Super Consumers Australia

How much do you think you need to retire? It might be less than you think. We have updated our retirement savings targets, released today. All the details here: bit.ly/3Wq1qqA

🚨 New submission: financial advice reform isn’t enough on its own. The Fed Govt’s latest reforms aim to expand the advice super funds can give, but without better retirement products, these changes won’t deliver. Read our submission: bit.ly/4e4Yuam

We welcome the draft legislation on payday super, but the partial ban on advertising super products during employee onboarding doesn't go far enough. Link in comments.

ASIC is suing @AusSuper over massive failures in handling death benefit payments. When some people are waiting 4 years to receive the money they're owed, it's clear that mandatory customer service standards for super are long overdue. Link in comments.

In a huge win for consumers, the government has announced it will introduce mandatory customer service standards to super. We welcome the government's commitment and look forward to representing consumers in the subsequent consultation. Read our MR: bit.ly/40SDkaO

We welcome Stephen Jones' announcement on improvements to the retirement phase of #superannuation, but faster progress is needed. Our media release: bit.ly/4fMAuZC

Recently we released an article highlighting how victim-survivors of family violence are let down by the super system. Read our new related article on financial abuse in super, and why we need urgent action. bit.ly/3Z8lzmE

ASIC's court action against CBUS for long insurance claims handling delays highlights the urgent need for the Federal Government to mandate member service standards. Read our MR: bit.ly/4fMxnAP

We've found that a huge 80% of super funds impose a minimum balance on account-based pensions, forcing retired members with the lowest balances to stay in the accumulation phase, paying unnecessary tax on their earnings. Read our new article: bit.ly/3CizJc2

SCA's @xavierohalloran told ABC's @patawright that seemingly minor differences in performance or fees can make a vast difference to retirement outcomes. "Even half a per cent difference in fees or performance can lead to $100,000 difference" bit.ly/4e32XJ6

Super laws mean a perpetrator of domestic/family violence can claim the super of their victim when the victim dies Family members of victims and peak bodies are calling for urgent change. New from me for @choiceaustralia/@ConsumersSuper bit.ly/4hhhL9M

By law, someone who perpetrates domestic and family violence against their spouse can claim their victim's super when they die. We are calling for urgent reform. Read our new article for more: bit.ly/4flsSgl

ICYMI: A little-known administrative hurdle is prohibiting tens of thousands of Australians from accessing tax-free account-based pensions. @ConsumersSuper's Katrina Ellis says minimum-balance requirements for account-based pensions are “just wrong”. bit.ly/3Ny6nZB

A simple guide to an often confusing claims process. Read more: pulse.ly/fjo4pp5zv6

In this month's @choiceaustralia magazine: Many super funds provide retirement calculators to help people work out how much income they can expect in retirement. But a @ConsumersSuper deep dive found many of these tools are seriously flawed.

You've been injured or become ill and can't work. You think you may have #disability #insurance through your super. Now what? Link to our new explainer below 👇

If you've got multiple super funds — perhaps from different jobs — you might want to consider merging them into one to save on fees. Here's what to consider moneysmart.gov.au/how-super-work…