#11. We’re excited to bring you the highlights from the cloakroom of the expo hall at this year’s ASFA Conference on the Gold Coast. Only the most glamourous locations for your intrepid hosts, dear listener!

Neil and Sarah unpack what’s happening in superannuation, share feedback from listeners, preview ASFA Con 2025, and tackle some of the trickiest questions facing funds and members today.

🎤 ASFA Conference 2025 – What’s in Store?

Sarah and Neil are on-site, despite hiding out “in the cloakroom,” ready to network, attend breakout sessions, and catch up with clients and industry players.

Some exciting names in the speaker lineup mentioned by our hosts include:

• Jim Chalmers (Treasurer) and Daniel Molino (Assistant Treasurer)
• Ted O’Brien (Shadow Treasurer)
• Brad Jones (Assistant Governor, RBA)
• Carmen Beverly-Smith (Executive Director for Super, APRA)
• Guy Opperman (former UK Pensions and Financial Inclusion Minister—also a steeplechase jockey!)
• Heather Gray (Lead Ombudsman for Super, AFCA, and friend of the show)
• Katie Miller (Deputy CEO, AUSTRAC)
• Simon Kucher (Demographer and chart enthusiast)

Expect plenty of debates, policy discussions, and a little bit of classic super industry gossip.

🍾 Evening Events & Industry Networking

Sarah has her ticket for the MetLife event, while Neil looks forward to SS&C/Chandler event and networking with the well-connected IQ Group folks. With suppliers bringing forward their main events, tonight’s the perfect chance for catch-ups and maybe a bit of chaperoning!

💡 Big Idea: Are We Protecting Super Members Enough?

A real-life story from Neil’s Melbourne Cup lunch sparks a crucial debate: What happens when members cash out their super early and risk running out of savings before qualifying for the Age Pension? The team dives deep:

• Should our system be even more “default” to help protect low-literacy and risk-averse members?
• Are lifecycle products the answer, or would that erode personal choice too much?
• Is it worse to have people lose out through fraud or through their own poor financial decisions?

Sarah notes that while defaults work for most, the outliers prove the system isn’t perfect. It’s sobering to hear that many people—especially singles without a home—struggle far more than we might realise.

📈 Super Fund Investment Mix: Are “Balanced” Options Really Balanced?

Our hosts observe that MySuper products have become much more growth-oriented, moving from a 50/50 split to 70/30 or even 80/20 in favor of growth assets. Sarah loves a good graph, but worries marketing may mislead members into thinking these funds are “balanced”—when in reality, they’re taking much more risk.

🔍 Transparency & Labeling in Super: Do Members Need More Detail?

From asset type labelling (is property “growth” or “defensive”?) to demands for granular investment disclosure, our hosts agree: There’s a market segment that wants more info, but most people benefit from simplicity. If you crave details, wrapping platforms and SMSFs might be your best bet—but beware the challenge of beating professional fund managers.

🤳 Now on YouTube!

The show has launched a new YouTube channel—perfect for those who love to listen on the tube. (No smiling faces yet, but keep the pressure on Sarah for a video edition!)

The Super Show - YouTube

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#10. Co-hosts Sarah Penn and Neil Benson discuss the latest news and issues affecting the Australian superannuation sector. We cover:

• Big fines in the industry: ASIC and CBUS settle member claims delays with a $23.5 million fine, highlighting the financial pain for profit-to-member funds and contrasting it with corporately-owned funds like Macquarie.
• Super tax complexity: The introduction of new rates brings the tally to 20 different tax rates within superannuation, sparking debate about fairness and system complexity.
• Gender disparity in super balances: Data shows continuing gaps between men’s and women’s average and median super balances, with recent policy changes like paid super on government maternity leave seen as marginal improvements.
• Divorce and superannuation: Settlements rarely reflect the true value difference between super balances and physical assets, impacting long-term retirement outcomes, especially for women.
• Fee trends: Despite falling headline fees for six consecutive years, the total super sector fees have climbed in dollar terms, raising concerns about the real impact of the race to the bottom and its effect on administration quality.
• Member communication and personalisation: Most super fund communication is still generic and lacks true personalisation, missing opportunities to increase engagement and education.
• Retirement income covenant and annuities: Growing attention on how funds can help members better manage income in retirement, including new product ideas like digital forms presenting personalized drawdown rates; discussion on whether mandated annuities could be a future government intervention.
• Feedback - we love it: let us know what you think and we'll give you a shout out on the show.

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson

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#9. Neil and Sarah sit down to discuss the latest developments in Australian superannuation policy.

After two years of debate and lobbying, the government has announced changes to the proposed Div296 tax on high-balance super accounts, opting to tax only realised capital gains rather than unrealised gains. They also explore the introduction of a new 40% tax rate on income from super balances over $10 million, and consider the broader impact of these reforms on both high-net-worth individuals and everyday members. The conversation covers updates to the low-income super tax offset (LISTO) and the rollout of Payday Super, which will require employers to pay super contributions within seven days of payday.

Neil and Sarah reflect on the legislative process, practical challenges for employers and funds, and how these changes might affect the retirement landscape moving forward.

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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• Follow Mayflower Consulting on LinkedIn
• Visit Mayflower Consulting's website

Neil Benson

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