Tue, 3rd Sep 2024

In this week's Superannuation News Wrap, we discuss AMP Limited's critique of new superannuation performance tests, suggesting refinements to better represent the true landscape of Australias choice platform market. We also cover proposed changes from the Australian Taxation Office that could affect super payments in the entertainment and domestic service sectors, aiming to improve financial security for subcontractors. The Australian Prudential Regulation Authority plans heightened scrutiny into super funds and the publishing of fund-level expense data for increased transparency. Market consolidation trends show Australia's top five superannuation funds claiming 47% of total membership, while smaller funds drop in market share. Finally, the Super Members Council advocates for superannuation law reform to address issues of unpaid super, which totalled around $5.1 billion in 2021-22. Tune in next week for more superannuation updates.n