Category: Superannuation News

Financial advisers are facing increased scrutiny from ASIC due to errors in superannuation advice, as reported by ifa. ASIC has taken action against advisers for providing poor superannuation advice that led clients to surpass contribution caps or untaxed plan limits, resulting in higher tax payments. This regulatory intervention followed the discovery of compliance breaches reported…

The impact of recent events on superannuation balances has garnered attention due to the repercussions of President Donald Trump’s tariffs, particularly on Australian steel and aluminum. The turbulence in the US stock market, triggered by fears surrounding the implications of Trump’s tariffs, has reverberated globally, affecting Australian shares as well. The announcement that Australia would…

A potential risk looms over Australians’ superannuation as the specter of a US trade war casts its shadow. The recent escalation of trade tensions, primarily driven by the United States under President Donald Trump, has raised concerns among economists and experts about the broader implications for global economies and, in particular, the impact on Australians’…

AustralianSuper, one of Australia’s largest superannuation funds, is facing legal action for alleged delays in processing death benefit claims. The Australian Securities and Investments Commission (ASIC) has taken further steps against AustralianSuper in the Federal Court, accusing the fund of significant delays in assessing nearly 7,000 death benefit claims between July 2019 and October 2024.…

During the COVID-19 pandemic, millions of Australians resorted to tapping into their superannuation funds for financial relief. The Australian Taxation Office data revealed that 3.05 million individuals withdrew a total of $37.8 billion from their superannuation accounts in 2020 under the government’s early release scheme, allowing withdrawals of up to $20,000. This move raised questions…

As the political landscape heats up in anticipation of the upcoming election, the superannuation sector finds itself at the center of attention with significant changes on the horizon. Experts are sounding the alarm, warning individuals to brace themselves for potential shifts that could impact their retirement savings. Superannuation, a critical component of Australia’s retirement system,…

Australian Super, the largest superannuation fund in Australia, is facing legal action by the Australian Securities and Investments Commission (ASIC) over alleged delays in processing death benefit claims for thousands of members. ASIC has accused Australian Super of failing to handle these claims efficiently, honestly, and fairly over a period spanning from July 2019 to…

The superannuation industry is facing a critical juncture as it grapples with the challenges of meeting retirement demands. While establishing a super system for the accumulation phase has been relatively straightforward, the transition to supporting members in retirement poses significant hurdles that the industry is currently ill-prepared to address, according to experts in the field.…

In recent financial news, the impact of Trump’s policies has caused a downturn in superannuation returns, as reported by the Financial Newswire. SuperRatings, a leading research firm, highlighted the shift to negative returns following a challenging February. The data revealed a decrease of 0.8% in the median balanced investment option during the month, marking only…

The Australian Securities and Investments Commission (ASIC) has taken legal action against Australian Super, the country’s largest superannuation fund, for allegedly causing significant delays in processing death benefit claims for thousands of members. ASIC claims that between July 2019 and October 2024, Australian Super failed to handle nearly 7,000 death benefit claims promptly and fairly,…