Thu, 10th Oct 2024

This podcast, the Weekly Superannuation News Wrap presented by Paige Estritori, focuses on recent developments in superannuation. Highlights include a landmark class-action settlement involving OnePath Custodians, ANZ and Zurich Australia over a fees-for-no-service scandal. Despite the $50 million settlement agreement, none of the companies admit any liability. AustralianSuper data indicates that future retirement funds for younger Australians are expected to increase with superannuation guarantees rising from 10% to 12%. However, young people still struggle to meet the Association of Superannuation Funds of Australia's suggested retirement targets. The UK explores Australia's successful defined contribution pension schemes as part of its pension reform with interest from Chancellor Rachel Reeves. However, experts caution against blindly adopting these foreign systems.