#6. Co-hosts Sarah Penn and Neil Benson break down the latest news and debates in the superannuation sector. We cover:

• Legislative inaction: Despite big talk from government and industry summits, there’s little movement yet on significant superannuation or tax reforms.
• Super funds vs. ATO: HESTA and ART are taking legal action against the ATO over imputation credits, fighting for millions owed to members and highlighting rare but bold fund challenges to regulators.
• Performance test wrap-up: All 54 MySuper products passed this year, signaling improved standards, but some products—especially trustee-directed ones—remain borderline or repeatedly fail.
• Product closures and member impact: Funds are reviewing and closing underperforming or underutilized investment options, which can be challenging for members accustomed to “set and forget” strategies.
• Housing investment hurdles: Discussion on the role of super funds in addressing the housing crisis; fund appetite tempered by regulatory barriers and the lack of collaborative investment pathways with government and global partners.
• Retirement income guidance: Treasury’s draft guidance pushes funds to segment retired cohorts, but Sarah questions the practicality when funds lack access to broader financial data like Centrelink or home ownership.
• Annuities debate: Despite financial wellness benefits, annuities have an image problem and low demand, with Sarah arguing sales challenges outweigh consumer appetite, while Neil remains optimistic for innovation.
• Data-driven advice barriers: Funds can’t access enough external data to offer holistic advice; calls for leveraging consumer data rights and streamlining processes to improve member outcomes and reduce advice costs.
• Rethinking member engagement: The importance of designing processes that help customers provide funds with the right information, enabling more effective support and digital solutions.
• Upcoming events: Recommendations for FSC’s retirement conference, member engagement forums, and the ASFA conference on the Gold Coast.

This episode unpacks systemic friction points in super—from regulatory reform and investor confidence to practical hurdles in retirement solutions and member support.

#5. Co-hosts Sarah Penn and Neil Benson chat with Heather Gray, Lead Obudsman, Superannuation at Australian Financial Complaints Authority. We cover:

• Complaints as Feedback: Complaints are valuable for identifying service improvement areas, even though funds aim to minimize them.
• Drop in Insurance Delay Complaints: There has been a notable reduction (39%) in complaints about delays in insurance claims within super funds, indicating successful improvements.
• Importance of Communication: Clear and timely communication—especially during incidents like cyber attacks—is critical in maintaining trust and managing complaints.
• Systemic Issues vs. Human Error: Sarah is surprised to learn that maybe a high proportion of human error-caused complaints is actually right!
• Data Usage: Complaint data is transparent and shared with trustees, allowing for benchmarking and industry-wide improvement.
• Rising Member Expectations: Members now expect higher service standards from funds, paralleling experiences in other industries.
• Clarity in Correspondence: Superannuation communications need to be clear, tailored, and actionable to prevent confusion and reduce complaints.

#4. Sarah Penn (CEO of Mayflower Consulting) and Neil Benson (CEO of Superware) discuss the latest news and views affecting Australian superannuation professionals.

• AFCA Complaints Down: Overall complaints about financial services are down 4%, with superannuation-specific complaints dropping a huge 16%. Notably, complaints about claims handling fell by 39%, signalling real operational improvements across the industry.
• DDO & “Reasonable Steps” Under the Microscope: Design and Distribution Obligations (DDO) have moved the focus from “buyer beware” to responsible design and distribution. Expect ASIC to sharpen its scrutiny—not just on disclosures (like TMDs), but on product distributors and the steps funds take to ensure their products reach the right consumers.
• The FAR Era Begins: The Financial Accountability Regime (FAR) is now live, bringing tough new documentation and accountability standards for executives. The need for clear, demonstrable “reasonable steps” is real—so now’s the time for internal checks and keeping your house in order.

We also touched on the value of finishing what you start (hello, RG146 training!) and managing those ever-spinning plates. And if you’re in the document weeds, don’t miss the PDS Manager Roundtable coming up in August.