Tue, 5th Mar 2024

In this week's Superannuation News Wrap, host Paige Estritori discusses notable developments that could impact Australians' financial futures. A significant topic is the ongoing fallout from the pandemic-era policy on early access to superannuation, which the Super Members Council forecasts could cost taxpayers $75 to $85 billion over 60 years, largely due to increased pension costs and decreased tax revenue. The proposal to allow death benefits to be left to charities is also discussed, but is noted to have considerable legal and operational challenges. In more positive news, TelstraSuper's new initiative is providing full-time Superannuation Guarantee contributions to part-time employees returning from parental leave, aiming to reduce the gender pay gap. However, concerns are raised over recent ASFA data showing a 36% decrease in life insurance coverage through super funds. The podcast provides key insights into the shifting superannuation landscape.