion in assets -- is growing rapidly thanks to a system of compulsory contributions under which employers put 10% of a workers wage into a pension fund each month. 

Read More: Path to $4.1 Trillion Puts Australia Pensions Among World Giants

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