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

    Insurance Gaps, Member Service, and International Investment Trends Impacting Super Funds
    2026/04/15
    #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.ARTICLESASFA warns super insurance reforms have left thousands uncovered - Super ReviewAustralian superannuation sector plans to woo US investors, companies and Trump officials in Washington galaBuilding a Stronger and Fairer Super System Act 2026 – Draft Regulations'We've let our members down': Watson | Financial StandardAFCA receives record number of complaints in 2025 calendar yearThat Super ShowVisit That Super Show website and become a newsletter subscriberFollow That Super Show on LinkedInFollow That Super Show on YouTubeEmail That Super ShowSarah Penn, Chief Executive at Mayflower ConsultingConnect with Sarah on LinkedInFollow Mayflower Consulting on LinkedInVisit Mayflower Consulting's websiteNeil Benson, Chief Product Officer at ChandlerCXConnect with Neil on LinkedInFollow ChandlerCX on LinkedInVisit ChandlerCX websiteMentioned 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
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    27 分
  • Measuring retirement outcomes with Anthony Saliba

    Measuring retirement outcomes with Anthony Saliba
    2026/04/09
    #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 SALIBAFollow Anthony on LinkedInFollow Deloitte on LinkedInThat Super ShowVisit That Super Show website and become a newsletter subscriberFollow That Super Show on LinkedInFollow That Super Show on YouTubeEmail That Super ShowSarah Penn, Chief Executive at Mayflower ConsultingConnect with Sarah on LinkedInFollow Mayflower Consulting on LinkedInVisit Mayflower Consulting's websiteNeil Benson, Chief Product Officer at ChandlerCXConnect with Neil on LinkedInFollow ChandlerCX on LinkedInVisit ChandlerCX websiteMentioned in this episode:Mayflower ConsultingThis 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
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    43 分
  • Competitive Flows and Adviser Influence: Dissecting Australia’s Super Landscape with David Bell

    Competitive Flows and Adviser Influence: Dissecting Australia’s Super Landscape with David Bell
    2026/03/23
    #21. Co-hosts Sarah Penn and Neil Benson host David Bell, Executive Director at Conexus Institute. We cover:Industry growth: Superannuation assets grew by 12% last year, mostly from strong investment returns. Four funds are now “mega funds” with over $200 billion AUM.Mergers and consolidation: Fund mergers continue to shape the sector. Aware’s merger with TelstraSuper tipped it into mega fund status.Flow dynamics: Natural flows (member contributions) are steady, but competitive flows are increasingly advisor-led with platforms gaining pace.Advisor-driven switching: More than half of asset switches are now influenced by advisers, with platforms offering efficiency and adviser-friendly features.Marketing spend: Funds increased marketing by 10%, but there's little evidence it’s driving competitive inflows. Most spend is defensive—trying to stem outflows.Retirement focus: Demographics highlight 40% of assets held by members 55+. Funds are investing in retirement products and guidance, but competitive barriers remain for retaining members approaching retirement.SMSF trends: SMSFs are seeing net growth and most are established without a formal adviser. But there’s also a flow back as members tire of administration.Future landscape: The sector is heading for more mega funds and continued consolidation. Launching new funds is possible, but achieving scale remains a decades-long effort.Key takeaway: Sector priorities are shifting towards retirement, adviser functionality, and efficiency—but core flows, consolidation, and operational differentiation remain fundamental for fund leaders.Bonus: Blame marketing? Absolutely!That Super ShowVisit That Super Show website and become a newsletter subscriberFollow That Super Show on LinkedInFollow That Super Show on YouTubeFollow That Super Show Shorts on YouTubeEmail That Super ShowSarah Penn, CEO of Mayflower ConsultingConnect with Sarah on LinkedInFollow Mayflower Consulting on LinkedInVisit Mayflower Consulting's websiteNeil Benson, Founder of NovagenticConnect with Neil on LinkedInFollow Novagentic on LinkedInVisit Novagentic websiteMentioned 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
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    45 分
  • Navigating Death Benefit Claims: Modernising Estate Management in Superannuation

    Navigating Death Benefit Claims: Modernising Estate Management in Superannuation
    2026/03/02

    #20. Sarah flies solo! And discusses death benefit claims and deceased estates with Ben Darlow and Sarah Poole from EstateXchange. We cover:

    1. The death benefit challenge: Processing death benefit claims is often complex, manual, and paper-heavy, despite the growing need for efficiency as $5.4 trillion in wealth transfers between generations.
    2. Executors’ reality: Families face interacting with up to 37 organisations after a death, making estate administration overwhelming and inefficient.
    3. Why processes haven’t modernised: Death claims processes have seen historic underinvestment, lack of regulation, and minimal focus compared to other fund interactions.
    4. Reframing the process: Super funds should consider their role as just one of many organisations grieving families deal with, adjusting expectations around paperwork and timelines accordingly.
    5. Triage and risk: Funds can streamline basic claims by adopting triage methods, applying more rigour only where needed, and embracing technology to reduce repetitive low-value tasks.
    6. Reporting pitfalls: Many organisations’ reporting paints an overly optimistic picture; meaningful reporting requires standardised data and clear lead/lag indicators, plus a culture that welcomes surfacing issues.
    7. Fraud as an emerging risk: As more processes move online, the risk of fraud in deceased estates is rising, with up to 9% of consumers encountering actual fraud and 17% experiencing near misses.
    8. Looking forward: The future may include digital vaults, seamless handover to executors, faster probate, and platforms that free up locked assets, helping families and the economy.

    Want to get in touch or learn more about EstateXchange?

    Sarah Poole - https://www.linkedin.com/in/sarah-poole1/

    Ben Darlow - https://www.linkedin.com/in/ben-darlow-1162862b4/

    That Super Show is brought to you by Mayflower Consulting — helping fund managers, platforms and super funds build faster, smarter product teams. Find out more at mayflower.com.au. And if you're not already a subscriber, join 450+ finserv product professionals reading #SSFPP every week here.
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    34 分
  • Brand Recognition, Churn, and Retirement: What’s Really Moving the Superannuation Needle

    Brand Recognition, Churn, and Retirement: What’s Really Moving the Superannuation Needle
    2026/02/16

    #19. Co-hosts Neil Benson and Sarah Penn unpack the latest trends and news impacting the superannuation industry.

    We cover:

    1. Super brand recognition: Surprising results from a Conjointly brand tracker highlight low public awareness of major super brands, including only 57% recognition for AussieSuper and 49% for Hostplus, challenging industry assumptions.
    2. The complexity and cost of rebranding: Rebrands are frequent but often more about internal politics than member benefit, and establishing a new name remains a major challenge.
    3. The effectiveness of marketing: Despite significant marketing spend, switching rates and member engagement appear largely unchanged, raising questions about return on investment.
    4. Member churn and fund flows: Recent reports show industry fund outflows to adviser-led platforms are modest compared to overall inflows, with most money still coming in via default arrangements rather than active switching.
    5. Retention dilemmas: As members with larger balances approach retirement, funds struggle to retain them, particularly when financial advisers commonly recommend rolling over to retail platforms.
    6. Regulatory challenges and innovation barriers: Uncertainty around advice laws is inhibiting proactive member communications and innovation, especially in retirement products.
    7. Fraud and scam protection: ASIC urges funds to strengthen member communications to prevent fraud, but losses remain minor (at $22 million), and tougher controls could erode member experience.
    8. Confidence and legislative change: Frequent government tinkering causes member concern, yet most changes aim to improve fairness, and fears of losing all super are unfounded.
    9. New superannuation legislation: Discussion around the Building a Stronger and Fairer Super System bill, with support for balancing changes to both high and low-balance accounts.
    10. Industry news: Notable updates include Commonwealth Super’s major tech upgrade, HESTA CEO Debbie Blakey’s retirement, and the release of a new AFCA complaints guide.
    11. Personal achievement: Neil celebrates passing the RG 146 superannuation qualification after a challenging process.

    RESOURCES

    1. Super brand tracker confirms golden status of AustralianSuper | Financial Standard - Brand Tracker by Conjointly based on 1344 individuals. 57% recognised AustralianSuper, 49% Hostplus, 48% AMP, 47% Rest, 45% CBUS. Survey also ranked consideration, performance perception, and customer support.
    2. Superannuation customer churn hits First Super, NGS Super and Hostplus...
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    30 分
  • ASIC’s 2026 Priorities: What Super Funds Need to Know

    ASIC’s 2026 Priorities: What Super Funds Need to Know
    2026/02/02

    #18. Co-hosts Sarah Penn and Neil Benson discuss ASIC’s 2026 priorities and what they mean for super funds.

    Private credit risks: ASIC flags concerns about retail exposure to private market credit products. Experience of fund managers and transparency are under the spotlight.

    Operational failures: Claims delays, cyber resilience, fraud and poor IT get a special mention - 'nuf said really!

    Aggressive product marketing: will be stopping. We hope.

    Audit and valuation standards: Poor quality sustainability reporting and inconsistent unlisted asset valuations—ASIC wants more evidence and comparability between funds.

    Plus a cooks tour of the ASIC priorities that are 'super adjacent'.
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    30 分
  • Adrian Gervasoni: Transforming Member Portals for Superannuation Success

    Adrian Gervasoni: Transforming Member Portals for Superannuation Success
    2026/01/19

    #17. Co-hosts Sarah Penn and Neil Benson chat with Adrian Gervasoni, Executive Manager Advice Services at Industry Fund Services. We cover a lot of ground, including:

    1. Member engagement challenges
    2. Rethinking the member journey
    3. Super as 'your future wage'
    4. Super portals try to present too much info
    5. The power of nudges
    6. The new class of advisers - what this means in practise
    7. What we can learn from banks closing branches and moving customers online
    8. Webinars and events are fun but only reach a small number of people
    9. The future of portals

    Want to hear more from Adrian? Follow him on LinkedIn.

    And have ideas for other guests we should interview? Drop us a line and let us know!
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    45 分
  • Welcome to 2026!

    Welcome to 2026!
    2026/01/07

    #16. Co-hosts Neil Benson and Sarah Penn return for the first episode of 2026 with a roundup of big news and trends in the superannuation industry. We cover:

    1. Holiday updates: Neil did some DIY renovations and Sarah struggled to find a builder, opting for travel instead.
    2. CSLR debate: Misha Schubert from the Super Members Council suggests SMSFs should pay for the Compensation Scheme of Last Resort, not industry fund members; both hosts agree she has a fair point.
    3. Managed investment schemes: Discussion of how APRA-regulated funds often use managed schemes and why strong investment governance is critical, especially in light of recent investment failures.
    4. Investment performance tests: Schubert’s call for performance tests on every super investment option prompts debate about the practicality versus potential benefits, with both hosts questioning the cost-benefit of such extensive reforms.
    5. Member engagement survey: SMC data shows younger, more educated members are much more engaged, but Neil and Sarah note the correlation is likely skewed by survey respondent bias and income/balance factors.
    6. Super fund branding and advertising: The hosts discuss the pros and cons of memorable ad campaigns, from hairy mascots to high-profile sports sponsorships, and examine their impact on fund awareness and acquisition.
    7. Third party administrator shakeup: Upcoming acquisition of Mercer’s admin business by Apex signals increased consolidation; the hosts express concerns over whether this will drive real improvements in service quality.
    8. Outsourcing vs. insourcing: Large funds may increasingly bring admin back in-house to manage cost and service quality, leading to more hybrid operating models.
    9. The “mechanistic vs. ecosystem” mindset: Sarah introduces insights from another podcast advocating for treating businesses and the super industry as living systems rather than machines—emphasizing test-and-learn approaches and accounting for human complexity rather than blaming process participants.
    10. Claims management complexity: Discussion on why systemic, ecosystem-level solutions are needed for claim delays rather than blaming individuals.

    Big Idea

    The Problem of Mechanistic Thinking

    Favourite Xmas gift

    Sarah's new Owala waterbottle

    Least favourite Xmas gift

    An 'avocado knife'. With apologies to Neil's wife!
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    24 分