Sun, 9th Feb 2025

This week's Superannuation News Wrap discusses two major issues in the Australian superannuation industry. Firstly, APRA data reveals $302 billion in retirement savings are in taxable accounts, though eligible for tax-exempt status. The rise in taxable retirement accounts shows a worrying trend, and about 700,000 seniors are impacted with excessive taxes because of poor fund management. The Super Members Council advocates for enhanced financial education via the Delivering Better Financial Outcomes initiative. Secondly, following processing delays with death benefit payments and insurance claims, the Albanese Government plans to enforce mandatory service standards for super fund services. This initiative is supported by the Australian Superannuation Funds Association as it looks to restore consumer trust in the sector.