A recent review of the PSSap lifePLUS offering, underwritten by AIA Australia, found insurance premiums needed to be adjusted to reflect the rising cost of providing cover, Commonwealth Superannuation Corporation (CSC) told PSSap members.

From May 1, the premiums for Total and Permanent Disablement (TPD) cover are rising a whopping 43.5%.

In a statement to Financial Standard, a CSC spokesperson said the superannuation sector as a whole is seeing an increase in TPD claims, driven by a rise in mental health conditions.

"In response to this, working with our insurer, AIA, CSC has implemented a mix of premium changes which includes an increase to TPD and five-year income protection premiums," the spokesperson said.

The spokesperson also stated that the rises in mental health conditions are being seen across all member cohorts.

At the end of 2025, PSSap had about 175,000 members. According to APRA data, in FY25 PSSap members paid about $124 million in total premiums and had about $56 million paid out in claims. Of these, 162 were TPD claims amounting to $32.5 million.

In the previous year, 143 TPD claims were accepted and $25.2 million was paid out to members.

While increasing the premiums it charges, CSC is changing the definition for 'mental illness' in its lifePLUS policies.

Previously an insured member must be diagnosed by a psychiatrist who qualifies as a medical practitioner by the American Psychiatric Association's standards. From May 1, the member needs to have been diagnosed by a 'specialist medical professional', which is someone who must have a fellowship qualification related to the illness or injury being claimed for and is currently practicing in a speciality practice related to the injury or illness.

The fund said this doesn't actually change anything when it comes to assessing claims, but was done to ensure the doctor a claimant sees has appropriate qualifications and registrations.

Meanwhile, CSC's spokesperson also noted that premiums for some other cover types are reducing from May 1, which should offset some of the impact of the increase.

"We've also reduced death and two-year income protection premiums... These changes have been informed by our claims experience over recent years," the spokesperson added.

Death cover premiums will drop 16.4%, while two-year income protection cover will reduce by 25%.

Premiums for members who hold five-year income protection cover but are under 62 years of age will rise by 20.8%. Those over 62 years of age with the same cover will either see a 36% decrease in premiums payable or a 3% increase, depending on their individual waiting periods.

The hike in TPD premiums for PSSap members comes around the same time as a similar increase is to be rolled out for AustralianSuper's insured members.

On average, members within the AustralianSuper plan, Super Options and Personal Plan will pay 40% more for TPD cover from June 1.

In FY25, AustralianSuper paid out $272.3 million across 2821 TPD claims. The year before, it paid 2690 claims to the tune of $276.8 million.

The nation's largest super fund is also increasing the cost of Death cover by 20%, and income protection by up to 38% depending on the benefit payment period.

The increases have not gone down well among members, with some taking to Reddit and LinkedIn to vent their frustrations, labelling the fund tone deaf to the current economic climate. Some even claim to have switched super funds already as a result.

AustralianSuper, whose group insurance is provided by TAL, did not respond to requests for comment.

"The market is now priced for a meaningful hit to growth and weaker earnings, but I don't think it's priced for recession," he said.

"There's plenty of room for even more adverse scenarios to play out. It does take time for oil shortages to make their way through the system."

Colosimo noted the disruption in oil supply is more than just price increases. It is about quantity and if there is enough fuel to keep the economy ticking along.

"If not, how do we decide who misses out? How much impact does that have on economic growth?" he questioned.

He said Australia remains as much at risk as any other country in the world due to the supply shock.

"Australia is particularly vulnerable here because we don't have a lot of inventory to begin with. We're very dependent on Middle Eastern oil that comes via refineries in Asia. Not only are we dependent on the oil coming through the strait, we depend on the refiners agreeing to send it to us when they might be facing shortages themselves," Colosimo said.

While the Australian markets were down 8% in March, the US was down 5%. Europe fell by 8%, while Japan and India were down by more than 11%.

"I think a big part of it is the market's differentiating between winners and losers from higher oil prices. Over the last decade, the US has become a big energy exporter, so yes, consumers will suffer with higher prices, but the energy companies themselves benefit," Colosimo said.

"If you look at Europe and countries like Japan and India, they are energy importers, so they're seen as the biggest losers."

While Colosimo thinks the oil prices have been relatively well behaved despite all the tensions, he was surprised by the markets' reaction to bond yields and gold.

Historically big oil price shocks would mean a fall in bond yields, he said, showing an increased demand for safe-haven assets.

"Instead, markets have been more focused on the risk of inflation from higher oil prices. Bond yields have actually surged between 0.3% and 0.4% across the world over the month," Colosimo said.

He added that gold has been an even bigger surprise, been down nearly 14% in March.

"I really think it just comes down to the fact it had run really hard over the last year or so. A lot of investors were crowded into that trade," he said.

After consulting with the industry, APRA released its final response to amending prudential standards on treating capital for longevity products in a bid to improve weak demand for such products.

One of the key changes is refining specific parameters of the proposed AILP calculation.

This is particularly in relation to the proposed floor for the risk allowance and treatment of the AILP in the credit spread stress charge under Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge.

After carefully weighing the feedback received, APRA said it determined the proposed settings for the AILP "remain sound and strike the right balance in providing capital efficiency in return for appropriate risk controls."

In introducing AILP as a factor determining capital requirements for longevity products, APRA said it will introduce additional risk controls with respect to the governance, reporting and asset composition of the longevity product portfolio.

Taking the AILP approach also "better reflects the long-term nature of liabilities."

"To underpin the AILP option, APRA has also introduced additional risk controls relating to the governance, reporting and asset composition of portfolios to which it is applied. Together, the reforms provide a more risk-sensitive, principles-based approach that reduces procyclicality in capital settings, while maintaining appropriate safeguards," APRA added.

A broad set of products will be eligible for the AILP, including all annuity products such as term certain annuities, as well as lifetime income products and innovative retirement income stream products that meet the eligibility requirements.

Elsewhere in its response, APRA believes the proposed of 45% risk allowance floor of the long-term average spread remains appropriate.

The reforms will come into effect on 1 July 2026. APRA has also released a reporting template for insurers who choose to use the AILP and is seeking feedback on the template by May 12.

APRA member Suzanne Smith said: "We're backing innovation in retirement income and we're doing it safely. As the prudential regulator, we always look for opportunities to refine our requirements. These adjustments to capital settings will free up insurers to invest in sustainable, competitively priced products that help Australians retire with greater confidence."

HESTA's latest whitepaper Make the move: guiding members to tax-free retirement found last financial year 1.8 million Australians remained in accumulation phase despite being eligible to switch, collectively forgoing $2.5 billion.

By 2030, nearly three million Australians are projected to be missing out on $5.5 billion annually.

"Retirement should be a time when Australians can enjoy the rewards of a lifetime of work. Yet too many Australians are not making the move from saving for retirement to actually living in retirement - and the cost of that inaction is significant," HESTA chief executive Debby Blakey said.

"Without reform, the problem will only grow. We need system-level change to make it easier for people to access tax-free income in retirement."

The research said all member groups irrespective of their balance, gender, homeownership, or marital status would benefit from transitioning to retirement products at eligibility.

"The research finds every eligible member cohort analysed is better off when they have access to a retirement phase option rather than staying in accumulation," Blakey said.

"That's why we're calling for a well-designed default mechanism that would seek to ensure no Australian is left behind simply because the system failed to guide them."

The whitepaper also noted the consequences are not felt equally, with women being disproportionately affected.

Female HESTA members have a take-up rate of 29%, while for all eligible members it sits at 30%. The take-up rate for the super system is 45%.

"Women who have spent their careers caring for others often retire with more modest balances - and they are precisely the members least likely to make this transition on their own," Blakey said.

By transitioning to a retirement income stream upon eligibility, members could boost total retirement income by up to 12% depending on their circumstances, compared to those who delay by four years, the whitepaper found.

In its 2026-27 pre-budget submission, HESTA has called for funds to be given the ability to actively prompt members to transition to appropriate specific fund retirement products, with the ability to opt-out.

It also called to allow default transition for eligible members into a retirement income stream, with an opt-out option for consumer protection.

Separately, Blakey will be leaving the fund later this year, opting to step down after 11 years at the helm. HESTA is now searching for Blakey's replacement and expects to announce a new chief executive ahead of her departure.

Through Choiceplus, members can tailor their super investments from an available set of options.

Hostplus has confirmed that one such option that may be made available is digital assets, with Financial Standard understanding the fund's assessment is in its early stages and no decision has been made yet.

At its 2025 annual member meeting in December, Hostplus said: "We understand that many of our members are interested in investing in cryptocurrency, and that interest is an important factor in our ongoing exploration of this option."

"As your super fund, our job is to act in your best financial interests, which means thoroughly assessing any new asset class before deciding whether to include it."

It said it is considering how it could be made available through Choiceplus "in a way that aligns with regulatory requirements, member-first principles, and our operational framework - while maintaining strong governance, compliance, and sustainability standards."

Hostplus did not respond to Financial Standard's question regarding guardrails being considered for the asset class.

Bitcoin is down 23% year-to-date, currently trading around US$66,700. At its peak in October last year, it went up to around US$122,000. It saw a sharp sell-off in February but has since stabilised in the US$65,000 - US$75,000 range.

AMP is so far the only super fund that has gone against the grain, allocating around 0.05% of its assets into cryptocurrency in late 2024, representing roughly around $57 billion of its total assets under management.

AMP's then senior portfolio manager Steve Flegg said crypto had "become too big, and its potential was too great to continue to ignore," while acknowledging that it is "risky, new, and not yet fully proven."

AMP said it currently has less than 0.03% allocated in Bitcoin, which is tightly risk-controlled to manage volatility and downside risk.

"While not a material driver of returns, the allocation has contributed positively to members' retirement savings since its inclusion," AMP general manager of investments Stuart Eliot told Financial Standard.

"We will continue to assess the investment as part of our broader focus on delivering sustainable, long-term returns for members."

Eliot added that the exposure is actively managed through the BlackRock Bitcoin ETF, with the size of the position adjusted in response to market signals.

"As a result, our exposure was significantly reduced ahead of the recent downturn, meaning we had little exposure during most of the February sell off," Eliot said.

Meanwhile, in December AustralianSuper head of asset allocation Alistair Barker said while the super fund is not looking to invest in digital assets, it does hope to capture the underlying trends driving the asset class through investment that can be properly valued.

"The first is the rise of technology, and the second is a decrease in trust in governments and a question around whether governments can pay back the debts that they've raised," Baker said.

"We have sought to do that by investing in real assets and also reducing investment in fixed income. Real assets are things like data centres, things like the technology companies and reducing exposure to fixed income."

Baker also highlighted the passing of the GENIOUS Act in the US which was brought to increase adoption of technology platforms like blockchain.

"It's quite likely, and this was a view a number of years ago, that blockchain as an underlying technology would be a new type of financial infrastructure that people would trade on, and we're starting to see that now," Baker said.

"It is evolving, but we're certainly very focused on when we invest, we want to capture the right dynamics but do it in a way that we understand."

When hiring new staff, Treasury is proposing that employers only show three types of superannuation products: the employee's existing stapled fund, employer's default fund and MySuper products that meet the required conditions.

The "MySuper product exception" will allow a person to advertise a MySuper product only, and not any broader features or Choice product options, even if these are available to a MySuper product holder within the fund.

To qualify, amongst other conditions, the MySuper product must have passed the most recent annual superannuation performance test and the person advertising the MySuper product cannot be a connected entity of the RSE licensee that is offering the product.

"Employee onboarding is a key time when employees engage with their superannuation and they should be able to do so in an informed way, without being influenced to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts," Treasury explained in the exposure draft explanatory statement.

"These amendments made to the Corporations Act and to the Corporations Regulations will help empower employees to make better-informed choices by making it easier to see, consider and select their existing superannuation fund when they commence employment."

Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 proposes that when a MySuper product is advertised, "it must not be displayed to the employee with greater prominence than any stapled fund for the employee or default fund for the employer and employee that is shown to the employee at the time of onboarding."

More specifically, this will apply regardless of whether the funds appear at the same time, such as on the same page or screen, or across multiple pages or screens.

"This requirement is intended to mitigate the risk of the person advertising using prominence to influence an employee's decision," Treasury said.

The consultation closes on April 17.

Speaking at the Law Council of Australia's Superannuation Lawyers Conference on Thursday, Kirkland emphasised the role trustees play in protecting consumers. He advised them to review their due diligence to always be able to justify why an investment option was made available to members.

He said trustees should have processes in place to identify practices that may cause harm to any super balance, including from inappropriate advice fee charges, and is currently undertaking a review to better understand the steps trustees have taken.

Ultimately, trustees need to reassess how they approve and monitor investments, he said.

"We're also supportive of the government's proposal to introduce a legislative obligation on superannuation trustees to report to ASIC suspicious or anomalous patterns of behaviour, which the trustee reasonably considers could place their membership at risk of significant detriment," Kirkland said.

He added that ASIC will be monitoring trustees continuously if they are maintaining active oversight and providing effect to the governance settings they have adopted.

He also highlighted a member's choice is not an excuse to "displace" trustee responsibility, stating that product risk "doesn't become somebody else's problem because advice was given, or because the member selected it."

"More broadly, the matters suggest ASIC expects trustees to have practical mechanisms for watch-listing, risk exposure management, escalation and, where necessary, proactive intervention," Kirkland said.

"Protecting super is the job of everyone in the system. For trustees, that is reinforced by important obligations that underpin our enforcement activity. And as lawyers working in and around the system, your role is to help them to understand their obligations, and to follow them consistently."

He also addressed that ASIC has assigned close to 50 staff working on 26 investigations revolving around Shield and First Guardian.

These include 12 ongoing cases against 21 defendants.

It comes as Macquarie and Netwealth have both admitted to failures in relation to Shield and First Guardian and have returned more than $420 million collectively to around 4000 members.

A court ruling last Friday determined that Macquarie breached the Corporations Act by failing to place Shield on a watch list. However, ASIC did not seek a penalty against Macquarie due to the exceptional circumstances of the case, including that all members were compensated.

The "friendship" group brings together members of parliament and senators from across the political spectrum in their shared stewardship of super.

The non-partisan friendship group was newly formed last year, co-chaired by senator and former Vision Super chair Lisa Darmanin, senator Nick McKim and former shadow minister for financial services Pat Conaghan.

Conaghan has now handed the co-chair baton to newly appointed shadow assistant treasurer and shadow minister for financial services Kevin Hogan.

SMC said a "silver tsunami" of 2.8 million Australians is racing towards retirement in the coming decade. This demographic influx will double the number of Australians newly retiring each year from 150,000 to 300,000.

"These trends underline the importance of all parliamentarians and the super sector working closely together to ensure policy settings continue to keep super strong and secure so it can deliver for millions of Australians in retirement," SMC said.

SMC said parliamentary friendship groups are a highly effective and well-established mechanism for parliamentarians and their staff to engage with systems, sectors and policy areas that are hugely important to everyday Australians.

SMC chief executive Misha Schubert said the formation of the new Parliamentary Friends of Super reflects a valued shared commitment from across parliament to ensure the super system continues to work in Australians' best financial interests.

"Super is one of Australia's shining economic and social policy achievements, and it's crucial that policymakers from across the full breadth of the Parliament have a valuable forum to engage with sectors and organisations on how to protect and strengthen it for current and future generations," Schubert said.

"We're delighted to have supported the launch of the newly formed Parliamentary Friends of Superannuation, just as countless other member associations and groups in other sectors support these types of forums in a wide array of policy areas."

Minister for financial services Daniel Mulino said the reforms improve transparency, reduce uncertainty, and strengthen the enforcement of court-ordered compensation for victim-survivors.

Mulino said if passed - which is expected - the Survivors Law will enable victims and survivors of child sexual abuse to apply for a court order to access additional personal or salary sacrifice superannuation contributions made by the offender where a related court order for compensation remains unpaid after 12 months.

As the Bill currently reads, victim-survivors can only seek to receive the unpaid, law enforced, compensation from additional contributions the perpetrator made from a period of 10 years prior to the day the abuse initiated (or the estimated date the court agrees the abuse occurred) until the day the compensation order is made.

Employer mandated contributions, whether paid at the legislated minimum or at a higher rate as negotiated as part of an industrial agreement or award are exempt from the reforms.

"This is because the intention is to prevent misuse of superannuation to shield the assets of perpetrators from their victims or survivors," the explanatory memorandum reads.

"Certain other types of contributions are specifically excluded from eligibility to ensure that only amounts that are made to deliberately shield assets from compensation are eligible."

Victim-survivors will be able to apply to the Australian Taxation Office (ATO), with appropriate safeguards, to identify any potential eligible superannuation prior to seeking access.

Should a perpetrator have made voluntary contributions in an attempt to hide their assets but then removed the additions contributions before the compensation order is made, victim-survivors will also be given information as to the perpetrator's total superannuation balance, along with total amount of additional contributions made.

This does not mean the victim has access to the total superannuation assets, it is just for them to judge whether extra contributions were removed, making it no longer worthwhile for them to see compensation from those additional contributions.

Unfulfilled historical compensation orders brought into existence before the measure's commencement will be eligible if they remain legally enforceable and were awarded in relation to a criminal conviction or finding of guilt for child sexual abuse.

The reforms also include amendments to the Bankruptcy Act 1966 to allow compensation debts to survive an offender's bankruptcy.

Mulino said the government is committed to ensuring these reforms operate as intended and deliver meaningful outcomes.

Accordingly, the operation of the law will be reviewed after full commencement to assess its effectiveness for victim-survivors.

"We have listened to the survivors and advocates who have a been calling for strong accountability and justice for a long time," Mulino said.

"The Albanese Government will establish the principle that convicted perpetrators cannot use the superannuation system to shield assets from lawful compensation orders.

"This Bill represents a meaningful step forward for survivors of child sexual abuse. When passed, this Bill will establish a foundation that can be built on in the future on as we continue to look for opportunities to improve outcomes, and attain justice, for survivors."

Attorney-General Michelle Rowland said the government was committed to holding perpetrators of abhorrent child sexual abuse to account.

"There can be no opportunity for criminals who are convicted of child sexual abuse to avoid paying compensation to their victims, and I look forward to this vital legislation delivering exactly that," Rowland said.

"My message to victim-survivors is clear - we hear you, and we have your back."

The Fixed Interest option will close from May 15. Members invested in the option will be able to switch out of it until May 22. Any members still invested in the Fixed Interest option after this time, will have the portion of their account balance invested in it automatically switched to the Cash investment option.

Prime Super said it considered the Cash option best aligns with the Fixed Interest option in terms of risk profile, with 100% investment allocated in defensive assets.

The Income Focused option for Accumulation (Super Fund) will discontinue from April 30. Pension accounts (Transition to Retirement or Retirement Income Stream) invested in this will not be affected.

Accumulation members still invested in this option after this time, will have the portion of their existing balance invested in the option automatically switched to the Conservative option.

Prime Super said following a review, it considered that the Conservative option best aligns with the Income Focused option in terms of risk profile.

The super fund added it regularly reviews the asset allocation of investment options against several factors, including expected risk and return outcomes given prevailing market conditions, and therefore made changes to strategic asset allocations (SAA).

Subsequently, as of 1 January 2026, the SAA for MySuper Accumulation members, for example, saw Growth assets allocation move from 69.3% to 71.6%, and Defensive assets reduce from 30.7% to 28.4%.

Prime Super recently announced that Frontier Advisors will be its asset consultant as of June 1, replacing PATRIZIA, which has been with the fund for more than a decade.

Last December, MFS Investment Management won the contract to manage an active global fixed income strategy on behalf of the $9 billion super fund.

Australian Ethical Super will close its High Growth investment option from May 1, with all members to be transferred to the Growth option instead.

The fund said while the option has delivered results in the past that align with its objectives, over 10 years its returns are similar to that of the Growth option without the elevated risk profile.

At the same time, from June it will introduce a new Conservative Balanced investment option for accumulation and pension members. It will aim to achieve returns of 2.25% per annum above inflation over 10 years.

It will also change the name of its existing Balanced (Accumulation) option to simply Balanced to "help with a more seamless transfer to a retirement pension when the time comes."

Australian Ethical said that after the changes, its investment options across super and pension will align to three broad risk levels - defensive, neutral and growth.

Finally, Australian Ethical noted it has reviewed its fees to ensure they remain appropriate for each investment option.

Following the review, for super members investment fees on the Defensive and Balanced options will increase, while International Shares and Growth will decrease. Transaction costs on Defensive and Balanced will also increase, while those for the Conservative and Australian Shares options will go down slightly.

For pension members, the investment fees and costs for the Defensive option are increasing, while they'll decrease for Conservative, Conservative Balanced, Growth and International Shares will decrease. The transaction costs for the Defensive and Conservative Balanced options will increase, while Australian Shares' will drop by 0.01%.

The fee changes are also effective May 1.

The report highlighted the role Australia's super system plays in strengthening household financial security, delivering higher retirement incomes, and driving economic growth.

From 2002 to 2022, non-housing wealth grew by 196% for middle Australians, making them more than $256,000 better off in retirement.

As a result, more Australians are entering retirement with significant levels of super, delivering them higher living standards and more income as retirees, and easing pressure on government budgets, SMC said.

The amount of retiree income from super has more than doubled in two decades. It rose by 117% for recent middle wealth retirees, to $740 per week on average in 2022, compared to $340 in 2002, in wage adjusted terms.

Even with sluggish real wages growth in recent years, capital growth through super helped working Australians build wealth, the report found.

From 1996 to 2025, net returns on super in profit-to-member funds were two times higher than wage growth, helping to reduce cost-of-living pressures for retirees.

The report found super also broadened household assets beyond real estate and cash and allowed everyday Australians - not just the wealthiest - to share in the income generated by companies and assets.

SMC said super funds' ability to invest for their members in unlisted assets - such as infrastructure like airports and toll roads, property and private markets - has acted as a stabilising force in the economy.

The report found Australia's profit-to-member super system has grown into one of the largest retirement savings pools in the world, with more than 12 million Australians holding over $1.9 trillion in super savings.

"Thanks to the creation of super three decades ago, millions of everyday Australians now own a direct profit-share in the nation's economic growth for the first time," SMC chief executive Misha Schubert said.

"Those super savings owned by millions of everyday Australians are now one of Australia's most important economic institutions - lifting retirement incomes for retirees, reducing pressure on budgets, and supporting long-term growth and stability across the economy.

"With more Australians relying on super than ever before, keeping the policy settings strong and secure is critical - because the future incomes of everyday Australians depend on it."

The prudential regulator has released details of how it can work with the industry to implement the new reporting framework on retirement outcomes in a bid to improve transparency and monitor member outcomes in retirement.

APRA's role is to collect and publish the data every year from 2027 to produce and deliver insights on fund offerings and member outcomes and help track progress with retirement phase uplift.

APRA, for example, proposes member segment-level reporting for product types members hold, drawdown levels, value of benefit payments paid to members and actions taken when an account is closed.

These will be collected along with member-cohort level, which include the age range (60 years and each year above), sex type and members' benefit bracket, and retirement status.

APRA and ASIC will jointly use the data as part of tracking progress by RSE licensees against retirement income strategies required by the Retirement Income Covenant. It will then share the data with ASIC, Treasury and other relevant government agencies.

APRA said it anticipates there will be "relatively more work involved for RSE licensees that are comparatively less well-advanced in terms of existing member-centric reporting."

Stakeholders are asked if it is feasible for APRA to collect and report this data, share any material impediments in doing so, as well as the potential upfront and ongoing costs incurred.

APRA details its proposals and timelines in consultation paper, Proposed superannuation data collection to implement the Government's Retirement Reporting Framework.

APRA seeks submissions until June 3.

By the fourth quarter of 2026, APRA hopes to release the final forms and taxonomy, and one year thereafter it will conduct its first data collection.

The reporting framework is one of several government initiatives announced in November 2024 to uplift the retirement phase of superannuation.

A Treasury-led consultation was conducted in 2025. A final high-level design of the framework was announced on February 23.

The 2026 Mercer Shaping Super report notes non-platform mega funds hold 39% of today's market share. This is expected to grow to 54% in nine years' time.

These funds service 1.5 million member accounts on average, charging a total fee of 0.82% based on a $50,000 account balance as opposed to a median of 0.97% for other non-platform funds.

"Mega funds face the challenge of meeting the broadest set of member needs but are well positioned thanks to substantial operating budgets funded by larger total fees collected," Mercer said.

Platform funds, meanwhile, are expected to grow from strong adviser-led inflows - from 10% today to 14% in 2035. They offer a median of 489 investment options compared to 13 for non-platform funds.

Mercer said the volume difference requires distinct services, technology, and investment governance structures, as well as engagement models that reflect the tri-partite relationship between trustee, adviser and member.

The analysis also found that financial adviser-focused platforms hold 6% of the total super accounts, yet they are winning 42% of all retirement account flows.

Mega funds, though, are attracting just 31% of retirement account flows, despite holding 61% of all super accounts.

"In this future environment, the traditional industry versus retail 'super wars' are likely to become less relevant," the report read.

"Funds will need to adapt to a landscape where a diverse range of funds can 'dominate' their respective spheres of influence: for all funds, this will mean clearly carving out their niche - whether that's serving the 'mass disengaged' with simple, low-cost products aimed at 'low touch, low balance' members, or providing advisers with advanced technology to deliver quality services to 'high touch, high balance' members."

On average, superannuation funds lose 7% of their members to other funds every year and often struggle to address this attrition.

While this is multifaceted, Mercer said it partly reflects a historical focus on acquiring members rather than retaining them. Typically, members are between 32% and 74% more likely to exit within five years of joining, compared to other periods.

"The traditional distinction between industry fund and retail fund ranked only seventh out of eleven variables in importance, underscoring its diminishing relevance in describing fund outcomes. We expect this trend to continue," Mercer said, noting the impact of stapling has reduced historic employer distribution advantages of industry funds.

"Meanwhile, mega funds - with more sophisticated reserving and capital management practices - now have some access to capital, a historic advantage for retail funds. Funds with stronger new member growth and access to capital will be better positioned to serve their members in the future, as they can make the investments necessary to innovate."

FSC data to the contrary shows Australians choosing to switch to super platforms from default funds are typically older investors with higher balances who have received professional financial advice.

SMC found in 2024-25, 68% of Australians who switched out of the five profit-to-member funds into for-profit platform-based super funds had under $100,000 in super, and 8% had under $200,000.

"Healthy competition and choice are important long-term features of Australia's super system, but alarm bells should be ringing when data shows a clear skew towards younger people and people with lower balances starting to be switched into more complex, higher cost products," SMC chief executive Misha Schubert said.

However, FSC data showed the average balance of newly established platform accounts is over $349,500, with an average age of 59 at the time of switching.

It found even among younger investors switching to super platforms, balances are significantly higher than those of their peers in the broader superannuation system. For example, under 30s establishing accounts on platforms have average balances of $54,800, over three times higher than the $16,200 average of their peers in all APRA-regulated accounts.

FSC chief executive Blake Briggs said: "Superannuation platforms provide Australians with greater control over their retirement savings and are often used by people with more complex financial circumstances who have received personal advice on tailored investment solutions."

SMC data also found a similar pattern among Australians with limited amounts of super switching into SMSFs, with more than half having under $100,000 in super and three in four had less than $200,000.

FSC, however, said conflating superannuation platforms with SMSFs that operate outside the purview of APRA is misleading.

Additionally, SMC found seven in 10 members switching did not have a pre-existing advice relationship and suggested the activity could be driven by social media ads, lead generation or third-party influences.

Schubert said younger members switching does not mean the more typical switching of pre-retirees is not underway as well.

"Two things can be happening at the same time - but the cause for concern is a spike in potentially riskier switching among lower balance and younger members, which it appears could be influenced by social media ads and lead generation," Schubert said.

FSC, however, said platforms are usually accessed using advisers, who use them to structure investments inside and outside super to suit a client's broader financial circumstances. It added concerns of misleading data risks distorting the policy debate following the failures of Shield and First Guardian.

"It is simply not correct to infer that a superannuation consumer who has switched out of a default fund on the recommendation of a financial adviser has necessarily been subject to predatory lead generation or poor advice, and the default funds making that claim do not hold the necessary data to substantiate those arguments," FSC said.

FSC also questioned the methodology used by SMC in the research.

"Default funds cannot see a member's full financial position - including whether multiple accounts are being consolidated over time or whether an adviser is using a platform to manage the household wealth of several family members under a holistic strategy," Briggs said.

FSC data showed almost a quarter of new accumulation accounts receive multiple rollovers, suggesting it is common for members to use platforms to consolidate several accounts into one structure.

However, SMC said it doesn't believe the skew to low balances is caused by multiple accounts or consolidation.

"Eight out of 10 young Australians only have one account, and the value of outward rollovers corresponds to age specific median balances in ATO sample file data," SMC said.

Even with the difference, both organisations said it is important for the industry to tackle the issue of super switching in the wake of the Shield and First Guidance collapse.

"Everyone across the super sector should be deeply concerned about the lead-generated switching advice that supercharged the Shield and First Guardian scandals that ASIC has repeatedly warned about - if warnings are ignored, it's a greenlight to the next collapses," Schubert said.

FSC said the government should target lead generators, however, it should refrain from restricting the right of individual consumers to take control of their retirement savings.

"The superannuation industry needs to have a mature conversation around the consumer protection framework in light of the failures of Shield and First Guardian, but this debate should not be co-opted by the commercial interests of default superannuation funds. Misleading data does not help policymakers, regulators, or consumers engage with the complex issues surrounding advice, switching behaviour and retirement outcomes," Briggs said.

"Inferring that financial advisers' use of superannuation platforms is inherently risky is insulting to professional financial advisers, ignores the benefits that financial advice offers Australian consumers, and is not supported by evidence."

Late last year, ASIC chair Joe Longo had said introducing "frictions" into the super switching process could help avoid a repeat of the First Guardian and Shield catastrophe.

SMC represents profit-to-member industry funds and has members including AustralianSuper, Australian Retirement Trust, Aware Super, CareSuper and HESTA.

FSC is a broader body representing retail and wholesale funds management, super funds, investment platforms and financial advisory networks. Its members include AMP, Australian Ethical, Brighter Super, Colonial First State Investments, Mercer and CareSuper.

AustralianSuper chief liquidity officer Chandu Bhindi recently told the Australian Financial Review an avenue to issue bonds or notes through capital markets would give funds another valuable source of financing amidst intense market stress, providing enough "dry powder" to maximise their investments.

Russell, however, said the fund does not support any huge structural changes which would make it easy for funds to play "free and easy" with leveraging up the portfolio.

"Talk on the contrary, we're trying to make sure that we are properly prepared as growing and sophisticated funds to deal with [liquidity risks]," Russell said.

Bhindi is the first liquidity officer for the $410 billion super fund and took on the role in January 2025.

AustralianSuper said the appointment reflects its key focus on liquidity management as more of its members approach retirement with large balances.

"We're very proud that we have appointed a liquidity officer to the fund. He's the first amongst the funds, and it addresses the structural change which is going on as we all speak, which is as the funds move from the accumulation stage to the retirement stage, the liquidity issues become much more taxing and demanding," Russell said.

He added liquidity challenges are amplified under a structure where members can move from one fund to another without any cost, along with being able to change their portfolio within the fund as many times as they like at no cost whatsoever.

"My guess is that Chandu will not be the last liquidity officer appointed by the funds. We're happy to talk about how we manage this, and of course, what we're doing is with the regulator themselves," he said.

"So, no to opening up new pathways for clever funds to push the envelope, on the contrary that's what we're trying to avoid. I'm pleased to have this opportunity to clarify."

Russell added the fund is not talking about any tools whatsoever to gear up the portfolio to improve performance.

"On the contrary, the reason why we appointed Chandu was to actually make the whole system more stable, to actually look at ways in which we manage upon liquidity at difficult times, but no sense whatsoever of leveraging up the portfolio to improve performance," Russell said.

He added rather than changing provisions, AustralianSuper is comfortable with lines of credit which can make handling a liquidity situation easier.

"Chandu was putting this on the agenda in the context of a regulator who's becoming increasingly focused on what liquidity means," Russell said.

From April 1, group insurance for First Super members will be provided by TAL.

The mandate sat with MetLife for the past 14 years, having been appointed in July 2012.

Under the change, the premiums per unit or dollar of income protection and death cover will decrease. Income protection will go down by about 24.6%, while death cover will be decreased by 15.4%.

Premiums for total and permanent disability cover will remain as is.

However, an insurance handling or administration fee will now be applied, so the actual dollar amount taken from members' accounts may not change. The fee will be equal to 4.67% of the total cost of insurance.

"This change gives insured members greater visibility of the charging for the administration of insurance arrangements," the fund said.

"First Super prides itself on being large enough to perform and small enough to care, and this new fee will let the First Super insurance team continue to deliver efficient, specialist service to insured members when they need it most."

From April 1, members will also be able to lodge and manage claims via Tele-lodgement.

There will also be changes to some of the fund's terms and conditions for cover, including introducing an Armed Forces Exclusion for income protection cover under which benefits will not be payable in the event of a claim arising from their service, and capping the maximum cover limit for TPD at $2 million, down from $5 million.

Commenting, First Super interim chief executive Greg Everett said: "We are delighted to partner with TAL and satisfied that this change is in members best interests, with the vast majority of members seeing a small decrease in premiums."

"This is a great outcome for our members, and in contrast to the trend of premium increases across the industry."

Everett was confirmed in the leadership role this week, taking over from Bill Watson who served as chief executive for the past decade and is moving on to lead investments at BUSSQ.

In its next step since the passage of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 on March 10, Treasury is nutting out how the tax will be calculated and implemented. This also affects the Income Tax Assessment Act 1997, which imposes new taxes under Division 296.

The consultation covers how super funds will attribute fund earnings to individuals and sets out how to calculate earnings for defined benefit interests.

Furthermore, it explains how the tax applies in a person's final year and sets the adjustment factors for capital gains tax for large super funds. The consultation closes on April 7.

From July 1, a 30% tax rate will apply on earnings from superannuation balances between $3 million and $10 million.

For balances over $10 million a 40% tax rate applies. The thresholds will be indexed to the Consumer Price Index each year.

For members on defined benefit (DB) schemes, Treasury put forth recommendations compiled by the Australian Government Actuary, which sets out the reduction factor for calculating earnings.

"Given that many public sector DB schemes do not have any underlying assets deriving income that influences the value of a member's interest, a reduction factor needs to be derived based on a simulated representative portfolio of assets," the letter stated.

Ultimately, the modelling suggests a 17.5% reduction factor for DB schemes.

Heffron Consulting managing director Meg Heffron points out that one of the most important features of the regulations for members of small superannuation funds, such as SMSFs and small APRA funds, is how the Division 296 fund earnings would be divided up between each member interest or each member account.

While large APRA funds can decide how they do this, within some guidelines established in the regulations, SMSFs and SAFs must obtain an actuarial certificate, she said.

For many people in receipt of defined benefits, Heffron noted that the new approach will mean a substantial change to their total super balance versus amounts previously reported.

"One important transitional rule in these regulations is that the "new" calculation won't apply until 30 June 2027 (so contribution limits and other thresholds will continue to be based on a total super balance using the "old" calculations for one last year in 2026-27)," she said.

"Fortunately, the regulations do have some special adjustments to make sure that a big increase in a member's total super balance because of the change in methodology doesn't fall into earnings for 2026-27."

"I get the feeling we are letting our members down in terms of poor service," Watson said.

"Firstly, we've got the claims handling matters that have arisen with insurance claims not being paid promptly. Secondly, members are finding it really difficult to get through on the phone to some funds."

Watson said continued consolidation in the industry hasn't delivered what it should have to members.

"It's time for funds now to really take stock of where they are and just work out what they can do to improve the member experience," he said.

"We've got to remember why funds were set up in the first instance ... when funds were set up, there was so much personal service. There were people out on the road all the time. It was a really high touch model.

"But as the sector's matured, the focus has moved from the service side of things and moved from growing retirement savings to a focus on becoming institutional fund managers."

Watson said that while being a fund manager and growing members' retirement savings is part of the job, he said member services have taken a back seat.

"The making of the money is the easy part of what we do as super funds. It's the providing of the service, getting advice, being there when members need us, like handling claims, answering the phone, helping members through retirement, that's what sets us apart. And I think some funds are really struggling with that," Watson said.

ASIC has been pushing the same agenda in recent months with commissioner Simone Constant saying funds should move away from using the term "members" and begin referring to them as "customers" instead.

Watson said while the sentiment may be the same, a change in terminology won't actually address the underlying issues.

"It's not a question of 'customer' or 'member', to be frank. Look at what we've seen in the past with the way large financial services institutions have treated their customers. I wouldn't want to wish that upon anybody," Watson said.

"It's about treating people decently and providing a good level of service."

For Watson, there is a need for funds to get back to the basics in the way of service, but not at the expense of quality.

"It's about allocating resources, making decisions about how you spend your money," he said.

"The downside of APRA's performance test is that it focuses on delivering the most basic services at the absolute minimum cost. And with what we're hearing from ASIC and APRA in relation to retirement income governance, is that funds need to be spending money on it."

The two funds said they will look to transfer all TelstraSuper members to Aware in the next two months.

A limited service period will commence for TelstraSuper on April 17, with members to join Aware Super on April 30 and have access to its full suite of services from May 11.

TelstraSuper chair Anne-Marie O'Loghlin said she is confident the merger will deliver strong outcomes for members.

"Extensive due diligence has confirmed the strong alignment of values, performance, and member outcomes between our two funds. This gives us great assurance that the transition will deliver long-term benefits and an enhanced retirement experience for all members," she said.

Meantime, Aware Super chief executive Deanne Stewart said she looks forward to welcoming TelstraSuper members to the fund.

"Uniting two of Australia's foremost retirement experts helps us keep costs low and deliver market leading retirement solutions and investment performance. Together, we will set a new benchmark in retirement outcomes for our members."

The merger process has been ongoing for TelstraSuper since May 2024 when it first flagged it was on the hunt for a partner. This was because a diminishing number of its members were current Telstra employees, making it keen to move away from the corporate entity towards a structure that was more representative of its broader membership.

It was originally exploring a merger with Equip Super, getting as far as signing a binding Heads of Agreement and deciding on leadership in December 2024. However, it terminated discussions in May 2025, saying it felt it was unlikely to achieve its objectives.

Upon completion of the merger, Aware Super will manage about $237 billion on behalf of more than 1.3 million members.

Kyle Lidbury will join as the chief investment officer of a newly created affiliate.

Pinnacle declined to comment on the appointment or its managed accounts plans.

It is understood that Lidbury is on gardening leave until August.

His exit from Perpetual ends a 15-year association with the firm, during which he led its investment team for the past 18 months. David Blunt, previously head of growth assets, has been named acting chief investment officer in his place.

Before being appointed chief investment officer, Lidbury spent a decade as Perpetual's head of investment research, having earlier served as general manager of operations.

He joined Perpetual from MLC, the NAB-owned wealth management division, where his most recent role was manager of research relationships across MLC and nabWealth.

Lidbury's appointment comes five months after David Wright joined Pinnacle as its first head of client solutions.

Wright, a co-founder of Zenith Investment Partners, is tasked with supporting Pinnacle's global growth initiatives and providing strategic guidance to its affiliated investment managers, according to a release.

Interestingly, last July, Pinnacle made a strategic investment in FinCap Group to support the launch of a private assets managed accounts platform for Australian financial advisers and their wholesale clients.

Frontier Advisors will take over as Prime Super's asset consultant on June 1.

PATRIZIA had served as the fund's asset consultant for more than a decade, having taken on the mandate when it acquired Whitehelm Capital in 2021.

The $8.5 billion super fund put the contract to tender and said Frontier emerged as the leading contender "based on its consulting team, depth and approach to research and portfolio construction". It also noted Frontier's alignment to profit-to-member super funds.

"The investment team is focused on delivering both risk-aware returns and value for money to our members. The support and advice we receive from our asset consultant is critical to achieving this goal," Prime Super general manager, investments Michael McQueen said.

"Frontier will play an important supporting role as we strengthen our internal capabilities and continue to shape the portfolio in line with our long-term objectives. We look forward to working closely with them in the years ahead."

The decision to appoint Frontier comes after the asset consultant signed a deal with State Super in October 2025 under which the super fund's investment arm joined Frontier to establish an 'independent chief investment officer' service.

"New opportunities to work with super funds don't come along often so it's very exciting to be able to add a fund like Prime Super to our client group. Especially a fund with a clear strategy and a firm focus on its members. We know we can add value and ultimately help deliver great retirement outcomes for Prime Super members across the country," Frontier chief executive Andrew Polson said.

Despite the mandate change, PATRIZIA will continue as an investment manager for Prime Super. Some of the deals it has made over the years on Prime's behalf include stakes in Active Utilities, Chepstowe and Maroona Wind Farms, and Savant Energy Power Networks.

The 2026 Australian Superannuation Investment Summit will cover San Francisco, Washington and New York. Participating super funds include IFM Investors, AustralianSuper, Australian Retirement Trust (ART), CareSuper, Cbus, HESTA, Rest and UniSuper.

Leaders from the Association of Superannuation Funds of Australia (ASFA) and Super Members Council (SMC) will also join the funds.

The agenda will also include sessions to support a deeper understanding of how artificial intelligence (AI) is being embedded across enterprises and ensure investment portfolios are resilient to technological and geopolitical disruption.

The summit will build on engagement with governments globally, including in the UK and European Union.

ART chief executive Kathy Vincent said the summit underscores the Australian superannuation system as one of the largest in the world and a highly dependable source of long-term capital.

"As a significant global investor, the summit is an important forum to strengthen ART's global partnerships and stay connected to the best opportunities that support long-term outcomes for our members," Vincent said.

IFM Investors said the summit will give super funds the opportunity to engage directly with global business, finance and technology leaders to identify long-term growth opportunities for members.

"By seeking out global investment opportunities, Australian super funds are building diverse and resilient portfolios that help deliver long-term retirement outcomes for working Australians," IFM Investors said.

IFM Investors has also released a policy blueprint outlining how Australian super funds can help bridge the funding gap for US infrastructure.

ART chief investment officer Ian Patrick said while Australia would always be a key destination for capital, the US was the fund's largest market outside Australia due to its globally dominant financial and capital markets.

"Due to our size and scale, and our drive to find the best possible investment outcomes for members, we choose not to limit the fund to Australia," Patrick said.

"We instead assess opportunities to grow and invest globally - this global approach improves our overall portfolio diversification."

US investments account for about half of ART's private market assets totaling to $41 billion. Some $66 billion account for about one quarter of total public market assets. ART has 30% of total funds under management held in the US.

Patrick added ART continues to see a broad range of attractive investment opportunities in the US.

"The US is the world's largest economy with the most liquid public and most evolved private markets - it's attractive for many reasons, namely as the epicentre of private asset investing," Patrick added.

"Given current events it's important that we engage directly with senior leaders across finance and government on behalf of our members."

Vincent highlighted Australia's $4.5 trillion superannuation system as a rare achievement and a force for good.

"It's scale continues to grow - set to become the second largest retirement system globally by 2035," Vincent said.

"In less than 50 years, Australians' combined retirement savings have grown to a level that is more than our national economy, helping everyday working people achieve a more comfortable retirement."

Treasurer Jim Chalmers announced the passage of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 on Tuesday evening with no amendments. In addition to Division 296, the bill also included the measure to increase the Low-Income Superannuation Tax Offset (LISTO).

In October last year, Division 296 was amended to index the $3 million threshold and adding a $10 million threshold for a higher tax.

He said the bill will improve super for workers on low incomes and more sustainable tax breaks for people with the biggest balances.

"We are helping workers earn more, keep more of what they earn and retire with more, while also strengthening Australia's world-class superannuation system," Chalmers said.

"These reforms will mean more super for around 1.3 million Australians, including around 750,000 women and around 550,000 young people under the age of 30."

The announcement was welcomed by the industry, including the Association of Superannuation Funds of Australia (ASFA), which collectively commended the bill will unfreeze LISTO to level the playing field for low-income workers.

"The critical point is that super will still be concessionally taxed for every Australian, from the lowest earner to those with $20 million in super," ASFA chief policy and advocacy officer James Koval said.

"In almost every circumstance, people will pay a lower tax rate on their super investment earnings than they would outside super. The concession is now smaller for those at the top, but it is still a concession."

At the same time, Chalmers took aim at the Opposition, stating that both the new leader Angus Taylor and shadow treasurer Ted O'Brien have "failed this major test" by opposing the measures.

"The Liberals and Nationals opposed this legislation which will deliver a more secure retirement for more than a million Australians, including hundreds of thousands of young people and women," Chalmers said.

"They want bigger tax breaks for those with millions in superannuation and oppose a better retirement for low-income workers."

Another broken promise

The Opposition responded sternly during the second reading of the bill, highlighting some of the reforms' flaws.

Deputy leader of the Opposition Jane Hume vented her concerns over the initial refusal to index the $3 million threshold. She believes that it was a "deliberate" move for the government to implement more taxes but ultimately failed.

"... because inflation erodes the value of savings, it would have meant more and more Australians would be captured in Labor's net. It wasn't flawed policy; it was intentional. It was deliberate. It was a tax grab, and it was young people that would have paid the price," Hume said.

"Let's face it, because this legislation... is simply a tax. It's just more tax, and that seems to be the solution that Labor has to every single problem."

She added that the Coalition tried to make the system "fairer and stronger" when they were in government by getting rid of fees on low balances and abolished the mandatory life insurance uptake for those that did not need it.

"As you can see, none of those reforms that were introduced by the Coalition had anything to do with tax... Yet that was the first thing that this Labor government did when it came to office," Hume said.

Liberal senator for Western Australia Dean Smith echoed Hume's statement, noting that the government only surrendered to amend the bill due to "external pressure".

"... while the Albanese government has now modified its original proposal, that change demonstrates how flawed the original design was," Smith said.

"In an inflationary environment, the effect of this would have been to quietly drag more Australians into the tax over time through bracket creep.

"But the policy backtrack we've witnessed in relation to this bill is not an acknowledgement by Labor of these flaws. It is the result of the sustained and justified external pressure placed on it by stakeholders."

Meanwhile, Hume added the government has said previously there would be no changes to super, but those promises have since fallen apart.

"Yet here we are not just changing superannuation but truncating debate on those changes to superannuation too. Why would Australians have believed them? The Prime Minister said it. The Treasurer said it. Every single Labor candidate said it," Hume continued.

"There would be no changes to superannuation under this government. Mind you, they also said there were going to be no changes to capital gains tax. They said there were going to be no changes to negative gearing. They said there were going to be no changes to family trust tax. All of these things are on their way."

Seven years since the two pieces of legislation took effect, ASFA estimated about 5000 Australians per year died without life insurance cover, resulting in their families missing out on nearly $700 million in death benefits.

Furthermore, some 11,000 individuals each year are missing out on around $1.5 billion in total and permanent disability (TPD) benefits as a direct consequence of the same legislative changes.

The government introduced the new rules in 2019 to curb super funds charging excessive and unnecessary fees related to life insurance and members holding multiple superannuation accounts.

Under PYS super funds were mandated to cancel insurance on accounts that are inactive for 16 months.

Under PMIF, default insurance cover was removed for members under 25 and for anyone with an account balance below $6000. ASFA estimated that five million individual accounts lost insurance cover as a result of this.

ASFA chief policy and advocacy officer James Koval said the research shows a significant mismatch between current policy settings and the present-day reality for Australians with super.

"Our research now shows the scale of that consequence. The problem these laws were designed to solve, unwanted multiple accounts and balance erosion, has been largely addressed through other means. The data makes a strong case for revisiting whether the current settings are still doing more good than harm," Koval said.

ASFA puts forth several recommendations to address the "unintended consequences" that led to many members losing out on life insurance benefits.

For one, super funds should be able to offer insurance on an opt-out basis to fund members aged 21 years or older rather than 25 years old and older.

They should also offer insurance on an opt-out basis for all new full-time employees rather than wait until the account balance reaches $6000.

ASFA wants to replace the requirement for funds to write to individuals with inactive accounts indicating that cover will cease if the account continues to be inactive and the account holder does not opt-in.

"A better alternative would be to continue with the scheduled correspondence but with that correspondence pointing out the costs and benefits of continued insurance cover and giving the member easy access to ways of dialling down or turning off their insurance cover," ASFA wrote in the report Insurance provided through superannuation: Update and policy implications.

Koval added: "I really feel for the families who've been caught by some of the unintended consequences of the PYS and PMIF legislation. These laws were meant to protect balances, and that intent was sound. But the mechanism was too blunt. Insurance was switched off by default, often leaving people unaware it had happened."

Willis Towers Watson's Super Industry 2026 report shows four more super funds joined the mega-fund club throughout 2025, with CFS FirstChoice, Cbus, HESTA and Rest all surpassing $100 billion in funds under management.

Almost all the growth seen in the mega-funds, and to the number of them, was organic; the only merger that took place in the period was that of Qantas Super into Australian Retirement Trust. Still, the size of small and medium funds continued to decline, with FY25 recording 57 super funds with less than $50 billion in funds under management controlling less than 18% of total assets. In FY24, it was 72 funds controlling 20%.

One emerging trend WTW identified is the declining nature of net cashflows across eight of the 10 largest funds; only Aware Super and CFS FirstChoice bucked the trend, it said.

The trend is most evident across industry funds, with all industry funds experiencing a decline in recent years. The only exceptions were Aware Super, legalsuper, and REI Super which all managed to maintain or improve their cashflow ratio in FY25.

"It is noteworthy that legalsuper and REI Super are two of a small handful of funds which remain deeply aligned to a single industry. The trend may indicate that the industry-specific engagement that these specialist funds offer is allowing them to hold ground where their larger peers are losing it," WTW said.

Across the top 20 industry and retail super funds by size, four recorded a negative cashflow ratio in FY25, being Equip Super, MLC Super, AMP Super, and Insignia Financial's Retirement Portfolio Service. While still in a positive position, AustralianSuper had the largest drop in cashflow position in FY25 due to negative net rollovers; Hostplus maintained the healthiest cashflows followed by Rest.

"The decline is primarily driven by a deterioration in net rollovers, indicating member choices are driving the movement rather than maturation of the existing membership," WTW said.

"The beneficiaries of these member choices are a selection of retail funds, in particular those with platform investment offerings, with funds including HUB24 and Netwealth generating strong organic growth driven by inward rollovers, and AMP Super showing improvement in member retention with a reducing level of outward rollovers."

Under current law, a superannuation trustee may be required to pay a death benefit to a person who perpetrated family and domestic violence against the deceased. As super death benefits do not typically form part of a deceased person's estate, they are dealt with differently to other assets where courts can determine the appropriate course of action.

In December 2024, the Parliamentary Joint Committee on Corporations and Financial Services recommended an amendment to the Superannuation Industry (Supervision) Act 1993 to ensure beneficiaries who perpetrated domestic and family violence, including financial abuse, or caused suicide because of their abuse, be declared an invalid beneficiary when it comes to their victims' superannuation death benefit.

A public consultation has commenced today, outlining several policy options that would see the recommendation legislated, while also making the distribution of benefits in these cases fairer and more consistent and ensuring payments are not delayed.

In all, the paper seeks feedback on whether a forfeiture-like rule should be established in relation to super death benefits, and three distinct policy options to ensure perpetrators are not eligible to receive victims' benefits.

Under the forfeiture-like rule or set of rules, if a person has been found by a court to have committed domestic and/or family violence which has resulted in the murder or manslaughter of their victim, they forfeit their right to receive the deceased's death benefit.

The proposed measure borrows from the common law forfeiture rule, which can be applied by a court when an offender has unlawfully killed a person in circumstances where there is moral culpability to prevent the offender benefitting from their crime.

Meantime, the first policy option proposed is to allow trustees to set aside a person as an eligible beneficiary, the binding death benefit nomination, or depart from an allocation otherwise required under the fund's governing rules if it believes the beneficiary perpetrated family and domestic violence against the deceased member.

Option two is to enable a fund to do this only in instances where a court has found a nominated beneficiary was violent towards the deceased member. This option would allow the fund to exercise this power at its own discretion or mandate the fund set aside the person as an eligible beneficiary.

The third and final option proposed would provide a super fund with the power to pay the death benefit to the estate or into a court where they reasonably suspect the person named in a binding nomination perpetrated domestic or family violence against the deceased.

In addition to seeking feedback on the three options, the consultation seeks to understand to what extent the current procedures and regulatory arrangements are working in terms of providing clarity to trustees on how to deal with such situations, ensuring timely distribution of benefits, and what form of evidence is commonly considered by trustees in determining whether a beneficiary should be eligible.

Treasury is accepting feedback on the policy options until April 15.

"... superannuation is there for dignity in retirement, it is not there to reward the perpetrators of abuse, and today is a really important step forward in making sure that doesn't happen," minister for financial services Daniel Mulino said, adding that it is unlikely draft legislation on the issue will be made available before the Federal Budget in May as the government does not wish to rush a decision.

The government is still considering how such reforms should be applied in the case of self-managed super funds.

This consultation follows the release of draft legislation preventing convicted child sex abusers from hiding their assets in superannuation to avoid paying compensation orders to victims.

The fund raise was led by the Gates Foundation, Investible and Yara Growth Ventures.

UniSuper's Uniseed, Twynam, GrainCorp Ventures, Artesian, SVG Ventures and Agnition Venture were also part of the consortium. The Series A round closed in January.

PlasmaLeap produces plasma-based products and services, as well as zero-emissions chemical reactors for synthesis of green fuels and chemicals.

It helps farmers, for example, produce sustainable nitrogen fertiliser directly on their farms or at local hubs, reducing emissions, input costs and supply-chain dependency.

PlasmaLeap chief executive and co-founder Frere Byrne said: "This funding allows us to move from successful trials into real-world deployment, demonstrating how clean, decentralised fertiliser and chemical production can transform agriculture, reduce emissions and guarantee sovereign security of critical resources like food and fuel."

Funds will also be used to progress fertiliser hubs in New South Wales and Tasmania, expand field trials, and further develop PlasmaLeap's technology.

PlasmaLeap's patented reactor technology produces ammonia and nitrate using only air, water and renewable electricity, Byrne said.

"The technology has the potential to improve national food security, reduce exposure to international price shocks, and reduce and stabilise input costs for growers. This capability becomes increasingly critical as resource availability and geopolitical instability continue to impact global fertiliser markets."

"PlasmaLeap has developed a breakthrough platform for fertiliser with lower CO2 emissions, delivering step-change improvements in energy efficiency. We see strong potential for this technology to scale competitively and reduce the climate impact of farming," Yara Growth Ventures investment director Stian Nygaard said.

Uniseed appointed Alastair Hick as chief executive in January, succeeding Peter Devine who left the organisation in December after 20 years in the role.

A memorandum of understanding has been signed as part of the Canadian-Australian Pension Funds Investment Initiative, which is launching today.

It is a voluntary framework intended to support local super funds, Canadian pension funds and their related investment organisations to "facilitate dialogue with governments on policy barriers and associated solutions to improve the business environment for investment in each jurisdiction and to unlock greater long-term capital for private investment on behalf of millions of working and retired people."

The signatories will also build awareness of the value of investment models that leverage the skills of pension capital investors.

Collectively, it's expected Australian super funds and Canadian pension funds will oversee about $20 trillion in assets by 2040.

The Australian super funds and investors involved are:

• Australian Retirement Trust 

• AustralianSuper 

• Aware Super 

• CareSuper 

• Cbus

• HESTA 

• Hostplus 

• IFM Investors 

• Rest

IFM Investors chair Cath Bowtell said it is great to be deepening the investor's dealings with several of the Canadian funds involved, having worked together as co-investors many times and also in competition.

"To formalise a relationship with these funds, where we can lean into issues around policy reform that will support private capital being deployed into the critical infrastructure that we know that both our nations need to build our national resilience, keep up with population growth, supercharge our economies and their shared ambitions, this partnership provides a way for us to join forces and amplify our voice in relation to that endeavour," she said.

Bowtell added that investments in Canada that super funds will look to pursue include critical minerals, data centres, transport infrastructure, seaports, and infrastructure that supports the digitisation of economies and the energy transition.

Meanwhile, the Canadian organisations on board are:

• Alberta Investment Management Corporation
• British Columbia Investment Management Corporation

• La Caisse

• CPP Investments

• HOOPP

• Investment Management Corporation of Ontario
• OMERS

• Ontario Teachers' Pension Plan
• PSP Investments

Commenting, PSP Investments said there is fertile ground to bolster opportunities for investment between the two nations.

"I'm proud of the strong relationships our team has built in Australia and excited about the role we can continue to play through this initiative," said PSP Investments president and chief executive Deborah Orida said.

"For more than a decade, Australia has been an important market for us. This Memorandum of Understanding strengthens cooperation among like-minded long-term investors and helps create the conditions for durable value and essential infrastructure that supports people and communities."

Meantime, CPP Investments said continuing to build strategic relationships with the super funds involved in the initiative aligns with its global commercial activities.

"CPP Investments is an established global investor with a strong track record of deploying significant, patient capital into high-quality, economically productive assets. We seek to contribute our experience, knowledge and relationships to the mutual benefit of CAP Invest Initiative participants, as this initiative upholds constructive engagement that will help support stable, investable markets over the long run," CPP Investments president and chief executive John Graham said.

The MoU comes as the Right Honorable Prime Minister of Canada Mark Carney visits Australia, alongside Canadian Minister of Finance and National Revenue François-Philippe Champagne.

Cbus said such reforms could save workers and their families thousands of dollars at a difficult time.

In its submission to the 2026-27 Federal Budget, the $110 billion fund proposed reforms to make sure members are paid super on time, protect their savings and make retirement easier to navigate.

Cbus said while TPD insurance payments after age 60 are generally tax-free, members under 60 must deal with a complex web of rules and can pay up to 22% tax on claims.

The average Cbus TPD claim was sitting at around $103,000 last financial year.

Cbus chief executive Kristian Fok said removing tax on all TPD claims, not just those paid after age 60, would make the system easier to understand and help members "get to the finish line".

"For many of our members, a serious injury or illness can mean finishing work earlier than planned. Their insurance payout often needs to support them, their families and their recovery for the long term," Fok said.

"We're calling on the government to simplify the tax settings on insurance-in-super payments, so members aren't left trying to untangle complex rules at an already stressful time.

"When you're dealing with a life-changing event, worrying about tax shouldn't be part of the load."

Cbus said members currently face different tax components, uplifts and rates depending on their age and how they take their payment, which creates unnecessary complexity.

Cbus said insurance claims continue to rise, with the fund paying more than $268 million in TPD claims last financial year.

Simplifying the tax treatment on insurance claims is a practical way to provide the fund's 925,000 members' better support, Fok said.

"Insurance inside super is a vital safety net for members whose working lives are cut short due to injury or illness," he said.

"As claims grow and costs rise across the industry, we want to make sure the system works as simply and clearly as possible for the people who rely on it."

Also in its submission, Cbus said retirement confidence remains a key focus for the fund and its members.

"Members tell us they're unsure about key parts of retirement, including how and when to access the Age Pension," Fok said.

"Simplifying means testing and allowing super funds to help with applications would make a meaningful difference for thousands of Australians approaching retirement.

"And letting members make super contributions from occasional work would give them a smoother transition into retirement - and help us support them better along the way."

The super fund also called for the end of unpaid super and stopping scams and high-pressure selling tactics.

"Australians' retirement savings can be put at serious risk because some operators continue to exploit gaps and grey zones in the system - leaving members exposed to financial products and practices that service profit, not people," the submission said.

"We encourage the government to prohibit lead generators from targeting Australians about their super or other financial products, expand the definition of hawking to cover digital lead generation and targeted online marketing, require explicit informed consent before member data is used or transferred for super related purposes and ban adviser referral payments to lead generators."

Additionally, the fund called for improved transparency for financial products to future proof the system.

"Members need clarity on financial product risks - particularly when moving outside of MySuper into high risk or complex investment options," it said.

"There should be clearer and standardised guidance for anyone considering switching to higher risk and more complex products and it should be mandatory for members to receive information about how their fund has performed compared to the median MySuper option."

It had soft launched the product's saving phase in August in partnership with TAL and Challenger. Advisers can now recommend MLC Retirement Boost as a complete solution, including the retirement and savings income phases, to their clients.

The retirement income phase of MLC Retirement Boost can be used as a standalone solution or alongside an account-based pension. It is designed to deliver a tax-free retirement income for life, with investment flexibility and potential Age Pension advantages for members.

MLC Expand chief executive Liz McCarthy said the product is an innovative solution to tackle the issue of Australians hanging on to their cash at retirement in fear that they might not have enough to live on.

"This product addresses those issues...it can give them confidence that no matter how long they live, they're going to have an amount to live on, and that they won't ever burn through that cash," McCarthy said.

The program has also established a Centre of Excellence through which advisers can get access to expert technical insights, case studies, information and client support tools and calculators.

Advisers can access a range of specialised resources, including a digital Retirement Boost optimiser tool that visualises a client's projected total retirement income across super, MLC Retirement Boost and the Age Pension, helping advisers tailor more effective strategies.

"One of the key differentiators with MLC Retirement Boost, and the thing advisers have told us they're most excited about, is the newly launched Centre of Excellence, a unique point of difference in our partnership with TAL and Challenger," McCarthy said.

McCarthy added that modelling by MLC Expand showed when used at its full potential the product, complemented with traditional retirement products like an account-based pension, can improve a client's income in retirement by up to 60%.

"This solution will be life changing for many and is the future of retirement in Australia," she said.

MLC's director of customer innovation Ashton Jones said it is simple to sign up for the product, with clients only required to make an election on their superannuation account in the savings phase.

"For most clients we would expect that they would take up retirement boost in the pension phase alongside an account based pension," Ashton said.

"It's really there to complement what the account based pension does for the client, but really importantly, all enabled through the Expand platform."

McCarthy added: "In the savings phase, it's designed to unlock the potential of a member's superannuation at no extra cost - potentially creating a higher retirement income from their first contribution. The earlier members sign-up, the more potential for Centrelink benefits in retirement - so it's a no brainer in the savings phase!"

"In the retirement income phase, MLC Retirement Boost is designed to give retirees greater certainty - consistent, tax-free income for life - with the added potential to increase retirement income through concessional treatments not available through standard pension products."

She added MLC plans to continue improving and innovating in the space in partnership with TAL and Challenger.

The 'Look after your super' initiative uses the concept of the golden super goose to help Australians better understand how super works, why it matters, and how even small actions today can mean more money in retirement.

SMC research shows nearly half of Australians don't understand the basics of super, and many still feel disconnected from it because retirement feels like it's far away for them.

SMC chief executive Misha Schubert said the initiative strives to close the gap between education and action.

"The evidence is strong and clear: when people better understand their super, they're more likely to take actions that improve their retirement. That's an enormous dividend from something as simple as education," Schubert said.

The golden super goose, SMC said, is developed to tackle the barrier of young Australians fully grasping the transformative long-term power of compound investment returns.

By conceptualising super as a living asset that grows when it's cared for, the initiative aims to make the future value of super feel real today, rather than abstract or distant, SMC said.

"Instead of charts, jargon and percentages, this initiative highlights that super is something you look after. If you nurture your golden super goose, protect it and pay attention to it, it grows," Schubert added.

"And when you retire, it then looks after you in your post-work years as your source of income."

The initiative is developed with the creative agency Thinkerbell and will roll out nationally via catch-up TV and streaming services, outdoor advertising, audio, social and digital as well as workplace and industry channels.

In 2024, ASIC urged super funds and the industry to do more to explain super to younger Australians, particularly by using clear language and explaining the benefits of compound returns.

"Super works best when people understand it and nurture it. Helping more young Australians look after their super now means more security and dignity for them later in life," Schubert said.

Future Group entered an agreement with Willis Towers Watson in July 2025 to acquire the extended public offer licence and is currently awaiting regulatory approval, Financial Standard understands.

While the licence was retained, the Towers Watson RSE was slowly wound up in recent years, with several of the corporate super funds it oversaw being terminated or moved elsewhere. This included the Nissan Executive Superannuation Trust and Nissan Retirement Fund and Heidelberg Australia Superannuation Fund, while the Oracle Superannuation Plan and Incitec Pivot Employees Superannuation Fund were transferred to Australian Retirement Trust. The Linfox Staff Superannuation Fund was also offloaded to Russell Investments.

There are currently no super funds attached to the Towers Watson RSE, however once acquired Future Group will be able to house all its offerings under the licence, serving as its own trustee.

Once complete, it's understood Jeremy Cooper will serve as chair. Cooper already has a role at Future Group as chair of its Carbon Advisory Board.

Equity Trustees currently serves as Future Group's trustee, a relationship that commenced in 2023. Before that, it was under Diversa.

Equity Trustees is currently in the process of reviewing its superannuation business following its involvement in the First Guardian and Shield disasters.

Willis Towers Watson also ran the Wycomp RSE, but it was closed down last year and no longer holds a licence.

It's expected the deal will be finalised in the coming months.

The SMC research said these small-balance funds were being switched out of the regulated super system and into more expensive and potentially riskier super products.

"The new data should sound alarm bells about drivers of large-scale, higher-risk super switching where it makes Australians poorer. It highlights the need for stronger guardrails to protect Australians from financial harm," SMC said.

The analysis revealed super switching was up 17% over the past year and is dominated by Australians with lower super balances, not by wealthier pre-retirees.

In 2024-25, 68% of Australians who were switched out of five large, high performing, profit-to-member funds into for-profit platform-based super funds, had under $100,000 in super, and 80% had under $200,000.

SMC said a similar pattern is occurring among Australians with limited amounts of super switching into SMSFs, with more than half having under $100,000 in super and three in four had less than $200,000.

More than 70% of platform switchers and 61% of SMSF switchers hold under $100,000, with an average balance of just $21,700, the report said.

SMC said seven in 10 members switching did not have a pre-existing advice relationship, suggesting the activity could potentially be being driven by social media ads, lead generation or third-party influences and not by long-term professional financial planning in their best financial interests.

"Healthy competition and choice are long-term features of Australia's super system, but that is not what appears to be occurring here," SMC chief executive Misha Schubert said.

"Access to trusted quality advice is very important to Australians' financial wellbeing and to their confidence at retirement - and great advice from a professional financial adviser can make a very positive difference."

Schubert said the patterns in the data suggest the effect of other influences.

"Alarm bells should be ringing loudly for both regulators and policymakers if a surge into complex super products is making Australians with lower super balances poorer - and especially if there's a risk that any predatory operators could be driving it," she said.

The data found that around half of all members switching to platform funds or SMSFs last year were aged under 45, with switching activity growing rapidly among people aged between 30 and 45 with smaller amounts of super.

SMC analysis found members switching to platform based super funds and SMSFs face over $160 million extra in fees and costs per year compared to if they had stayed with their profit-to-member fund.

Investment and net return performance differences for members were also significant - over both five and 10-year periods, members in profit-to-member funds have seen their performance consistently outperform retail platforms, with the gap widening over longer timeframes.

"For lower balance members, these differences can mean less in their retirement savings, particularly when members are switched out of a higher-performing super products early in their working lives," SMC said.

In response, SMC is calling for a strong package of consumer protections that remove any conflicts of interest - including eradicating any hidden paydays - wherever they arise in the chain of complex entities across super, investment vehicles and advice, and strengthening safety obligations on any process that involves switching a person's super.

It has also called for a ban on aggressive selling tactics through social media ads and cold calls by expanding anti-hawking laws to prevent contact aimed at generating or transferring leads for personal financial advice or super.

"Australians urgently need a comprehensive set of consumer protections, or we risk further Shield and First Guardian-style collapses, which means more Australians losing money they have saved to live on in retirement," Schubert said.

"Platforms and SMSFs are often typically more complex and costly products, and many don't face the same levels of performance testing or regulatory oversight as mainstream super funds, which can be a particular risk for Australians with smaller amounts of super."

Trump said that since he took office the typical 401(k) balance has grown by "at least US$30,000".

"That's a lot of money. We have millions and millions of people. Because the stock market has done so well, setting all those records. Your 401(k)s are way up," Trump said.

However, Trump said half of American workers do not have access to a retirement plan with matching contributions from an employer.

"To remedy this gross disparity, I'm announcing that next year my administration will give these oft-forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker," Trump said.

"We will match your contribution with up to $1000 each year, as we ensure that all Americans can profit from a rising stock market."

Reports from the US suggest the proposal would be open to workers who don't already have access to an employer-sponsored retirement plan. They would get access to a program like the Thrift Savings Plan, which is already available to federal workers.

The Thrift Savings Plan is a defined contribution retirement savings and investment plan that offers US Federal employees the same type of savings and tax benefits that many private corporations offer their employees under 401(k) plans.

Under the new proposal the government would match employee contributions to both these plans and existing employer plans with no match, up to $1000 annually.

According to research from Pew Charitable Trusts, around 56 million Americans do not have access to a retirement savings plan at work.

Treasury Secretary Scott Bessent said the government could use the budget reconciliation process to advance the new retirement proposal.

Bessent said the proposal would be rolled out "in the coming weeks and months" but no further information has been released by the White House.

Total superannuation assets increased by 0.8% over the quarter and 8.1% over the year to $4.5 trillion, of which $3.2 trillion was in APRA-regulated funds.

Total contributions increased by 11.5% to $220.8 billion in the year ending in December 2025. Employer contributions increased by 8.6% over the year to $156.3 billion. Member contributions increased by 19.2% over the year to $64.5 billion.

Benefit payments increased by 12.5% to $139.9 billion in the year as a result of lump sum payments rising by 13.8% to $77.6 billion and pension payments increasing by 10.8% to $62.3 billion.

SMSF assets also rose to $1.06 trillion, up from $1 trillion in December 2024, marking a 6% increase.

Exempt public sector superannuation scheme assets rose 3.9% from $175.2 billion to $182.1 billion.

This comes after the Association of Super Funds of Australia (ASFA) released its latest quarterly Retirement Standard report finding the cost of comfortable retirement for homeowners at age 67 has reached a record high.

A comfortable retirement super balance is now $630,000 for singles, up from $595,000. Couples would need a super balance of $730,000, up from $690,000.

On an annual basis, homeowners aged 65 and over now need $77,375 for a comfortable retirement as a couple, and $54,840 for a single.

The lump sums required for a modest retirement have also increased to $110,000 for singles and $120,000 for couples, up from the previous $100,000 for both groups.

"Retirees' living costs have risen, and support from the Age Pension has not kept pace with this rise. This means retirees need higher super savings to maintain a comfortable lifestyle," ASFA chief executive Mary Delahunty said.

The digital advice tool launched earlier this month to all eligible Aware Super members, aiming to assist them in assessing how much they can spend in retirement and how long their savings are expected to last.

Over the past month of testing, Aware Super said the tool has led to a big uplift in retirees choosing more than the minimum pension which it said demonstrated the platform's ability to boost members' confidence in their retirement planning.

Results of Retirement Manager's pilot phase of more than 5000 members showed a 78% increase in the relative number of members choosing more than the minimum pension when using it to build their plan.

Aware Super said 54% of retiring members typically choose to draw down more than the minimum pension, but this surged to 96% when using Retirement Manager.

Aware Super group executive member growth Steven Travis said results from the pilot was evidence the tool proved helpful in effective retirement planning.

"This is a major breakthrough in retirement planning. Retirement Manager is giving members the control and confidence to draw a greater income and enjoy their retirement to the fullest," Travis said.

"When members can build a plan in their own time, optimise it for different scenarios and get immediate feedback on the strength of their plan, it gives them greater confidence to draw down on their savings."

Through the tool, members can set up and implement a plan online, including choosing an investment option, modelling different income and spending decisions, and setting up an income stream. It can also provide an estimate of government Age Pension eligibility.

Members receive an 'income confidence score' which shows them how likely their plan will support their desired income and helps them adjust their plan to boost their score.

"Also important is the integration of human help into the Retirement Manager experience, with users able to book an appointment with an adviser within the platform to discuss and further refine their plan if they need to," Aware Super said.

Travis noted that while Aware Super research found nine out of 10 Australians were worried about running out of money in retirement, members were leaving up to 25% of their super unspent.

"Retirement Manager is not just for implementing a retirement plan, it's like your always-on adviser throughout your retirement, helping you maximise your income and giving you peace of mind that you're on the right track," Travis said.

"We believe it will help our members manage their money more effectively throughout their retirement."

Portfolio administration fees on the 'Term Deposits' and the 'Shares, ETFs and LICs' levels of access will be reduced from $180 p.a. to $150 p.a.

Brokerage fees will also be reduced. Currently, for transaction amounts up to $13,000 a $13 brokerage fee applies, and for transactions above $13,000 a 0.10% rate is applied.

From March 28, a $10 brokerage fee will apply on the first $12,500 of a transaction, the next $37,500 will have a 0.08% rate applied and any balance over $50,000 will have a 0.04% rate applied.

Additionally, from 28 March 2026, UBS research will no longer be available on the Member Direct platform and will be replaced with Morningstar research. AustralianSuper said this will also include the addition of research on ETFs and LICs.

"Morningstar research will cover over 60% of shares in the S&P/ASX300 index and approximately 75% of ETFs and LICs currently offered on the Member Direct investment menu," AustralianSuper said.

"Some S&P/ASX300 shares previously covered by UBS research may not be covered by Morningstar research."

AustralianSuper said cash transfers will also be changing. Currently, the way in which transfers affect other investment options depends on the type of account a member has.

For those with a super account, transfers into the Member Direct cash account come out of other investment options in proportion to how the existing account balance is invested. Transfers out of the Member Direct Cash account are invested according to the member's future contributions strategy.

For those with a choice income account, transfers into and out of the Member Direct cash account are withdrawn from or paid into the other investment options in proportion to how the existing account balance is invested.

From 28 March 2026, when requesting a cash transfer, the Member Direct online platform will initially show dollar allocations to or from each of the member's other investment options based on the cash transfer amount requested.

"You'll then be able to overwrite the initial allocations for each option, including for a transfer out of the Member Direct cash account, to allocate amounts to AustralianSuper's other investment options you may not currently hold," AustralianSuper said.

"If you overwrite any of the initial allocations, then the overall cash transfer amount you originally requested may change."

"These reforms are all about strengthening the system to deliver the best results for Australians when they retire, as well as when they're working," Chalmers said.

"Australia's $4.5 trillion superannuation system is entering a critical phase, with more than 2.5 million Australians expected to retire in the next decade."

Chalmers said the reforms aim to ensure there is as much policy and product focus on the retirement phase as there is in the accumulation phase.

"They will improve transparency and drive trustees to innovate and deliver better retirement solutions for their members," Chalmers said.

"This will help Australians retire with more confidence knowing they have access to the right product solutions, information, and strategies to help them make the most of their superannuation."

Chalmers said the Best Practice Principles set out "clear guidance" for trustees on the design and delivery of retirement income solutions.

"They outline the steps funds can take to better understand members, design fit-for-purpose solutions, and engage their members on retirement income decisions," he said.

The Best Practice Principles are voluntary to adopt and "designed to be read holistically".

They aim to support trustees in how to gain a deeper understanding of their membership and their retirement income needs, to support the design of quality retirement income solutions, guidance services and engagement strategies; design a robust suite of products and product settings that allow trustees and members to build quality retirement income solutions; combine products and product settings to construct retirement income solutions appropriate for identified cohorts; foster member engagement in retirement to support informed choice and improved retirement outcomes; and review and improve their trustee-designed retirement income solutions.

"Trustees are accountable to their members for the quality of their retirement income solutions, guidance services, and engagement strategies that support members to achieve quality retirement outcomes," the Guidance on best practice principles for superannuation retirement income solutions paper said.

The principles don't change the operation or interpretation of existing law, prudential standards or fiduciary duties, the paper said.

Meanwhile, the Retirement Reporting Framework will collect data on industry progress in the retirement phase of superannuation and drive uplift to member outcomes by creating greater transparency across industry.

APRA will collect and publish the data required to give effect to the framework, providing insights on fund offerings and member outcomes and helping track progress on uplift across the sector.

The new measures build on the obligations introduced by the Retirement Income Covenant. They will be reviewed regularly to ensure they remain fit for purpose and reflect evolving industry practice.

"Together, these reforms will help Australians achieve higher quality retirement outcomes after a lifetime of saving, consistent with the objective of superannuation," Chalmers said.

"Labor built the superannuation system, and these reforms build on our work making the system stronger, fairer and more sustainable."

A comfortable retirement super balance is now $630,000 for singles, up from $595,000. Couples would need a super balance of $730,000, up from $690,000.

On an annual basis, homeowners aged 65 and over now need $77,375 for a comfortable retirement as a couple, and $54,840 for a single.

The lump sums required for a modest retirement have also increased to $110,000 for singles and $120,000 for couples, up from the previous $100,000 for both groups.

ASFA attributed the rise to the Age Pension not being able to keep pace with retirees' cost of living.

"Retirees' living costs have risen, and support from the Age Pension has not kept pace with this rise. This means retirees need higher super savings to maintain a comfortable lifestyle," ASFA chief executive Mary Delahunty said.

"Costs in the categories that retirees tend to spend most on have risen faster than general consumer price inflation. So that means even though the Age Pension is indexed, a greater burden is placed on retirees' personal super savings."

The other major factor, ASFA noted, has been the recent increase in deeming rates, the assumed rates of return applied to financial assets when assessing Age Pension eligibility.

Last week, minister for social services Tanya Plibersek, announced a rise in the lower deeming rate to 1.25% for financial assets under $64,200 for singles and $106,200 for couples. The upper rate will rise to 3.25% for assets over the same thresholds.

"When deeming rates rise, a person's assessed income can increase even if their actual investment returns have not, which can reduce their Age Pension. This shifts more of a retiree's budget towards reliance on super rather than Centrelink," Delahunty said.

While Delahunty said the rise in the lump sum amount reflects greater pressures from living expenses on retirees' super savings, the overall picture for retirement outcomes is positive.

She noted Australia's super system continues to generate superior returns on investments for its members.

"The good news is that Australians are reaching retirement with larger super balances than ever before. The super system is working really well, securing Australians' retirements."

A 30-year-old worker with $30,000 in super today and earning $80,000 throughout their career adjusted for inflation is on track to retire with $645,000.

"That's because super funds have delivered exceptional returns in the last few years. The average balanced fund returned 9.9% in 2023, 11.4% in 2024, and 9.3% in 2025. That's cumulative growth of nearly 35% over three years, well ahead of inflation," Delahunty said.

The Superannuation Guarantee has also risen steadily since 2020 and is now at 12%.

The Environmental Defenders Office has made a formal complaint to ASIC on behalf of a UniSuper member, claiming the investment criteria of the GEO option was watered down significantly in March 2025, enabling greater investment in companies that do not align with its 'sustainable' label.

Effective 28 March 2025, thresholds for companies to qualify for inclusion in the GEO strategy were lowered to broaden the investment universe and mitigate some of the extreme volatility the option had seen over the years due to its concentrated nature.

As a result, companies such as Microsoft and Nvidia became top holdings in the portfolio. John Dixon, the member at the centre of the complaint, takes issue with these two companies in particular, stating that, among other factors, Microsoft's environmental impacts have increased in recent years and Nvidia's emissions have doubled.

The complaint alleges UniSuper may have engaged in misleading or deceptive conduct, or that which is likely to mislead or deceive, by making certain statements about the option which are not consistent with the investment criteria or investments held.

Some investments are also not consistent with "what a reasonable person would understand the terms 'sustainable' and/or 'environmental' to mean".

The complaint argues the fund uses vague terminology in describing the product. It said retaining the GEO name despite significantly watering down the environmental requirements set out in the investment criteria, and the fact the fund says it selects assets "on the basis of environmental consideration and the application of some negative screens" are examples of this.

Prior to the changes last year, listed equities had to have at least 40% of reported revenue derived from 'environmental themes'. In March 2025, this threshold was reduced to 20% of reported revenue. UniSuper uses third-party data to assess this.

The complaint states that "the overarching impression created... is that investments included in the GEO option progress environmental or sustainable opportunities globally" and UniSuper does not define the concept of 'environmental themes'.

It's further alleged that UniSuper's communication of the changes was not clear enough to ensure members were adequately informed; the fund sent an email saying it had made changes but required members to click through to a PDF of a notice to read what the changes were in detail and there was no simple summary provided.

In response, UniSuper said: "The Global Environmental Opportunities option invests in companies selected on the basis of environmental considerations."

"In 2025, UniSuper introduced changes to GEO to expand the investible universe while maintaining the option's environmental theme. These changes were communicated to our members via a Significant Event Notice ahead of the changes being made."

The EDO and Dixon are calling on ASIC to investigate UniSuper for potential greenwashing and misleading and deceptive conduct in the same way it did Vanguard Australia, Mercer Super, and Active Super. They also want to see clearer guidance issued in respect of super funds making environmental and sustainability claims.

Dixon, who spent nearly three decades working at the University of Sydney, is also writing to universities asking them to raise the issue with UniSuper from a governance perspective.

In an investment performance update last week, UniSuper chief investment officer John Pearce pointed out that both Microsoft and Nvidia are down so far in 2026; the total return on Microsoft has been roughly -15% while Nvidia's has been -3%.

Pearce also noted that all the fund's sustainable investment options have underperformed so far this year, saying it's because they're underweight resources, energy and materials, and overweight technology.

So far, this financial year the GEO option has returned 1.86%. Over 10 years to January end, it's returned 8.63%. The option, which holds about $1.4 billion, is certified by the Responsible Investment Association Australasia and classified as 'Sustainable Plus'.

UniSuper has about $166 billion in funds under management and more than 680,000 members.

"The Cbus Super board has commissioned a review of the fit and proper assessment of Earl Setches, consistent with our fiduciary obligations," a Cbus spokesperson told Financial Standard.

This comes after a review was opened into Cbus Super board member Lucy Weber, who then resigned from the board on Thursday last week.

Weber stepped down after it was reported she was in a relationship with the CFMEU's former national secretary Zach Smith.

Weber was a CFMEU-appointed member of the board. Media reports suggested Weber did not disclose her relationship with Smith when she joined.

Weber, along with two other board members, was appointed in November 2024, after satisfying the 'fit and proper persons test', as part of an independent review that was being conducted by Deloitte at the direction of APRA at the time.

The CFMEU can nominate three of the 14 positions on the Cbus board.

When Deloitte published the findings of its review, it found little evidence to suggest Cbus' pricey relationship with the CFMEU is in the best financial interests of members. It also found the fund's processes for determining the propriety of board directors are lacking.

Under Commonwealth law, directors on the boards of super funds must always satisfy a 'fit and proper persons test' to ensure they have appropriate skills, experience and knowledge, are honest and trustworthy, and have the personal integrity and independence of mind necessary to be effective guardians of members' retirement savings.

The fund said the new structure brings together data, liquidity management, public and private markets, and defensive assets in a more connected operating framework. It said it is also supportive of the Total Portfolio Approach (TPA) to investing.

The new structure is underpinned by the fund's whole-of-fund investment and data platform.

Under the changes, a new division - Liquidity and Markets - has been created to harness the benefits of the data platform and to effectively manage both fund and market liquidity. This division will also oversee the Aware's $19 billion cash portfolio and will be led by Michael Clavin, formerly head of income and markets.

Its Private Markets capability is now a stand-alone division overseeing $47 billion across infrastructure, property and private equity. It will be led by Jenny Newmarch, previously head of private equity, and have a direct line to chief investment officer Simon Warner, reflecting its increasing importance to the fund, Aware said.

Meanwhile, public market equities and defensive assets will also now report directly to Warner. The elevation of defensive assets, which includes fixed income and private credit, highlights their importance to the fund's retirement strategy, it said.

Sonia Baillie has been named head of defensive assets, while Agnes Hong is head of public market equities.

Justin Howell remains as chief operating officer, investments and Liza McDonald will continue as head of responsible investment.

"As Aware Super has grown in size and scale, so too has the need for faster, more accurate and integrated decision making across asset classes, liquidity and risk spectrum," Warner said.

"This structure is about empowering the portfolio to work as a whole, rather than silos, and ensure our teams have the data, governance and accountability needed to deliver for our 1.2 million members in all market conditions.

"Today's announcement is a new era for Aware Super's members and will empower us to achieve our ambition to be a leading global asset owner delivering strong risk-adjusted returns on their behalf."

UniSuper chief investment officer John Pearce said the $166 billion super fund does accept gold to be a store of value and that it behaves as a safe haven. However, since it does not produce income, he looks at gold as a currency.

"We have investment principles-we think about your superannuation as your life savings," Pearce said.

"Our principles guide what we do, and it steers us away from speculating on currency movements. So yes, it is true that we missed out on directly participating in the gold rally."

Pearce noted the big buyers of gold have been global central banks, especially China, as they get out of the US bond market.

"As a matter of fact, many of the central banks that are not politically aligned to the US are doing the same thing. So, I see this as much a political decision as an economic decision, and that's why I think it's got some room to run," he said.

Pearce noted UniSuper's principles have helped the super fund avoid disasters in the past, such as the cryptocurrency crash.

"Unlike gold, we don't think of Bitcoin as a store of value or a safe haven. We don't think of Bitcoin as a legitimate currency," Pearce said.

"And indeed, if anyone tells me that Bitcoin is just digital gold, I try to nod silently and just walk away."

On US stocks, he highlighted American software companies losing 20% of their market value in the first two months of 2026.

"Firstly, I think the sell-off in software is a bit overdone particularly as it relates to software that's so heavily integrated into business processes that you just can't get rid of it that quickly," he said.

"You have to bear in mind one company's spending is another company's revenue, so everyone benefits. That is indeed why we are seeing a broadening of the market rally outside tech. This is a very healthy development and once again demonstrates the benefits of diversification."

Speaking on the Reserve Bank of Australia's decision to reverse the course of its monetary policy and tighten rates, Pearce said he believes it to be right decision.

"They're fearing that the economy is running a bit too hot, particularly inflation's out of their range. I think it was just a reversal of the decision they made in August to cut rates which I believe was the wrong decision," Pearce said.

"In the Master Trust business, advised and personal channel outflows remain challenging. We are progressing targeted initiatives to enhance AI-enabled member engagement and adviser experience, supported by our partnership with SS&C which remains on track to deliver MasterKey platform transformation later this calendar year," Insignia Financial chief executive Scott Hartley said.

Profits for the super business came in at $81 million in the period, rising from $31.3 million from last year.

"Execution has begun on strategic initiatives to regain momentum and strengthen our product proposition, including the re-launch of the MLC brand, the new direct-to-consumer offering and working on enhancing the adviser service experience," Insignia Financial said.

The financial services giant reported a profit of $79 million in the first half of the year, improving from a loss of $16.8 million in the same period last year.

The improvement in its profits were driven by a $60.1 million increase in revenue by favourable fair value movement and management and service fees revenue, as well as $117 million decrease in expenses from cost optimisation and transformation costs.

"Insignia Financial delivered a 6% increased in underlying net profit after tax (UNPAT) to $132 million, driven by higher average funds under management and administration and the continued execution of our cost-out program," Hartley said.

"Pleasingly we have reduced below the line cash costs from $153 million to $16 million which has greatly improved our NPAT result."

Profits in the advice business, including Bridges and Shadforth, came in at $12.2 million with net revenue rising to $85.8 million. Insignia Financial said the increase in revenue was mainly due to higher average advice fees, new client growth and modest growth in asset-based fee income in Shadforth.

"The advice business delivered net revenue growth and an improved cost-to-income ratio, driven by higher adviser productivity, new client growth and a focus on higher-value clients. Revenue per adviser increased by 15% on the prior corresponding period," Hartley said.

Net inflows in the Wrap business came in at $2.8 billion, up from $0.6 billion last year.

Insignia Financial said  it has submitted the CC Capital takeover scheme booklet to ASIC and ASX for review.

As part of its half year results announcement this morning, Equity Trustees said it is reviewing the strategic direction of its Superannuation Trustee Services division.

The group said its results were impacted by costs associated with the Shield and First Guardian matters. So far it has spent $1 million (net of insurance) on legal and advisory services to defend the action brought by ASIC in August last year and a further $1.1 million on improving its superannuation governance processes and responding to regulatory notices.

Equity Trustees has previously said its exposure to Shield amounts to $73 million, based on liquidators' estimates. It said member losses stemming from First Guardian sit at around $70 million.

"The EQT Holdings board continually assesses the external environment and internal performance of each of the group's business segments. Given the dynamics of the superannuation market, a strategic review of the Superannuation Trustee Services business is underway," EQT managing director Mick O'Brien said.

"The strategic review will take into account the future cashflows and goodwill of the business."

It said the business operates at lower margins to Corporate Trustee Services and Trustee Wealth Services and is operating in an environment of elevated regulatory scrutiny for platform-based super funds which is creating uncertainty over cost base and risk. It said there is also an increasing preference for super funds to adopt an in-house trustee model.

It said the review is focused on what is the optimal capital allocation for the group and it's expected to take between six and 12 months to complete.

O'Brien said that regardless of the review's outcome, the company "remains committed to ensuring members best interests are protected through this process" and it does not change EQT's intention to defend the court proceedings brought by ASIC.

The super funds under the group's trusteeship currently include AMG Super, Centric Super Fund, HUB24 Super Fund, Perpetual WealthFocus Superannuation Fund, and Smart Future Trust which includes Future Super and Verve Super.

Equity Trustees reported a net profit after tax of $20.5 million, up 67% on 1H25.

Its total funds under management, administration and supervision now sits at $283.7 billion, an increase of 28% on the corresponding period. About $96 billion of this sits within the superannuation business, which saw revenues of $19 million.

Williamson retired from the Navy in 1982 and was a member of the Defence Force Retirement and Death Benefits (DFRDB) Scheme.

The scheme was open to members of the defence force between 1972 and 1991, at which point it was closed to new members and Military Super was commenced.

Subject to the scheme's rules, upon retirement members were generally eligible for an indexed pension plus an optional 'Commutation Benefit' of up to five times their annual pension amount, and an additional lump sum of their 'Productivity Benefit'," according to the Department of Veterans' Affairs (DVA).

The Commutation Benefit was a lump sum pre-payment of part of a member's future retirement benefit. By taking the option, the member could elect to exchange a portion of their future retirement pension for a lump sum.

"The purpose of commutation is to allow members the flexibility to receive a lump sum if required, depending on their financial situation at the time of discharge, and to assist the member in resettling into civilian life," DVA said.

The decision of a member to access commutation was voluntary, but in doing so would commute part of their pension and result in a reduction of their annual pension based on an age of life expectancy determined by the fund.

Williamson claims he, and many other veterans, were given misleading information regarding these Commutation payments, which has left them out of pocket - a claim the Commonwealth Ombudsman later agreed with.

The Ombudsman determined the Department of Defence had, in fact, historically provided DFRDB members misleading information regarding commutation, which led many to believe their pension would increase once they reached their life expectancy factor age.

Williamson explained to the Senate Committee this morning that some veterans were led to believe that once they reached their life expectancy factor age, their pensions would be reinstated in full as "at that time, we had repaid in full our Commutation to the Commonwealth."

"There is no reason why we shouldn't have our pension reinstated to the full amount. It is not the Commutation that is in contention, it is the Commutation factor, and [whether] is it applicable to us. If it is, let's have it paid. If it's not, let everybody be clearly notified as to why it is not," Williamson said.

"Until that is done, there is no justice or closure for DFRDB recipients."

Williamson said because of this issue his DFRDB payments require a top up from the Age Pension to get by.

Williamson said his ideal outcome would be to have the Commutation factor multiple paid in today's dollar value.

In 1982 Williamson had the opportunity to take $160,000 as a lump sum payment. According to the Reserve Bank of Australia's inflation calculator, today that would be adjusted to around $710,477.

"Now, we've not had the opportunity to invest, use or do anything because that money was never paid to us," Williamson said.

"Me and every other DFRDB superannuant have been denied that money from the jump. We could have no further claim on the Commonwealth if that money was paid to us in the first place."

Williamson added that as his Age Pension gets indexed to the Consumer Price Index, his payments from the DFRDB are reduced.

"... which means the full CPI is not actually being passed on to me," he said.

Some veteran groups have proposed changing the life expectancy tables or reviewing indexation arrangements for the DFRDB. There have been several changes to the indexation methodology for this scheme following the recommendations of the Review into Military Superannuation Arrangements.

As at August 2024, there was about 3000 serving defence force personnel remaining in the scheme.

It will pay a fully franked interim dividend of 36 cents per share for the period, doubling its dividend paid out last year.

"These results demonstrate our continued momentum, with record net inflows and strong progress in delivering our strategy to create value for customers and shareholders," HUB24 managing director and chief executive Andrew Alcock said.

HUB24 highlighted continued disruption in the wealth management and advice industry, which has become a catalyst for advisers to switch platforms. These includes regulatory changes, a shift in advisers from aligned to independent licensees, diversified wealth groups separating from their advice businesses and a general reduction in the number of advisers.

"These market dynamics are creating a favourable environment for leading platforms such as HUB24 to grow," HUB24 said in its analyst and investor pack. "Over the last year our platform market share has increased more than any other platform, driven by growth from new and existing licensees and advisers recommending HUB24 to their clients."

Its net platform inflows grew to a record of $10.7 billion in the first half of the year.

HUB24 noted the emergence of new mid-to-large sized independent advice firms following a period of significant disruption as investment returns in the industry.

"Independent advice, accounting and multidisciplinary firms are more willing to invest in technology and data solutions that provide them access to best of breed solutions and empower them to grow and operate sustainable businesses," it said.

As of December 2025, HUB24 had 5277 advisers actively using the platform out of the total 15,400 Australian adviser market.

HUB24 expects to continue growing its adviser footprint and has signed licensee agreements providing it with access to 79% of the total adviser market, it said.

"This share continues to grow with HUB24 Group signing 75 new licensee agreements in 1HFY26 providing significant opportunity to continue to grow the number of advisers using the HUB24 platform," it said.

Total funds under administration (FUA) grew to $152.3 billion as of December 2025, with platform funds under administration jumping to $129.8 billion as at 16 February 2026.

The average funds under administration per adviser rose to $24 million in December 2025 from $10 million in December 2020.

"The HUB24 Group is delivering solutions that will increase adviser productivity and potentially grow the number of clients each adviser can serve, supporting further growth in FUA per advise," HUB24 said.

It also upgraded its FY27 platform FUA target to $160 billion to $170 billion from a prior target of $148 billion to $162 billion.

"HUB24 is well-placed to leverage its combined group capabilities, industry leadership and momentum to capitalise on emerging opportunities and leverage new technologies, to drive further growth, and lead the wealth industry as the best provider of integrated platform, data, and technology solutions," it said.

Meantime, HUB24's chief information officer Paul Biggs will retire early FY27 after 20 years with the group.

The CAAT Pension Plan announced yesterday it has placed chief executive Derek Dobson on administrative leave effective immediately, appointing an acting chief in Kevin Fahey to ensure the fund "remains focused on executing its strategy". Fahey is also currently chief investment officer.

Just last week, the fund announced it was undertaking an independent governance review after the board was reportedly approached by several staff members with concerns involving Dobson.

While the fund has confirmed the review relates to a payment made to Dobson for unused vacation time, Canadian media outlets report it amounted to $1.6 million and that he is involved in a relationship with another CAAT employee, both of which were reportedly sanctioned by the board.

According to Benefits and Pension Monitor, Don Smith approved the payout as chair and oversaw the handling of the workplace relationship.

Smith has now been replaced as chair by Audrey Wubbenhorst, while the vice-chair Kareen Stangherlin has resigned from the board and will be replaced by Janet Greenwood.

"The CAAT board of trustees has determined that these changes are in the best interests of the plan and are necessary to restore stakeholder trust in CAAT's leadership, governance and plan management," Wubbenhorst said.

CAAT said the governance-related issues subject to the review do not affect the fund's financial health or its ability to operate as usual.

It's expected the outcome of the review will be known later this month.

"Good governance is the backbone of a pension plan's stability and strength, and the foundation for trust between the plan and its sponsors, members and all other stakeholders," Wubbenhorst said.

"The board will carefully consider findings and recommendations of the independent review and remains focused as always on strengthening plan governance to ensure it aligns with industry best practices."

The CAAT Pension Plan was established in 1967 to support the Ontario college system but now caters to 125,000 members across about 20 different industries.

In its 2026-27 pre-budget submission, HESTA called for funds to be given the ability to actively prompt members to transition to appropriate specific fund retirement products, with the ability to opt-out. It also called to allow default transition for eligible members into retirement income stream, with an opt out option for consumer protection.

Recent research by Laneway Analytics, commissioned by HESTA, showed up to 1.8 million Australians missed out on an estimated $2.46 billion in additional tax-free investment earnings in 2025. Without reform, the research said, this figure is projected to rise to more than $5 billion annually by 2030.

The research also found only 45% of eligible Australians with super accounts transition voluntarily to a tax-free retirement account at preservation age.

HESTA chief executive Debby Blakey said this simple change could make a profound difference to Australians' retirement outcomes by simply moving their super to a tax-free retirement product.

The research also showed that transitioning to retirement phase products could boost a member's total retirement income by up to 12%, or as much as $99,000, compared to those who delay transitioning by four years. It further added that this would have a more profound impact on members with lower balances, specifically woman who may have worked part time or had breaks in their careers.

"This isn't just about individual retirees - it's about Australia's future. By enabling retirees to maximise their retirement income, we're supporting we're supporting more dignified retirements and helping to boost the economy," Blakey said.

HESTA recommended the government remove regulatory barriers to allow members to top up retirement income streams with employment income. This change, it said, would also help funds deliver on the 'flexibility' objective in the Retirement Income Covenant.

"The 'silver economy' represents a significant economic opportunity for Australia. By enabling retirees to maximise their retirement income, we are not just supporting more dignified retirements, we are enabling active participation in the economy through increased spending power," Blakey added.

HESTA's also recommended employment income be removed from the income test for those who have already been determined to be eligible for the Age Pension.

Additionally, it suggested the government to introduce measures to make the super system fairer for women and carers through an income tax system to incentivise carers to return to paid work.

"If we don't act, by 2030 we could be talking about a missed opportunity worth up to $5 billion a year for Australian retirees and the economy," Blakey said.

Separately, last week HESTA announced that Blakey will be leaving the fund later this year, opting to step down after 11 years at the helm.

CFS said the service addresses the two most cited barriers to creating a Will: cost and complexity.

CFS members can create a legally valid Will using a simple online process, with each submission reviewed by Safewill's affiliate law firm. Members can also organise and store important documents in a secure digital vault that their nominated beneficiaries can access when needed.

CFS added it is also introducing a new online beneficiary feature that allows members to update their beneficiary nominations digitally, making it faster and easier for members keep important details up to date.

"Our goal is to help members feel confident and supported across every stage of retirement planning," CFS executive director of retirement Marissa Powe said.

"Estate planning is often put off because it feels complicated or expensive, but it doesn't need to be. The partnership with Safewill removes those barriers and gives our members simple, secure tools at no extra cost so they can put a Will in place, protect what matters most, and plan for the future with confidence."

CFS said the partnership also supports financial advisers without an existing estate planning or legal partner and is available to any adviser with CFS clients.

Advisers can incorporate a completed Will and digital asset inventory into holistic advice, align superannuation death benefit nominations with the client's broader wishes, and document preferences that support intergenerational wealth transfer, CFS said.

The secure digital vault helps keep records current and accessible for executors and families, reducing unnecessary administration.

"There is a natural connection between superannuation and estate planning. Superannuation is often one of the largest assets people have, yet it typically sits outside the estate, making it critical that binding death benefit nominations and Wills are considered together," Safewill chief executive Adam Lubofsky said.

"By supporting members earlier in the estate-planning and nomination process, funds can help reduce complexity and uncertainty at the time a death benefit is paid. This partnership reflects Colonial First State's member-first approach to retirement planning and helps members to protect their wishes and reduce uncertainty for their families."