That Super Show

Jazz Festivals, Housing and Super: The Unintended Side Effects of Regulation

#35 Neil Benson and Sarah Penn break down the real impact of recent superannuation reforms, the ongoing debate over fund consolidation, and the complex trade-offs facing Australia's retirement system. The heart of this episode is a growing tension: while Australia’s super system is lauded for low pension spending and strong retirement outcomes, it faces mounting criticism—especially from politicians—over housing affordability, administrative complexity, and perceived failures in policy. Neil Benson and Sarah Penn challenge claims that compulsory super is a “public policy failure”, pointing to Australia’s pension spend (2.3% of GDP) being dramatically lower than the OECD average (9%). But they dig into uncomfortable truths, like rising admin fees, the fallout from the Compensation Scheme of Last Resort, and unintended side effects of regulatory changes on insurance and member outcomes. The hosts explore: Is letting Australians dip into super for housing worsening rather than solving the crisis? Are super funds being pushed into unwinnable roles—like supplementing government failures on mental health and housing supply? Does squeezing the number of funds to just a handful actually benefit members, or is it just easier for regulators? Is increasing regulatory intervention in how super funds operate really moving the needle—or just inflating costs? Who should listen? Super fund CEOs and product leaders deciding strategy amid ongoing consolidation Policy and compliance managers responsible for interpreting regulatory change Fund trustees and directors grappling with “best interests” in mergers and rising admin costs

FSC Chief Breaks Down Government's Consumer Protections and Industry Reform Address

#34. The new era of super legislation: how much is too much—and who pays? Sarah and Neil dig into the government's proposed reforms with Financial Services Council CEO Blake Briggs, uncovering the central tension: how do you craft effective consumer protections after the First Guardian and Shield disasters, without layering on so much complexity and cost that it stifles the industry and confuses members? The discussion pulls no punches on who shoulders the fallout from bad actors—with good advisers, super funds, and even unrelated sectors picking up the multimillion-dollar CSLR tab for a handful of failures. Blake Briggs is blunt: unless reforms get costs down, the logic of "spreading pain" through ever-wider levies won’t last. The episode also covers why banks are being deliberately sidelined from the new advice model, the ongoing struggles to police dodgy lead generation and advertising, and the philosophical question of whether we’re training the public to expect zero risk; or shouldering the cost for market events nobody can insure away. Who should listen: Product, risk, or legal leads at APRA-regulated super funds facing a regulatory overhaul Anyone working in compliance, policy, or practice management wrestling with uncertainty about CSLR costs or due diligence reforms Trustees or directors trying to gauge what the next three years look like in advice, advertising, or member communications Highlights 04:01 Engaging with industry regulations 09:14 Challenges in Financial Advisory Market 12:16 New rules on financial cold calls 13:43 Legitimate competition in financial advice 19:46 Discussing market risk and consumer expectations 22:32 Superannuation due diligence improvements 25:33 Changes to CSIR compensation rules 30:02 ASIC's funds management reforms 32:11 Investment liquidity and consumer expectations 35:49 Risks of uninformed investing 41:03 Drafting and refining legislation process 44:50 Government reforms in investment industry 47:08 Upcoming industry session and gala dinner Blake Briggs, Chief Executive, Financial Services Council Connect with Blake Briggs on LinkedIn Follow Financial Services Council on LinkedIn Visit Financial Services Council website Attend FSC Retirement Summit: 22 Oct 2026, Sydney That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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Bringing AI to Super: Australian Food Super’s New Member-Friendly App and the Future of Advice

#33. Australian Food Super’s Dan Musson and InvestStream’s Gary Bryan join Neil and Sarah to dig into the realities - not just the AI-pilled promise - of using AI to make super advice genuinely usable for everyday Australians. Most digital super tools feel like bland calculators or force members into a Woolworths-like DIY experience, making the complex even harder. Australian Food Super wanted not just self-service, but truly member-friendly advice, especially for a membership base often new to the Australian workforce or with limited financial and language literacy. Their answer was a new app, built with InvestStream, that uses conversational AI layered over robust, regulated mathematical models turning intimidating jargon and forms into real conversations, accessible explanations, and actionable choices. Highlights Why regulated industries like super can't just 'plug in' chatbots and hope for the best—instead, they need compliance-first, auditable tech with tight guardrails. The strategic advantage: Smaller funds, with less bureaucracy, can innovate faster and co-design tools to genuinely fit their members, not just copy what’s easy. How conversational AI, when used right, isn't about replacing advisers, but making complex calculators accessible, demystifying concepts, and driving real outcomes for ordinary Australians. The ongoing balance: Surviving and thriving with regulatory ambiguity, and making member-first innovation work while waiting for clearer guidance from ASIC or APRA. Who should listen: Fund executives and trustees at smaller/boutique superannuation funds looking to use tech to leapfrog larger competitors. Product, member experience, or digital leads wrestling with how to use AI without compromising compliance or trust. Anyone in regulated financial services seeking practical, first-hand lessons on deploying chat-driven digital advice—without the “wild west” risks. "It's easy to set the tool to deliver to the guardrails. It's hard when you don't know where the guardrails are going to be." —Dan Musson, Aus Food Super Timeline 04:07 Introducing AI at ASFA Conference 07:41 Developing Financial Modeling Processes 12:45 Discussing AI Regulation and Trust 14:20 Regulation lagging behind technology 19:20 Simplifying complex legal info 21:48 Understanding member concerns with super 24:59 Testing product ideas with feedback 29:09 Developing compliant insurance conversations 32:21 Embracing innovation and risk balance 34:39 Rethinking superannuation industry challenges 39:31 Improving member support and resources 40:34 Future plans for member-focused tools Guests Dan Musson, chief experience officer at Australian Food Super Connect with Dan on LinkedIn Follow Australian Food Super on LinkedIn Visit Australian Food Super website Gary Bryan, chief product officer at InvestStream Connect with Gary on LinkedIn Follow InvestStream on LinkedIn Visit InvestStream website Mentioned in this episode: ChandlerCX Internactive Statements It’s annual statement time for superannuation funds and ChandlerCX is busy developing interactive statements that are engaging personalised microsites for members. Think of it like Spotify Wrapped for superannuation. Visit https://www.chandler.com.au/add-ons/interactive-statements. ChandlerCX

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Prime and Aware Merger, Fee Hikes, and the Pricing Challenge in Superannuation

#32. Neil Benson unpacks the growing pressure on Australian superannuation funds to clearly explain what members pay for, and whether scale, complexity, and rising costs are delivering genuine value. Central tension: As more funds merge, raise fees, or tweak insurance, the old argument that "bigger is better" isn't enough. Members, regulators, and boards now demand concrete proof that these changes actually improve retirement outcomes, service, and member experience—especially as costs climb and the product gets more complex to explain. * Blooper: Prime Super's 140,000 members would represent 10% of the enlarged Aware Super member base, not 1%. Neil should have stuck to his notes. Key arguments and questions explored: Mergers like Prime Super and Aware Super may boost size, but Neil challenges whether these scale plays tangibly benefit members, especially from the dominant fund's perspective. Insurance changes at BUSSQ Super underline difficult trade-offs between providing better cover and increasing cost, especially for underinsured sectors. The real issue is whether members understand (and want) what they’re getting. Fee increases at giants like AustralianSuper raise hard questions: If scale was supposed to lower costs, why are fees going up? Is new spending—on tech, cyber, compliance—making members’ lives better, or just making the business bigger? As funds like Spaceship Super seek higher fees to enter complex investments like private credit, Neil warns it’s not enough to promise higher returns; funds owe members a transparent, easily understood rationale. The big challenge across these stories: Can funds make their increasingly sophisticated offerings understandable and defensible without alienating members or regulators? Who should listen: Fund trustees or executives facing member questioning about mergers, fees, or insurance changes CX, product, and insurance leads in super funds wrestling with how to communicate value to disengaged or skeptical members Anyone in superannuation tasked with justifying strategy to regulators or boards RESOURCES Prime Super and Aware Super announce plans to explore Successor Fund Transfer AustralianSuper lifts administration fees while investment costs decline BUSSQ ups insurance cover, costs Spaceship Super ups fees on private credit exposure That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website

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Xavier O'Halloran: Superannuation's Customer Service Failures

#31. The episode digs into why customer service in superannuation call centres is consistently failing, what that means for members at moments of real need, and whether mandatory service standards are required to fix it. Xavier O'Halloran of Super Consumers Australia joins Neil Benson and Sarah Penn to break down the findings of a first-of-its-kind research project: not one super fund met basic customer care expectations, with average scores across the industry barely scraping 49 out of 100. The conversation moves beyond the numbers to challenge assumptions about what good service actually looks like in super, question the incentives facing funds, and ask whether consumers can trust the market to improve on its own—or if regulation and public benchmarking are the only way forward. There's a clear sense that too much focus on efficiency metrics, like short call durations, misses the real point: helping people, often at their most vulnerable. The hosts and guest also debate wider consumer protection gaps, from SMSFs to retirement product design, arguing that fair and accessible service must be a foundation, not an afterthought. Who should listen Super fund executives and trustees concerned about service standards or looming regulation Contact centre leaders tasked with improving member experience Policy or compliance professionals tracking how customer care is shaping industry benchmarking and government intervention Standout quote "They just had to act like a human. So not very high bar, but that was the one that they scored worse on." — Xavier O'Halloran Highlights 04:40 Issues with superannuation customer service 06:45 Improving service through practical examples 10:55 Addressing vulnerable customer interactions 14:59 Research to improve fund transparency 18:54 Consumer channel preferences by age 19:32 Superannuation accessibility and diversity 24:00 Discussion on advice fee levies 27:53 Proposed reforms for SMSF trustees 30:16 Concerns about low-cost SMSFs 33:04 Understanding consumer retirement planning 37:11 Evaluating retirement investment options 42:08 Advancements in individual savings 45:53 Improving retirement service integration 49:32 Concerns about retirement planning changes 51:19 Discussing safe harbor legislation concerns Guest: Xavier O'Halloran Connect with Xavier O'Halloran on LinkedIn Follow Super Consumers Australia on LinkedIn Visit Super Consumers Australia website That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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Transforming Death Claims Handling: How CBUS Super Tackled Super’s Most Challenging Process

#30. Cohosts Neil Benson and Sarah Penn chat with Kerry Vogel, Head of Insurance Claims, Performance and Delivery at CBUS Super. Today's conversation focuses on how CBUS Super responded to major failings in handling death claims by moving beyond surface fixes and fundamentally redesigning the process. The central argument: Australian super funds create unnecessary complexity and distress for grieving families by relying on outdated, paperwork-heavy systems, and CBUS has proven it’s possible (and necessary) to remove those frictions even within tight regulatory constraints. A key theme that emerged was how stripping away non-binding and lapsing nomination options, and instead prioritizing a single, digital-first, non-lapsing binding nomination, can mean faster, simpler outcomes, anchored in clear trust deed rules and tailored to real member behaviours. The discussion explored why simply throwing more staff at claim backlogs doesn’t work and how only deep, systemic change can build genuine trust with members. Several points were raised, including the regulatory grey areas around nominations, the human cost of delays, and the need to make processes as straightforward, and as empathetic, as possible. Who should listen Claims and operations leaders in Australian super funds struggling with legacy processes and regulatory pressure Product or legal professionals considering trust deed reform or digital transformation of member nominations Trustees and fund executives wary of adopting bold procedural changes post-regulatory action Guest: Kerry Vogel Connect with Kerry Vogel on LinkedIn Follow CBUS Super on LinkedIn Visit CBUS Super website Highlights Kerry Vogel emphasizes that death claims are both a crucial responsibility and a complex challenge for superannuation funds, highlighting the emotional weight behind these processes. The podcast reveals how Kerry led efforts at CBUS Super to overhaul the death claims process, aiming to simplify and enhance member understanding of their benefits. A significant point discussed was the need for clarity in binding nominations, as many members mistakenly believe their nominations are more definitive than they are, illustrating a gap in financial literacy. Kerry's approach includes not just streamlining procedures but also ensuring that the claims team maintains empathy, recognizing the human stories behind each claim. The conversation touched on the importance of regulatory compliance while seeking innovative solutions to make the claims process more efficient and user-friendly. Kerry stresses the continuous nature of improvement, suggesting that the claims process will always evolve, reflecting the need to stay responsive to member needs and industry changes. Chapters 00:00 Examining superannuation challenges 04:23 Challenges in Death Claim Processing 10:56 Ensuring valid member nominations 15:01 Dealing with death claim objections 18:54 Discussing estate distribution process 21:00 Addressing nominations and trustee discretion 24:17 Ensuring policy transparency 28:26 Issues with binding nominations 31:40 Implementing a new claims process 35:52 Simplifying call center processes 38:09 Analyzing and improving death claims 40:01 Discussing problem-solving approaches That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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From Barbell to Ecosystem: Rethinking Member Engagement and Advice in Super with Duncan McPherson

#29. Guest Duncan McPherson, founder of Borromean Consulting and former Link Advice CEO, joins Sarah and Neil to dig into the evolving intersection of advice and superannuation delivery. The discussion challenges the old idea that there’s a single operating model for advice within funds, arguing instead that the critical issue is how and where each fund draws the line between in-house and external capabilities—a threshold that's now shifting under regulatory, commercial, and technological pressures. The conversation highlights a growing urgency for funds to modernise advice: digital advice is no longer a "bolt-on" but must be woven into the core service ecosystem. Members’ expectations are shaped by the rapid adoption of AI and digital experiences in other sectors—even as Australian consumers remain cautious and want to see human support layered into these new models. The industry’s own conservatism—with compliance teams sometimes slow to adapt after the Royal Commission—is now a real competitive risk, as members increasingly seek quick, personalised answers from tech-driven sources outside the traditional super system. Funds also face a tough commercial reality: new member acquisition is costly and pointless if those members leave quickly. Retention hinges on a consistent, personalised member experience, and advice—particularly digital advice—plays a central role in building ongoing engagement throughout a member’s lifetime, not just at joining or retirement. For those juggling advisor relationships, Duncan notes the tension: advisors can become a channel for assets to leave, especially if funds are seen as hard partners. Making advisor access easy and valued—through dedicated portals, integrated data, and clear strategy—is the only way for funds to remain in the game. Chapters 00:18 - Exploring Financial Guidance Options for Superannuation Funds 09:48 - The Future of Advice in Superannuation 17:56 - Consumer Trust and Digital Engagement in Finance 20:10 - The Evolution of Digital Advice in Superannuation 35:20 - Navigating Relationships Between Advisors and Super Funds 41:30 - The Future of Financial Advice Guest: Duncan McPherson Connect with Duncan McPherson on LinkedIn Visit Borromean Consulting website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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Supercharged Conversations: Unpacking the Future Fund Admin Forum 2026

#28. Join Sarah and Neil as they recap from day two at the Future Fund Admin 2026 forum in Sydney. This episode argues that super funds can’t achieve real member experience improvements by relying only on surface-level changes—like updated communication—without fixing the underlying systems and rules that shape every customer interaction. Through firsthand stories and honest discussion, the hosts show why complexity and legacy processes frustrate members and staff alike, and why personalisation efforts often walk a fine line between helpful and intrusive. The episode pushes leaders to rethink what “good” looks like and to get comfortable questioning long-held ways of doing things. Who should listen Member operations and service leaders wrestling with complaints about process complexity Fund digital and product teams struggling to make personalisation feel supportive, not creepy Communications managers tasked with responding to unhappy members when the root cause is out of their hands “If the underlying machinery isn’t any good… then somehow expecting that communications will somehow magically fix it is… magical thinking.” — Sarah Highlights The podcast dives deep into the evolving superannuation landscape, highlighting the pivotal role of member experience over technical jargon, which makes for a refreshing change. Listeners are reminded that even industry experts can struggle with superannuation processes, emphasizing the need for clearer communication across the board. Mary Payne's heartfelt story about her father's experience with super funds underscored the emotional weight behind the industry's technicalities, making it relatable. The conversation touches on the idea that improving member experience isn't just about technology, but fundamentally about understanding and addressing real human needs and emotions. Changing the trust deed was a surprising move discussed at the conference, showcasing that bold steps are being taken to enhance service delivery in superannuation. The episode wraps up with a light-hearted yet serious examination of the balance between data surveillance and genuine member engagement, leaving listeners with much to ponder. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: ChandlerCX Internactive Statements It’s annual statement time for superannuation funds and ChandlerCX is busy developing interactive statements that are engaging personalised microsites for members. Think of it like Spotify Wrapped for superannuation. Visit https://www.chandler.com.au/add-ons/interactive-statements. ChandlerCX ChandlerCX Internactive Statements It’s annual statement time for superannuation funds and ChandlerCX is busy developing interactive statements that are engaging personalised microsites for members. Think of it like Spotify Wrapped for superannuation. Visit https://www.chandler.com.au/add-ons/interactive-statements. ChandlerCX

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Day One Highlights from the IBRC Future Fund Admin Conference

#27. Join Sarah and Neil as they recap from day one at the Future Fund Admin 2026 forum in Sydney. This episode grapples with whether Australia’s superannuation industry will really consolidate to just a handful of mega funds—and what that could mean for members, small funds, and fund administrators caught between regulatory expectations and practical realities. Sarah and Neil unpack how the growing focus on members’ real experiences is colliding with operational constraints, regulatory change, and technology. Who should listen: Fund administrators weighing the costs and risks of consolidation, especially anyone managing a small or niche fund. Trustees or CEOs facing pressure over future business models and trustee structures. Operations and communications managers responsible for major regulatory rollouts (like Payday Super), wondering how to actually reach small employers. “If you're a very big fund, there is nothing in your members’ best interest to take on the small ones.” — Sarah That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: ChandlerCX Internactive Statements It’s annual statement time for superannuation funds and ChandlerCX is busy developing interactive statements that are engaging personalised microsites for members. Think of it like Spotify Wrapped for superannuation. Visit https://www.chandler.com.au/add-ons/interactive-statements. ChandlerCX

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Industry-Platform Partnerships, AI in Member Comms, APRA Cautions, and Telstra Super’s Big Merger

#26. Co-hosts Neil Benson and Sarah Penn break down the latest superannuation shake-ups and tech trends. Highlights Industry super funds are now experiencing net outflows to retail funds, with $4.3 billion switching over two years. Sarah Penn questions whether proposed partnerships between industry funds and retail platforms actually benefit members, suggesting they may simply repackage underused direct investment models. Australians are warming up again to financial advice, with both hosts championing the difference quality advice makes. ART is using AI to improve the readability of member communications and transcribe adviser meetings, sparking a debate on literacy levels and member engagement. Meanwhile, Westpac’s massive Microsoft Copilot rollout and TAL’s chatbot and voice analytics innovations show how AI is moving deeper into finance, although Neil Benson wonders if adoption is as widespread as press releases imply. Regulators aren’t entirely convinced either, with APRA calling for stricter governance and risk controls around new AI solutions. A new proposal to automatically convert all super accounts to pension phase by age 75 aims to ensure retirement savings are actually spent in retirement—a move the hosts broadly support. As Telstra Super merges into Aware Super, further cementing industry consolidation, the fate of smaller funds comes into question. With APRA doubling down on trustee accountability and operational oversight, the message is clear: no matter your size, there’s no passing the buck when it comes to member interests. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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Superannuation Reforms: Switching Delays, Lead Generation, and Compensation Challenges

#25. Should retirees be forced to take a pension? Why are Treasury’s latest consultation papers sending shockwaves through the super industry? We break it down for you in this episode. Highlights 1. Enhancing Member Protections in the Super System The definition of a platform trustee — and why it matters (02:08) Increased penalties for misconduct: who really ends up paying? (05:05) Proposed waiting periods for super fund switching: policy fail or protection? (06:19) How compensation proposals could change platform oversight (11:00) 2. Curbing Lead Generation Activity Should lead generators be licensed like financial advisors? (18:19) Practical limits on financial product advertising and social media marketing (20:20) The ongoing crackdown on “finfluencers” and general advice (23:45) 3. Compensation Scheme of Last Resort (CSLR) Why SMSFs are making most of the claims, and why Neil believes they should pay a levy (25:25) Is the CSLR a fair system, or just a cost passed to trustworthy advisors? (26:02) Should government step in as the safety net instead? (30:19) 🔑 Key Takeaways Waiting periods for super switching: Sarah argues these do little to protect consumers and mostly benefit big funds (07:34). Platform responsibility: Neil and Sarah both support stricter platform oversight, especially when large sums move into single risky investment options (13:14). Lead generation reform: Marketing firms involved in product distribution should fall under AFSL licensing, making enforcement easier and consumer harm less likely (19:17). CSLR funding: Most compensation claims come from SMSFs; making them contribute seems logical, but the hosts suggest a government backstop would be even better (29:16). 👉 Have Your Say Working in super? Treasury is seeking feedback on these proposals. Got strong views? Sarah and Neil want to hear from you. Drop them a line or reply to this email if you’d like to come on the show. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Chandler CX Digital Forms  You know that eight-page PDF form that scares off half your members before they finish page two? We turn it into a smart, mobile-first digital form. Prefilled, validated in real time, signed on the spot and straight through processed into your registry. https://www.chandler.com.au/cx-receive/receive ChandlerCX

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Super Advertising Bans to Employees, Advisor Education Reforms, and the Unintended Consequences of the Performance Test

#24. On this episode of That Super Show, co-hosts Neil Benson and Sarah Penn break down the Treasury’s proposed ban on super fund advertising during onboarding, the shakeup in advisor education requirements, and dig into why APRA and the ATO are getting twitchy about payday super implementation (spoiler: small business, we see you…). Plus, are performance tests quietly killing investment innovation in Australia? Highlights Superannuation advertising ban consultation launches - employers can only display employee's stapled fund, employer's default fund, or a MySuper product from another fund. Bill has passed both houses, now Treasury is consulting on the regulations to support it. Education reform for financial advisers - Consult hub - Treasury has launched consultation paper regarding new class of financial advisors as part of DBFO T2. Payday Super Readiness | APRA - ATO and APRA have published a letter to RSEs to brace themselves and buckle up! APRA has concerns about some funds' readiness for Payday Super. ‘Parliamentary Friends’ launch sharpens focus on super - Super Review Superannuation performance test is stuck in red tape and could be creating a stagnant economy - performance test doesn't encourage outperformance, it discourages underperformance. As a result, money flows into indices, not into innovation. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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

#23 Welcome to That Super Show, your inside look at Australia’s superannuation industry. Neil Benson and Sarah Penn dive into the latest trends, challenges, and opportunities shaping super—from industry roadshows in the US to advances in AI, and the evolving insurance landscape. They discuss why Australian funds are looking globally for investments, the efficiency and value of industry trips, and how regulation is impacting innovation. The episode also tackles important issues like the insurance gap for young blue-collar workers and the sharp rise in complaints within the sector, highlighting leadership changes and reflecting on the balance between investment returns and member services. Highlights Neil's recent acquisition of Novagentic by Chandler CX marks a thrilling new chapter in his career, bringing fresh perspectives to the world of superannuation and customer communications. The Australian superannuation sector is on a global exploration for investment opportunities, highlighted by recent trips to the US that showcased the importance of networking and learning from international counterparts. The podcast duo humorously navigates the complexities of superannuation, discussing everything from AI adoption challenges in the sector to the dire insurance gaps affecting blue-collar workers under 25. Bill Watson's candid farewell interview underscores a critical industry dilemma: striking a balance between delivering investment returns and prioritizing genuine member service in superannuation funds. Articles ASFA warns super insurance reforms have left thousands uncovered - Super Review Australian superannuation sector plans to woo US investors, companies and Trump officials in Washington gala Building a Stronger and Fairer Super System Act 2026 – Draft Regulations 'We've let our members down': Watson | Financial Standard AFCA receives record number of complaints in 2025 calendar year That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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Measuring retirement outcomes with Anthony Saliba

#22. Co-hosts Sarah Penn and Neil Benson chat with Anthony Saliba, Partner at Deloitte Actuarial Consulting. Highlights Retirement income measurement challenge: Determining if retirement income solutions are working is complex, especially with new best practice principles released by Treasury. Best practice principles explained: Treasury’s principles aim to guide trustees in supporting retirees, but are non-binding and allow for flexibility and market-driven solutions. Principles-based vs. prescriptive rules: The industry favours a principles-based approach; there is ongoing discussion about whether these guidelines will eventually become enforceable standards. Realities for smaller funds: Some super funds may decide to exit members into specialist retirement funds rather than investing heavily in retirement offerings for a small retiree base. Complexity for members: Switching from accumulation to retirement products and navigating financial advice, age pension eligibility, and new lifetime income products creates challenges, especially for those without access to personal advice. Emphasis on member confidence: Leading funds invest in digital tools and education to improve member confidence and provide support beyond traditional advice models. Measuring outcomes: Funds should use objective, evidence-based data to evaluate retirement strategies and avoid “marking their own homework.” Personalisation and cohorts: True hyper-personalisation is aspirational; most funds cohort members by life stage and balance, with some moving toward more nuanced demographic analysis. Data access limitations: Lack of access to data like home ownership and marital status hampers more tailored solutions; innovative tools to gather member data can help bridge this gap. Regulatory barriers to engagement: Strict personal advice laws prevent funds from using member data for targeted communications and are seen as a roadblock to better member engagement. Drawdown patterns: Most retirees draw the minimum required, sometimes due to uncertainty or default settings; there are calls to encourage greater, more sustainable drawdowns early in retirement. Missed opportunities: Members often pay unnecessary tax or miss out on age pension entitlements simply by not taking key actions (like moving to drawdown phase or promptly applying for the pension). Annuities and product innovation: Lifetime income products can help manage longevity risk but suffer from low uptake; the industry is seeing product innovation and working toward better “solution” messaging. Asset-rich, income-poor issue: The system facilitates cases where people use super to increase home equity and then qualify for age pension; potential for equity release products and need for policy refinement. Key takeaway for trustees: Always use an evidence-based, objective approach when measuring outcomes and designing solutions, and clearly communicate trade-offs to help members make informed decisions. Guest: Anthony Saliba Connect with Anthony Saliba on LinkedIn Follow Deloitte on LinkedIn Visit Deloitte website That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting This episode is brought to you by Mayflower Consulting. We work with product teams across super funds, fund managers, and platforms to move faster. Faster PDS updates, faster decisions, and less friction. If governance is slowing you down, we can fix that. Mayflower Consulting

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Competitive Flows and Adviser Influence: Dissecting Australia’s Super Landscape with David Bell

#21. Co-hosts Sarah Penn and Neil Benson host David Bell, Executive Director at Conexus Institute. Highlights Industry growth: Superannuation assets grew by 12% last year, mostly from strong investment returns. Four funds are now “mega funds” with over $200 billion AUM. Mergers and consolidation: Fund mergers continue to shape the sector. Aware’s merger with TelstraSuper tipped it into mega fund status. Flow dynamics: Natural flows (member contributions) are steady, but competitive flows are increasingly advisor-led with platforms gaining pace. Advisor-driven switching: More than half of asset switches are now influenced by advisers, with platforms offering efficiency and adviser-friendly features. Marketing spend: Funds increased marketing by 10%, but there's little evidence it’s driving competitive inflows. Most spend is defensive—trying to stem outflows. Retirement focus: Demographics highlight 40% of assets held by members 55+. Funds are investing in retirement products and guidance, but competitive barriers remain for retaining members approaching retirement. SMSF trends: SMSFs are seeing net growth and most are established without a formal adviser. But there’s also a flow back as members tire of administration. Future landscape: The sector is heading for more mega funds and continued consolidation. Launching new funds is possible, but achieving scale remains a decades-long effort. Key takeaway: Sector priorities are shifting towards retirement, adviser functionality, and efficiency—but core flows, consolidation, and operational differentiation remain fundamental for fund leaders. Bonus: Blame marketing? Absolutely! Chapters 00:41 - Introduction to Dr. David Bell and the Connexus Institute 07:32 - Exploring Competitive Flows in the Superannuation Industry 11:41 - The Dynamics of Advisor Portals and Fund Competition 20:16 - The Impact of Marketing on Member Retention 28:50 - Shifting Focus: From Marketing to Retirement Strategies 37:21 - The Changing Landscape of Superannuation 42:52 - Reflections on Future Trends in Superannuation Guest: David Bell Connect with David Bell on LinkedIn Follow The Conexus Institute on LinkedIn Visit The Conexus Institute website That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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Navigating Death Benefit Claims: Modernising Estate Management in Superannuation

#20. Sarah flies solo! And discusses death benefit claims and deceased estates with Ben Darlow and Sarah Poole from EstateXchange. Highlights The death benefit challenge: Processing death benefit claims is often complex, manual, and paper-heavy, despite the growing need for efficiency as $5.4 trillion in wealth transfers between generations. Executors’ reality: Families face interacting with up to 37 organisations after a death, making estate administration overwhelming and inefficient. Why processes haven’t modernised: Death claims processes have seen historic underinvestment, lack of regulation, and minimal focus compared to other fund interactions. Reframing the process: Super funds should consider their role as just one of many organisations grieving families deal with, adjusting expectations around paperwork and timelines accordingly. Triage and risk: Funds can streamline basic claims by adopting triage methods, applying more rigour only where needed, and embracing technology to reduce repetitive low-value tasks. Reporting pitfalls: Many organisations’ reporting paints an overly optimistic picture; meaningful reporting requires standardised data and clear lead/lag indicators, plus a culture that welcomes surfacing issues. Fraud as an emerging risk: As more processes move online, the risk of fraud in deceased estates is rising, with up to 9% of consumers encountering actual fraud and 17% experiencing near misses. Looking forward: The future may include digital vaults, seamless handover to executors, faster probate, and platforms that free up locked assets, helping families and the economy. Guests Connect with Sarah Poole on LinkedIn Connect with Ben Darlo on LinkedIn Follow EstateExchange on LinkedIn Visit EstateXchange website That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting This episode is brought to you by Mayflower Consulting. We work with product teams across super funds, fund managers, and platforms to move faster. Faster PDS updates, faster decisions, and less friction. If governance is slowing you down, we can fix that. Mayflower Consulting

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Brand Recognition, Churn, and Retirement: What’s Really Moving the Superannuation Needle

#19. Co-hosts Neil Benson and Sarah Penn unpack the latest trends and news impacting the superannuation industry. Highlights Super brand recognition: Surprising results from a Conjointly brand tracker highlight low public awareness of major super brands, including only 57% recognition for AussieSuper and 49% for Hostplus, challenging industry assumptions. The complexity and cost of rebranding: Rebrands are frequent but often more about internal politics than member benefit, and establishing a new name remains a major challenge. The effectiveness of marketing: Despite significant marketing spend, switching rates and member engagement appear largely unchanged, raising questions about return on investment. Member churn and fund flows: Recent reports show industry fund outflows to adviser-led platforms are modest compared to overall inflows, with most money still coming in via default arrangements rather than active switching. Retention dilemmas: As members with larger balances approach retirement, funds struggle to retain them, particularly when financial advisers commonly recommend rolling over to retail platforms. Regulatory challenges and innovation barriers: Uncertainty around advice laws is inhibiting proactive member communications and innovation, especially in retirement products. Fraud and scam protection: ASIC urges funds to strengthen member communications to prevent fraud, but losses remain minor (at $22 million), and tougher controls could erode member experience. Confidence and legislative change: Frequent government tinkering causes member concern, yet most changes aim to improve fairness, and fears of losing all super are unfounded. New superannuation legislation: Discussion around the Building a Stronger and Fairer Super System bill, with support for balancing changes to both high and low-balance accounts. Industry news: Notable updates include Commonwealth Super’s major tech upgrade, HESTA CEO Debbie Blakey’s retirement, and the release of a new AFCA complaints guide. Personal achievement: Neil celebrates passing the RG 146 superannuation qualification after a challenging process. Resources Super brand tracker confirms golden status of AustralianSuper | Financial Standard - Brand Tracker by Conjointly based on 1344 individuals. 57% recognised AustralianSuper, 49% Hostplus, 48% AMP, 47% Rest, 45% CBUS. Survey also ranked consideration, performance perception, and customer support. Superannuation customer churn hits First Super, NGS Super and Hostplus hardest. 6% churn on average, based on APRA data analysed by Elula. Lots of funds claiming the switches were inactive, low balance accounts being swept up by ATO. APRA has noticed that member accounts and flows into accounts outside the top 10 had declined. Industry super funds are losing business to retail wealth platforms such as HUB24 and Netwealth at an accelerating pace. Members seeking more holistic retirement advice. One analyst reckoned that a 10% uplift in advisor capacity could see $100B in flows to retail platforms to which my financial advisor responded, "I've got more chance of captaining the Australian Cricket Team & marrying Heidi Klum in the same year than a 10% increase in advisers resulting in $100bn of flows." Commonwealth Super Corp to consolidate legacy IT systems | Financial Standard. CSC to consolidate a number of systems. It manages several schemes and it sounds like they are bringing them all together. Mercer is the admin partner and Novigi is the data partner. Limited service period. Imagine they watched HESTA's experience closely. Super trustees told to up fraud protection game | Financial Standard ASIC compared super sector's fraud prevention to banks and found significant gaps, mostly in documentation and member communications. $22m in super-related scams in 2025. AFCA's new superannuation complaints guide (for funds and members) Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 – Parliament of Australia - second reading today. Boost to LISTO and changes to tax concessions on balances over $3m and 10. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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

#18. Co-hosts Sarah Penn and Neil Benson discuss ASIC’s 2026 priorities and what they mean for super funds. Highlights 05:37 - A Focus on Operational Failures and Cyber Resilience. Private credit risks: ASIC flags concerns about retail exposure to private market credit products. Experience of fund managers and transparency are under the spotlight. Operational failures: Claims delays, cyber resilience, fraud and poor IT get a special mention - 'nuf said really! 08:52 - The Risks of Aggressive Marketing in Financial Products. Aggressive product marketing: will be stopping. We hope. 20:00 - Navigating the Complexities of AI in Financial Services. Audit and valuation standards: Poor quality sustainability reporting and inconsistent unlisted asset valuations—ASIC wants more evidence and comparability between funds. 24:15 - Regulatory Perspectives on Cryptocurrency. Plus a cooks tour of the ASIC priorities that are 'super adjacent'. That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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Adrian Gervasoni: Transforming Member Portals for Superannuation Success

#17. Co-hosts Sarah Penn and Neil Benson chat with Adrian Gervasoni, Executive Manager Advice Services at Industry Fund Services. Highlights Member engagement challenges Rethinking the member journey Super as 'your future wage' Super portals try to present too much info The power of nudges The new class of advisers - what this means in practise What we can learn from banks closing branches and moving customers online Webinars and events are fun but only reach a small number of people The future of portals Guest: Adrian Gervasoni Connect with Adrian Gervasoni on LinkedIn Follow Industry Fund Services on LinkedIn Visit Industry Fund Services website That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting This episode is brought to you by Mayflower Consulting. We work with product teams across super funds, fund managers, and platforms to move faster. Faster PDS updates, faster decisions, and less friction. If governance is slowing you down, we can fix that. Mayflower Consulting

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Welcome to 2026! Round up of Superannuation's 2025

#16. Co-hosts Neil Benson and Sarah Penn return for the first episode of 2026 with a roundup of big news and trends in the superannuation industry. Highlights Holiday updates: Neil did some DIY renovations and Sarah struggled to find a builder, opting for travel instead. CSLR debate: Misha Schubert from the Super Members Council suggests SMSFs should pay for the Compensation Scheme of Last Resort, not industry fund members; both hosts agree she has a fair point. Managed investment schemes: Discussion of how APRA-regulated funds often use managed schemes and why strong investment governance is critical, especially in light of recent investment failures. Investment performance tests: Schubert’s call for performance tests on every super investment option prompts debate about the practicality versus potential benefits, with both hosts questioning the cost-benefit of such extensive reforms. Member engagement survey: SMC data shows younger, more educated members are much more engaged, but Neil and Sarah note the correlation is likely skewed by survey respondent bias and income/balance factors. Super fund branding and advertising: The hosts discuss the pros and cons of memorable ad campaigns, from hairy mascots to high-profile sports sponsorships, and examine their impact on fund awareness and acquisition. Third party administrator shakeup: Upcoming acquisition of Mercer’s admin business by Apex signals increased consolidation; the hosts express concerns over whether this will drive real improvements in service quality. Outsourcing vs. insourcing: Large funds may increasingly bring admin back in-house to manage cost and service quality, leading to more hybrid operating models. The “mechanistic vs. ecosystem” mindset: Sarah introduces insights from another podcast advocating for treating businesses and the super industry as living systems rather than machines—emphasizing test-and-learn approaches and accounting for human complexity rather than blaming process participants. Claims management complexity: Discussion on why systemic, ecosystem-level solutions are needed for claim delays rather than blaming individuals. Big Idea The Problem of Mechanistic Thinking Christmas gifts Favourite: Sarah's new Owala waterbottle Least favourite: An 'avocado knife'. With apologies to Neil's wife! That Super Show That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin. Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review. Visit That Super Show website and become a newsletter subscriber Email hello@thatsuper.show if you've got a topic you'd like us to cover or a guest proposal or suggestion Follow That Super Show on LinkedIn Follow That Super Show on YouTube Your Cohosts Sarah Penn Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia. Connect with Sarah on LinkedIn Follow Mayflower Consulting on LinkedIn Visit Mayflower Consulting website Neil Benson Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026. Connect with Neil on LinkedIn Follow ChandlerCX on LinkedIn Visit ChandlerCX website Mentioned in this episode: Mayflower Consulting  This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable. Mayflower Consulting

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