Tag: superannuation news

A recent cyberattack on major superannuation funds in Australia has raised concerns about the security of members’ retirement savings. Among the funds targeted were Rest, HostPlus, Insignia, Australian Retirement, and AustralianSuper, with AustralianSuper being the most severely impacted. As Australia’s largest superannuation fund, AustralianSuper manages over $365 billion in retirement savings for approximately 3.5 million…

Amidst the chaos caused by suspected cyber attacks on several major superannuation funds in Australia, individuals are demanding clarity regarding the security of their retirement savings. The incident left many members unable to access their accounts, some even finding their balances reduced to zero overnight. This alarming situation has sparked concerns and uncertainties among Australians,…

The Australian Securities and Investment Commission (ASIC) has recently conducted a comprehensive investigation into the handling of death benefit claims by various superannuation funds, revealing concerning practices within the industry. ASIC’s review highlighted significant delays, substandard customer service, and ineffective claims processing, negatively impacting Australians during vulnerable times. Over a two-year period, ASIC scrutinized 10…

AustralianSuper, the largest superannuation fund in Australia, has demonstrated remarkable growth outpacing its competitors in the recent financial year, as revealed by data from The Conexus Institute. This surge in growth positions AusSuper as a dominant player in the superannuation sector, showcasing its ability to outperform its rivals. Superannuation funds play a crucial role in…

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…