What are the advantages of compulsory employer funded superannuation to Australian workers and the Australian economy? Are there any disadvantages?

What do you think are the advantages and disadvantages of being a member in a defined benefit fund? Why are defined benefit funds becoming increasingly uncommon?

Moe, Larry and Curly are licensed trustees of SensationalSuper, a RSE. The fund has not been performing well and the trustees are keen to increase investment return to members. Moe and Larry decide that the best course of action is to invest in higher risk activities where the investment return is greater. Curly points out that higher risk means higher loss if the investment is not successful. Moe and Larry laugh at him saying 'no pain no gain'. The trustees invest 50% of the available funds in a digital animation and movie company, whose first three projects fail. The loss to the fund is massive. It is also revealed that two directors of the movie company are Larry's daughters from his first marriage. Discuss the issues and possible consequences raised by these circumstances.