Wed, 9th Oct 2024

In this episode of the Weekly Superannuation News Wrap, Paige Estritori addresses key developments in the Australian financial sector. Major firms OnePath Custodians, ANZ, and Zurich Australia have agreed to a $50 million settlement over the fees-for-no-service scandal, pending court approval. Despite no party taking the responsibility, the "get your super back" campaign led by Slater and Gordon has been critical in raising awareness. Meanwhile, Australian Millennials and Generation Z find hope in the superannuation system despite increasing living costs, with a proposed guarantee hike from 10% to 12%. Lastly, the UK is considering Australias superannuation model for pension reforms, eyeballing the sturdy defined contribution framework while trying to handle local challenges. Stay tuned for more insightful updates from the financial world next week.