#15. Neil Benson and Sarah Penn dive into a lively year-end review of Australia’s superannuation industry. From legislative wins and regulatory challenges to industry shakeups and innovative tech trends, they unpack the major highlights and low points that shaped 2025. You’ll hear their candid takes on big topics like Division 296 reforms, the SG rate increase, the impact of Payday Super, and ongoing compensation scheme debates. Plus, hear all about the headaches of system migrations—as well as the opportunities AI is unlocking for super funds.

2025 Highlights: Div296 was fixed, LISTO was increased, Pay Day Super legislation passed, and of course, That Super Show was launched too!

2025 Lowlights: investigation into collapse of Shield Master Fund and First Guardian Master Trust widens, shortcomings in death benefits and insurance claim handling have been papered-over.

Daniel Mulino taps super funds to prop up Compensation Scheme of Last Resort. Mulino taps super sector to help pay CSLR special levy | Financial Standard

HESTA has extra license conditions imposed by APRA. 7 weeks' downtime switching from MUFG to GROW. Irony of being slapped by the regulator who wants funds to innovate and improve productivity. APRA imposes additional licence conditions on HESTA | APRA

Irony of rumours that MUFG may acquire GROW! Administration technology is old, never designed for payday super or decumulation, and has to be the same across as many funds as possible. What MUFG's bid for Grow says about the state of super admin - Investment Magazine

Governing the Invisible: by Ash Priest and Alex Monynihan at Novigi, about governing AI from a super fund trustee's perspective using ISO 42001 for AI management systems. Governing the invisible: Why super funds need to get real about AI | FS Super

That Super Show Shorts. Daily short videos on news and views for superannuation professionals. That Super Show Shorts - YouTube

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson,...

#14. Cohosts Neil Benson and Sarah Penn are joined by Victoria Butt, CEO and founder of Parity Consulting, to unpack the latest trends shaping the talent market as we head toward 2026.

Drawing on fresh insights from nearly 5,000 industry professionals, they discuss the shifting priorities of Australia's financial services workforce, the surprising dynamics around return-to-office mandates, and the ongoing impacts of mergers and acquisitions in superannuation.

From the rise of exciting projects as a top motivator to the persistent importance of remuneration, Victoria sheds light on how macroeconomic factors, AI, and company culture are redefining careers in the sector.

The conversation also touches on the growing demand for adaptable leaders, the under-recognised power of mentorship in data roles, and the critical need for organisations to address burnout and investment in career development.

Whether you’re interested in the future of work, looking to progress your career, or simply wanting to stay ahead in the world of super, this episode is packed with valuable insights you won’t want to miss.

OUR GUEST

• Victoria Butt on LinkedIn
• Parity Consulting on LinkedIn
• Download Parity Consulting's FY2025 Salary Guide

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson, Founder of Novagentic

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#13. Hosts Neil Benson and Sarah Penn dive deep into the world of Australian superannuation. This week, they're joined by an insightful panel of guests—including Emma Jonceski (Aware Super), Cathy Duncan (TCS), Alana Devitt (CoreData), Dan McKean (Chandler), and Zoe Sheehan (TAL)—as they unpack all the highlights from the IBRC Engage 2025 Future of Member Engagement, Comms, and Experience Forum.

From industry stats that’ll make you rethink member engagement, to personal stories and clever ideas buzzing around the conference, you’ll hear the latest on how funds are transforming their communications, the role of technology and AI, and the untapped opportunities to enhance member experience. Get ready for candid conversations, practical examples, and future-focused thinking—all designed to help you, your fund, and your members stay ahead in a rapidly evolving super landscape. Let’s get into it!

Thanks to our special guests from Engage 2025:

1. Emma Jonceski on LinkedIn: https://www.linkedin.com/in/emmajonceski
2. Cathy Duncan on LinkedIn: https://www.linkedin.com/in/cathyduncan1
3. Alana Devitt on LinkedIn: https://www.linkedin.com/in/alanadevitt
4. Daniel McKean on LinkedIn: https://www.linkedin.com/in/daniel-mckean-a0b6bb22
5. Zoe Sheehan on LinkedIn: https://www.linkedin.com/in/zoe-sheehan-045a62121

That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson, Founder of Novagentic

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#12 Neil and Sarah have just wrapped up at the ASFA conference, and they reconnect with industry leaders and discuss the latest trends shaping super, from digital innovation and regulatory challenges to the future of retirement.

This episode features expert insights from guests like Jane Couchman from Aware Super, Zein el Hassan from Mills Oakley, and Shaun Bransdon from TAL Australia, covering everything from the rapid rise of AI in compliance to the changing expectations of retirement for future generations.

00:34 Exciting exhibitors at ASFA Conference

03:01 Zen el Hassan, Partner at Mills Oakley, on AI in advice and super

06:03 Sarah's top picks of ASFA Conference sessions

10:00 Sarah's big idea: Separating accumulation funds from retirement funds

12:41 Retirement Funds: Accumulation vs. Drawdown

16:08 Shaun Bransdon, GM of Retirement and Wealth at TAL Australia, on retirement in 2040

16:40 "Future of Retirement in Australia"

18:14 Australia's aging population challenges

23:02 Jane Couchman, Chief Risk Officer and Group Executive, Sustainability at Aware Super, on balancing risk and compliance with innovation

26:12 Future of retirement the super system in 2050

28:08 Reflections on ASFA Con 2025 and looking forward to 2026

NEW! You can now find That Super Show on YouTube: https://www.youtube.com/@thatsuper-show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson, Founder of Novagentic

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#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

🚩 Think We Should Talk?

If there’s a topic you’d love us to tackle or you think we should connect, just reply or book a meeting via the show notes.

Don’t forget: Follow That Super Show, share with your super colleagues, and...

#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, Founder of Novagentic

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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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Neil Benson, Founder of Novagentic

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#8. Co-hosts Neil Benson and Sarah Penn discuss the latest news and events affecting Australia's superannuation sector, including:

1. Joe Longo is stepping down as chair of ASIC
2. Macquarie Investment Management offers compensation to SMSF trustees who invested in Shield through its wrap platform
3. The role of superannuation trustees in determining which investments are available to members and whether SMSF trustees should require a qualification
4. The role of the Compensation Scheme of Last Resort in compensating clients of failed advisors
5. Delays to Div296 legislation and the principal of taxing unrealised capital gains
6. IFM Investments to close their private equity unit despite its track record of successful investments in growing mid-market Australian businesses
7. Chant West, in collaboration with Bec Wilson, announces six funds have received their inaugural Epic Retirement Tick
8. Will superannuation achieve its goal of relieving the burden on taxpayers to support Aged Pensions?

RESOURCES

• IFM Investors exits Australian PE strategy | Financial Standard
• The Epic Retirement Tick - Bec Wilson
• Government considers scrapping controversial aspects of Div 296 super tax | Accounting Times
• Macquarie admits Shield failings, will pay members $321m - ifa
• ASIC chair Joe Longo to step down in 2026 — Capital Brief

CONTACT THE HOSTS

Neil Benson on LinkedIn: https://www.linkedin.com/in/neilbenson/

Sarah Penn on LinkedIn: https://www.linkedin.com/in/sarahpennau/