Superannuation Reforms: Switching Delays, Lead Generation, and Compensation Challenges

Industry-Platform Partnerships, AI in Member Comms, APRA Cautions, and Telstra Super’s Big Merger

#26. Co-hosts Neil Benson and Sarah Penn break down the latest superannuation shake-ups and tech trends. Industry super funds are now experiencing net outflows to retail funds, with $4.3 billion switching over two years. Sarah Penn questions whether proposed partnerships between industry funds and retail platforms actually benefit members, suggesting they may simply repackage underused direct investment models. Australians are warming up again to financial advice, with both hosts championing the difference quality advice makes. ART is using AI to improve the readability of member communications and transcribe adviser meetings, sparking a debate on literacy levels and member engagement. Meanwhile, Westpac’s massive Microsoft Copilot rollout and TAL’s chatbot and voice analytics innovations show how AI is moving deeper into finance, although Neil Benson wonders if adoption is as widespread as press releases imply. Regulators aren’t entirely convinced either, with APRA calling for stricter governance and risk controls around new AI solutions. A new proposal to automatically convert all super accounts to pension phase by age 75 aims to ensure retirement savings are actually spent in retirement—a move the hosts broadly support. As Telstra Super merges into Aware Super, further cementing industry consolidation, the fate of smaller funds comes into question. With APRA doubling down on trustee accountability and operational oversight, the message is clear: no matter your size, there’s no passing the buck when it comes to member interests. Neil Benson [https://www.linkedin.com/in/neilbenson] - Global Chief Product Officer at ChandlerCX Sarah Penn [https://www.linkedin.com/in/sarahpennau/] - CEO at Mayflower Consulting thatsuper.show [thatsuper.show]

Superannuation Reforms: Switching Delays, Lead Generation, and Compensation Challenges

#25. Should retirees be forced to take a pension? Why are Treasury’s latest consultation papers sending shockwaves through the super industry? We break it down for you in this episode. 1. ENHANCING MEMBER PROTECTIONS IN THE SUPER SYSTEM [https://consult.treasury.gov.au/c2026-756030] * The definition of a platform trustee — and why it matters (02:08) * Increased penalties for misconduct: who really ends up paying? (05:05) * Proposed waiting periods for super fund switching: policy fail or protection? (06:19) * How compensation proposals could change platform oversight (11:00) 2. CURBING LEAD GENERATION ACTIVITY [https://consult.treasury.gov.au/c2026-756975] * Should lead generators be licensed like financial advisors? (18:19) * Practical limits on financial product advertising and social media marketing (20:20) * The ongoing crackdown on “finfluencers” and general advice (23:45) 3. COMPENSATION SCHEME OF LAST RESORT (CSLR) [https://consult.treasury.gov.au/c2026-725938] * Why SMSFs are making most of the claims, and why Neil believes they should pay a levy (25:25) * Is the CSLR a fair system, or just a cost passed to trustworthy advisors? (26:02) * Should government step in as the safety net instead? (30:19) 🔑 KEY TAKEAWAYS * Waiting periods for super switching: Sarah argues these do little to protect consumers and mostly benefit big funds (07:34). * Platform responsibility: Neil and Sarah both support stricter platform oversight, especially when large sums move into single risky investment options (13:14). * Lead generation reform: Marketing firms involved in product distribution should fall under AFSL licensing, making enforcement easier and consumer harm less likely (19:17). * CSLR funding: Most compensation claims come from SMSFs; making them contribute seems logical, but the hosts suggest a government backstop would be even better (29:16). 👉 HAVE YOUR SAY Working in super? Treasury is seeking feedback on these proposals. Got strong views? Sarah and Neil want to hear from you. Drop them a line or reply to this email if you’d like to come on the show. That Super Show * Visit That Super Show website [https://www.thatsuper.show/] and become a newsletter subscriber * Follow That Super Show on LinkedIn [https://www.linkedin.com/company/thatsupershow] * Follow That Super Show on YouTube [https://www.youtube.com/@thatsuper-show] * Email That Super Show [hello@thatsuper.show] Sarah Penn, Chief Executive at Mayflower Consulting * Connect with Sarah on LinkedIn [https://www.linkedin.com/in/sarahpennau/] * Follow Mayflower Consulting on LinkedIn [https://www.linkedin.com/company/mayflowerconsulting/] * Visit Mayflower Consulting's website [https://mayflower.com.au] Neil Benson, Chief Product Officer at ChandlerCX * Connect with Neil on LinkedIn [https://linkedin.com/in/neilbenson] * Follow ChandlerCX on LinkedIn [https://www.linkedin.com/company/chandlercx] * Visit ChandlerCX website [https://chandler.com.au]

Super Advertising Bans to Employees, Advisor Education Reforms, and the Unintended Consequences of the Performance Test

#24. On this episode of That Super Show, co-hosts Neil Benson and Sarah Penn break down the Treasury’s proposed ban on super fund advertising during onboarding, the shakeup in advisor education requirements, and dig into why APRA and the ATO are getting twitchy about payday super implementation (spoiler: small business, we see you…). Plus, are performance tests quietly killing investment innovation in Australia? RESOURCES * Superannuation advertising ban consultation launches [https://www.financialstandard.com.au/news/superannuation-advertising-ban-consultation-launches-179812035] - employers can only display employee's stapled fund, employer's default fund, or a MySuper product from another fund. Bill has passed both houses, now Treasury is consulting on the regulations to support it. * Education reform for financial advisers - Consult hub [https://consult.treasury.gov.au/c2026-700540] - Treasury has launched consultation paper regarding new class of financial advisors as part of DBFO T2. * Payday Super Readiness | APRA [https://www.apra.gov.au/payday-super-readiness] - ATO and APRA have published a letter to RSEs to brace themselves and buckle up! APRA has concerns about some funds' readiness for Payday Super. * ‘Parliamentary Friends’ launch sharpens focus on super - Super Review [https://www.superreview.com.au/parliamentary-friends-launch-sharpens-focus-on-super/] * Superannuation performance test is stuck in red tape and could be creating a stagnant economy [https://www.afr.com/chanticleer/the-high-cost-of-your-super-fund-s-safety-first-mentality-20260401-p5zkhz] - performance test doesn't encourage outperformance, it discourages underperformance. As a result, money flows into indices, not into innovation. That Super Show * Visit That Super Show website [https://www.thatsuper.show/] and become a newsletter subscriber * Follow That Super Show on LinkedIn [https://www.linkedin.com/company/thatsupershow] * Follow That Super Show on YouTube [https://www.youtube.com/@thatsuper-show] * Email That Super Show [hello@thatsuper.show] Sarah Penn, Chief Executive at Mayflower Consulting * Connect with Sarah on LinkedIn [https://www.linkedin.com/in/sarahpennau/] * Follow Mayflower Consulting on LinkedIn [https://www.linkedin.com/company/mayflowerconsulting/] * Visit Mayflower Consulting's website [https://mayflower.com.au] Neil Benson, Chief Product Officer at ChandlerCX * Connect with Neil on LinkedIn [https://linkedin.com/in/neilbenson] * Follow ChandlerCX on LinkedIn [https://www.linkedin.com/company/chandlercx] * Visit ChandlerCX website [https://chandler.com.au] Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting [https://thatsupershow.captivate.fm/mayflower]

Insurance Gaps, Member Service, and International Investment Trends Impacting Super Funds

#23 Welcome to That Super Show, your inside look at Australia’s superannuation industry. Neil Benson and Sarah Penn dive into the latest trends, challenges, and opportunities shaping super—from industry roadshows in the US to advances in AI, and the evolving insurance landscape. They discuss why Australian funds are looking globally for investments, the efficiency and value of industry trips, and how regulation is impacting innovation. The episode also tackles important issues like the insurance gap for young blue-collar workers and the sharp rise in complaints within the sector, highlighting leadership changes and reflecting on the balance between investment returns and member services. Grab your coffee, settle in, and join Neil and Sarah for another engaging and honest conversation about what’s working, what’s changing, and what needs improving in superannuation. ARTICLES * ASFA warns super insurance reforms have left thousands uncovered - Super Review [https://www.superreview.com.au/asfa-warns-super-insurance-reforms-have-left-thousands-uncovered/] * Australian superannuation sector plans to woo US investors, companies and Trump officials in Washington gala [https://www.afr.com/companies/financial-services/big-super-s-leaked-us-roadtrip-agenda-winds-from-silicon-valley-to-dc-20260304-p5o7jr] * Building a Stronger and Fairer Super System Act 2026 – Draft Regulations [https://consult.treasury.gov.au/c2026-750935] * 'We've let our members down': Watson | Financial Standard [https://www.financialstandard.com.au/news/we-ve-let-our-members-down-watson-179811896] * AFCA receives record number of complaints in 2025 calendar year [https://newshub.medianet.com.au/2026/02/afca-receives-record-number-of-complaints-in-2025-calendar-year/141539/] That Super Show * Visit That Super Show website [https://www.thatsuper.show/] and become a newsletter subscriber * Follow That Super Show on LinkedIn [https://www.linkedin.com/company/thatsupershow] * Follow That Super Show on YouTube [https://www.youtube.com/@thatsuper-show] * Email That Super Show [hello@thatsuper.show] Sarah Penn, Chief Executive at Mayflower Consulting * Connect with Sarah on LinkedIn [https://www.linkedin.com/in/sarahpennau/] * Follow Mayflower Consulting on LinkedIn [https://www.linkedin.com/company/mayflowerconsulting/] * Visit Mayflower Consulting's website [https://mayflower.com.au] Neil Benson, Chief Product Officer at ChandlerCX * Connect with Neil on LinkedIn [https://linkedin.com/in/neilbenson] * Follow ChandlerCX on LinkedIn [https://www.linkedin.com/company/chandlercx] * Visit ChandlerCX website [https://chandler.com.au] Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting [https://thatsupershow.captivate.fm/mayflower]

Measuring retirement outcomes with Anthony Saliba

#22. Co-hosts Sarah Penn and Neil Benson chat with Anthony Saliba, Partner at Deloitte Actuarial Consulting. We cover: * Retirement income measurement challenge: Determining if retirement income solutions are working is complex, especially with new best practice principles released by Treasury. * Best practice principles explained: Treasury’s principles aim to guide trustees in supporting retirees, but are non-binding and allow for flexibility and market-driven solutions. * Principles-based vs. prescriptive rules: The industry favours a principles-based approach; there is ongoing discussion about whether these guidelines will eventually become enforceable standards. * Realities for smaller funds: Some super funds may decide to exit members into specialist retirement funds rather than investing heavily in retirement offerings for a small retiree base. * Complexity for members: Switching from accumulation to retirement products and navigating financial advice, age pension eligibility, and new lifetime income products creates challenges, especially for those without access to personal advice. * Emphasis on member confidence: Leading funds invest in digital tools and education to improve member confidence and provide support beyond traditional advice models. * Measuring outcomes: Funds should use objective, evidence-based data to evaluate retirement strategies and avoid “marking their own homework.” * Personalisation and cohorts: True hyper-personalisation is aspirational; most funds cohort members by life stage and balance, with some moving toward more nuanced demographic analysis. * Data access limitations: Lack of access to data like home ownership and marital status hampers more tailored solutions; innovative tools to gather member data can help bridge this gap. * Regulatory barriers to engagement: Strict personal advice laws prevent funds from using member data for targeted communications and are seen as a roadblock to better member engagement. * Drawdown patterns: Most retirees draw the minimum required, sometimes due to uncertainty or default settings; there are calls to encourage greater, more sustainable drawdowns early in retirement. * Missed opportunities: Members often pay unnecessary tax or miss out on age pension entitlements simply by not taking key actions (like moving to drawdown phase or promptly applying for the pension). * Annuities and product innovation: Lifetime income products can help manage longevity risk but suffer from low uptake; the industry is seeing product innovation and working toward better “solution” messaging. * Asset-rich, income-poor issue: The system facilitates cases where people use super to increase home equity and then qualify for age pension; potential for equity release products and need for policy refinement. * Key takeaway for trustees: Always use an evidence-based, objective approach when measuring outcomes and designing solutions, and clearly communicate trade-offs to help members make informed decisions. ANTHONY SALIBA * Follow Anthony on LinkedIn [https://www.linkedin.com/in/anthonyjsaliba/] * Follow Deloitte on LinkedIn [https://www.linkedin.com/company/deloitte/] That Super Show * Visit That Super Show website [https://www.thatsuper.show/] and become a newsletter subscriber * Follow That Super Show on LinkedIn [https://www.linkedin.com/company/thatsupershow] * Follow That Super Show on YouTube [https://www.youtube.com/@thatsuper-show] * Email That Super Show [hello@thatsuper.show] Sarah Penn, Chief Executive at Mayflower Consulting * Connect with Sarah on LinkedIn [https://www.linkedin.com/in/sarahpennau/] * Follow Mayflower Consulting on LinkedIn [https://www.linkedin.com/company/mayflowerconsulting/] * Visit Mayflower Consulting's website [https://mayflower.com.au] Neil Benson, Chief Product Officer at ChandlerCX * Connect with Neil on LinkedIn [https://linkedin.com/in/neilbenson] * Follow ChandlerCX on LinkedIn [https://www.linkedin.com/company/chandlercx] * Visit ChandlerCX website [https://chandler.com.au] Mentioned in this episode: Mayflower Consulting This episode is brought to you by Mayflower Consulting. We work with product teams across super funds, fund managers, and platforms to move faster. Faster PDS updates, faster decisions, and less friction. If governance is slowing you down, we can fix that. Mayflower Consulting [https://thatsupershow.captivate.fm/mayflower]