Fri, 18th Jul 2025

This episode of the Financial Services Online podcast, hosted by Paige Estritori, discusses the ongoing efforts to modernize Australia's superannuation sector. The Super Members Council is advocating for legislative reform, notably around digital death benefit nominations to streamline processes and increase public trust. Broader measures include implementing a national digital verification system and recognizing First Nations kinship. Industry Fund Services has recovered an unprecedented $226 million in unpaid superannuation this year, while there's a growing concern about superannuation underpayment, which totaled $5.1 billion impacting 2.8 million Australians in 2021-22. The pressure is on for the improvement of retirement outcomes and consumer-centric strategies. The Association of Superannuation Funds of Australia is calling for the quick adoption of the Delivering Better Financial Outcomes reforms. The industry is at a critical point addressing both challenges and opportunities for a more efficient and comprehensive system.n