Fri, 7th Feb 2025

In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses major developments in the Australian superannuation industry. A significant issue is the increase in taxable accounts holding retirement savings, which has cost retirees over $302 billion due to unnecessary tax burdens. This has led to increased calls for actions to improve financial literacy. Additionally, the government is looking to address service delays in the superannuation sector by instituting mandatory service standards. Issues with Cbus, a major super fund, and AustralianSuper's implementation of a $4.2-million compensation program for delayed claims have highlighted the need for such measures. The episode ends with public consultation on these mandatory standards to restore trust and improve outcomes for members.n