Sun, 1st Sep 2024

In this week's superannuation industry update from Financial Services Online, major changes in Australia's superannuation landscape were discussed. Dominance of the top five superannuation funds has grown to nearly half of total memberships, due to mergers and exits and initiatives by the Australian Prudential Regulation Authority (APRA). APRA is also revamping its vision for financial stability in the banking, insurance and superannuation sectors. The ongoing issue of unpaid superannuation, amounting to over five billion dollars in 2021-22, is being tackled by legislative reform proposals from the Super Members Council. Finally, the Commonwealth Superannuation Corporation is enhancing its advisory services in response to the 2022 Retirement Income Covenant mandate, by launching a comprehensive Retirement Income Strategy. For more information, visit financialservicesonline.com.au.