The revelation that superannuation funds are preventing low-balance members from accessing an account-based pension raises ethical alarm bells. The widespread practice places a potential handbrake on the poorest Australians entering pension phase and arguably threatens the grand bargain with the Australian public on compulsory super.
A little-known administrative hurdle is prohibiting tens of thousands of poorer Australians from accessing the tax-free account-based pensions, as most super funds have placed a minimum balance requirement – as much as $50,000 at funds including AustralianSuper and HESTA – on retirees to apply for an ABP. Super Consumers Australia’s Katrina Ellis suggested the ‘outrageous’ practice may be illegal.
The Federal Court has dismissed ASIC’s case against REST Super for alleged misleading representations of members’ rights to transfer money out of the fund.
REST has named Duncan Whiteside as its general counsel, who joins from MetLife Australia.
Industry Fund Services CEO Csaba Baranyai has stepped down from the industry fund-owned service provider, effective 25 October 2025.
From 1 July 2026, employers will need to make super contributions to employees on ‘payday’ instead of quarterly, as payday super measure kicks in.
Brighter Super staff have voted in favour of an enterprise agreement that will see its employees benefit from salary increases, more super contributions, hybrid working arrangement and better base starting rate.
TelstraSuper and Equip Super have entered into a merger agreement after the former announced that it was looking for a merger partner in May.
MLC Super Fund has announced that administration fees will be greatly reduced for members in its superannuation and pension products.
Treasurer Jim Chalmers says superannuation savings can and should play a role in supplying capital to megatrends that will reshape Australia’s economy and fiscal position. The comments come in an exclusive foreword to the first edition of Retirement Magazine, the new sister publication to Investment Magazine.
The Australian Competition and Consumer Commission has recently released its draft guide on sustainability collaboration, but investors, businesses, and other groups have politely – and not so politely – told the competition watchdog that its principles need to be more flexible and accommodating.
Australia’s $212 billion sovereign wealth fund, the Future Fund, has restructured its investment team which will be overseen by a six-person investment leadership group including five new managing directors reporting to chief investment officer Ben Samild.
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We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
