Category: Superannuation News

Superannuation Funds Under Scrutiny: ASIC’s Directives to Speed Up Claims A recent investigation by the Australian Securities and Investments Commission (ASIC) has shed light on the challenges faced by superannuation funds in processing death benefit claims swiftly. ASIC’s review of major super fund trustees revealed significant shortcomings in handling claims, leading to undue hardships for…

Superannuation funds are facing intense scrutiny following a scathing report by the Australian Securities and Investments Commission (ASIC) on their handling of death benefit claims. The report, released recently, uncovered a myriad of issues within the industry, highlighting significant deficiencies in how these claims are managed. ASIC’s Chair, Joe Longo, emphasized the dire consequences resulting…

Australia’s Top Earners: Superannuation’s Key Role in Wealth Growth Australia’s top earners navigate a financial landscape where superannuation, alongside income, plays a pivotal role in shaping wealth. Recent insights from the Grattan Institute, a Melbourne-based think tank, illuminate the dynamics of wealth and income distribution in Australia, offering a glimpse into the trajectories of high-income…

In recent news related to superannuation, the sector has expressed appreciation for the stability in super settings following the budget announcement. However, there are concerns about missed opportunities and areas where improvements could have been made. The federal budget, while not heavily focused on superannuation, did mention the sector’s contribution to tax revenue and endorsed…

The superannuation sector is calling for policy adjustments following the recent budget announcement, highlighting perceived gaps in the government’s approach. While the budget maintained stability in super settings, industry voices suggest there are areas that require attention. The federal budget had limited emphasis on superannuation, with minimal references to the sector. Notably, superannuation tax receipts…

In today’s financial landscape, ensuring a secure retirement through strategic superannuation planning is paramount. Regardless of your current stage in life, the decisions you make now can significantly impact your future financial well-being. It is crucial to consider key strategies that can enhance your superannuation balance and pave the way for a comfortable retirement. One…

AustralianSuper, one of Australia’s largest superannuation funds, is facing legal action for significant delays in processing death benefit claims. The Australian Securities and Investments Commission (ASIC) has taken the fund to the Federal Court for allegedly taking up to four years to assess around 6,897 death benefit claims between July 2019 and October 2024. This…

In recent times, more Australians are taking a proactive approach to managing their superannuation funds, according to the latest survey conducted by Money magazine. The survey, based on 594 responses, highlighted a significant increase in the frequency of Australians checking their superannuation balances. Surprisingly, 40.7% of respondents now monitor their super on a monthly basis,…

A potential disruption in superannuation is looming for Australians as a result of the ongoing US trade war. The trade tensions initiated by US President Donald Trump, particularly with countries like Canada, Mexico, and China, are sending shockwaves through the global economy. The recent implementation of tariffs on imports from these nations has sparked retaliatory…

The latest survey by Money magazine conducted in early February, based on 594 responses, indicates a significant shift in Australians’ approach to monitoring their superannuation balances. The survey highlights that 40.7% of respondents now check their super balances on a monthly basis, a substantial increase from the 7.5% reported in 2023. Moreover, there has been…