Fri, 1st Mar 2024

This week's superannuation news includes ASFA's concerns over proposals allowing superannuation death benefits to be bequeathed to charities, citing anti-money laundering rules and potential legal battles. TelstraSuper has introduced a policy ensuring full Superannuation Guarantee contributions to part-time staff returning from parental leave, aimed at narrowing the gender pay gap and boosting employee financial security. Recent legislative changes have led to a 36% drop in Australians with life insurance via superannuation funds, raising concerns over financial safety nets. A proposed tax reform plans to double the tax rate on super savings over $3 million, triggering debate about its impact on saving incentives. From July, superannuation contribution caps will rise, offering greater retirement savings opportunities and less dependability on government pensions.n