Sat, 23rd Nov 2024

In this week's Superannuation News Wrap, key updates include Treasurer Jim Chalmers announcing a comprehensive superannuation reform to target retirees as over 2.5 million Australians are expected to retire over the next decade. Regulations are set to be overhauled by 2026, with super funds allowed to offer innovative products such as installment-based payments and money-back guarantees. Additionally, employer contributions are set to rise to 12% by 2025, and a tax increase is to impact super earnings over $3 million. In the digital sector, Stockspot Super is leading with budget-friendly alternatives to traditional funds, while CareSuper plans to expand post its recent merger. Despite these advances, retiree satisfaction with super funds is lagging, with concerns over fees, complex products, and insufficient guidance dominating dissatisfaction. It calls for the super funds to bridge knowledge gaps and boost retiree support.n