#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.
• Feedback - we love it: let us know what you think and we'll give you a shout out on the show.

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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/

#7. Co-hosts Sarah Penn and Neil chat with Marnie Ryan, head of product innovation and enablement at AP+ (formerly NPP Australia). We cover:

• NPP and Superannuation: From 1 July 2026, funds must accept real-time payments via the New Payments Platform (NPP)—mandatory, and separate from Payday Super legislation.
• Modernising Payments: Transition away from BECS is set for 2030. Super funds need to get ready to shift from batched, delayed payments to instant, always-on transactions.
• Reconciliation Revolution: NPP upgrades solve historic problems with payment reference numbers, making reconciliation faster and easier—especially important for super contributions.
• Pilot Programs in Action: Leading funds and clearinghouses are already piloting real-time payments, so the future is now.
• Fraud and Security: New features like confirmation of payee and PayID add extra layers of trust and validation for fund rollovers and member withdrawals.
• Getting Ready: Execs should engage tech, ops, and employer services teams now. Start talking to your bank and payment partners to understand your platform readiness.
• Member Experience: Real-time payments create new member expectations. Faster clearing and instant notifications can improve trust and encourage members to check contributions more often.
• Innovation Pipeline: Expect more streamlined experiences with products like PayTo, reducing manual entry and making top-ups or pension drawdowns seamless—24/7, even at year-end crunch time.

Key takeaway: Don’t wait for legislation—engage with your banking and payment providers now to be NPP-ready before the 2026 deadline.

Marnie Ryan on LinkedIn: https://www.linkedin.com/in/marnie-ryan-33b5a741

Australian Payments Plus: https://www.auspayplus.com.au/

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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#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.

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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#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.

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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#4. Sarah Penn and Neil Benson 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.

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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

• Do we really care about 1 year fund returns or is it just marketing?
• Binding death benefit nominations - don't write 100.00%
• Sarah was at risk conference so wants to talk it.
• When good intentions end badly and what we can learn when it all goes sideways

Big ideas:

• the bow tie of risk management - example here: https://www.manycaps.com/blog/risk/8-steps-to-bow-tie-analysis.
• Neil has a new complaints scorecard tool: https://superware.ai/financial-services/complaints-scorecard

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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Recommendations:

• Coaching real leaders podcast https://hbr.org/2020/12/podcast-coaching-real-leaders
• Relay.App for creating AI agents: https://relay.app