#10. Co-hosts Sarah Penn and Neil Benson discuss the latest news and issues affecting the Australian superannuation sector. We cover:

• Big fines in the industry: ASIC and CBUS settle member claims delays with a $23.5 million fine, highlighting the financial pain for profit-to-member funds and contrasting it with corporately-owned funds like Macquarie.
• Super tax complexity: The introduction of new rates brings the tally to 20 different tax rates within superannuation, sparking debate about fairness and system complexity.
• Gender disparity in super balances: Data shows continuing gaps between men’s and women’s average and median super balances, with recent policy changes like paid super on government maternity leave seen as marginal improvements.
• Divorce and superannuation: Settlements rarely reflect the true value difference between super balances and physical assets, impacting long-term retirement outcomes, especially for women.
• Fee trends: Despite falling headline fees for six consecutive years, the total super sector fees have climbed in dollar terms, raising concerns about the real impact of the race to the bottom and its effect on administration quality.
• Member communication and personalisation: Most super fund communication is still generic and lacks true personalisation, missing opportunities to increase engagement and education.
• Retirement income covenant and annuities: Growing attention on how funds can help members better manage income in retirement, including new product ideas like digital forms presenting personalized drawdown rates; discussion on whether mandated annuities could be a future government intervention.
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#9. Neil and Sarah sit down to discuss the latest developments in Australian superannuation policy.

After two years of debate and lobbying, the government has announced changes to the proposed Div296 tax on high-balance super accounts, opting to tax only realised capital gains rather than unrealised gains. They also explore the introduction of a new 40% tax rate on income from super balances over $10 million, and consider the broader impact of these reforms on both high-net-worth individuals and everyday members. The conversation covers updates to the low-income super tax offset (LISTO) and the rollout of Payday Super, which will require employers to pay super contributions within seven days of payday.

Neil and Sarah reflect on the legislative process, practical challenges for employers and funds, and how these changes might affect the retirement landscape moving forward.

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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#8. Co-hosts Neil Benson and Sarah Penn discuss the latest news and events affecting Australia's superannuation sector, including:

1. Joe Longo is stepping down as chair of ASIC
2. Macquarie Investment Management offers compensation to SMSF trustees who invested in Shield through its wrap platform
3. The role of superannuation trustees in determining which investments are available to members and whether SMSF trustees should require a qualification
4. The role of the Compensation Scheme of Last Resort in compensating clients of failed advisors
5. Delays to Div296 legislation and the principal of taxing unrealised capital gains
6. IFM Investments to close their private equity unit despite its track record of successful investments in growing mid-market Australian businesses
7. Chant West, in collaboration with Bec Wilson, announces six funds have received their inaugural Epic Retirement Tick
8. Will superannuation achieve its goal of relieving the burden on taxpayers to support Aged Pensions?

RESOURCES

• IFM Investors exits Australian PE strategy | Financial Standard
• The Epic Retirement Tick - Bec Wilson
• Government considers scrapping controversial aspects of Div 296 super tax | Accounting Times
• Macquarie admits Shield failings, will pay members $321m - ifa
• ASIC chair Joe Longo to step down in 2026 — Capital Brief

CONTACT THE HOSTS

Neil Benson on LinkedIn: https://www.linkedin.com/in/neilbenson/

Sarah Penn on LinkedIn: https://www.linkedin.com/in/sarahpennau/