Suncorp CEO John Mulcahy has been appointed to the board of the Future Fund, which has been set up by the Federal Government to meet unfunded superannuation liabilities – its largest liability, which now amounts to more than $91 billion.

The new entity has an independent statutory board and a statutory agency to support management of the fund.

The Government’s super liabilities are expected to be about $140 billion by 2020.

Mr Mulcahy says the fund is an important project that will help the nation to meet future challenges.

“It’s a strategic investment which will enable Australia to meet the challenges of an ageing population.”

The Future Fund emulates similar schemes in New Zealand, Ireland, France and Canada.