Sat, 21st Dec 2024

This week on the Weekly Superannuation News Wrap, host Paige Estritori covers critical superannuation sector updates. The Australian government, facing a $55 billion Commonwealth cost, eyes high-value superannuation accounts and multinational corporations as potential revenue sources, prompting a review of 48 tax concessions. Survey data shows a reluctance among super members to seek professional advice, with only 29% consulting financial advisors. Misunderstanding surrounding passive and active fund risks persists, raising questions about retirement readiness. The Australian Prudential Regulation Authority has been criticized over super funds' default insurance settings, with accusations of overcharging certain members. Lastly, a major partnership renewal between Colonial First State and AIA Australia promises technological solutions and member-centric focus, reflecting overall industry trends.n