Tue, 5th Nov 2024

This episode of "Weekly Superannuation News Wrap" discusses notable developments in Australia's superannuation industry. CareSuper and Spirit Super have merged to form the country's 14th largest super fund, managing $53 billion in assets and serving over 550,000 members. The transition may cause some temporary online access issues but promises the introduction of notable improvements. In regulatory news, the Australian Prudential Regulation Authority has decreased operational risk reserve requirements, favoring funds managing over $30 billion. The change promotes operational resiliency and eases regulations for RSE licensees. However, the industry faces controversy regarding the extensive use of super fund spendings for marketing particularly favoring unions and industry bodies. The value these expenses offer to members remains a matter of debate. Stay updated and make informed decisions about your super as it determines your future.