That Super Show
That Super Show brings you the latest news, insights and industry interviews to help Australian superannuation professionals improve retirement outcomes for Australians. Hosted by Sarah Penn, CEO of Mayflower Consulting, and Neil Benson, CEO of Superware.
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.
Key arguments and questions explored:
Mergers like Prime Super and Aware Super may boost size, bu...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...
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central argument: Australian super funds create unnecessary complexity and distress for grieving families by relying on outdated, paperwork-heavy systems, and CBUS has proven it’s possible (and necessary) to remove those frictions even within tight regulatory constraints.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 an...
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 w...
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 comfortabl...
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 nic...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...Micro-ep - Super Admin Conference 19-20 May
Ep#26
Neil and Sarah will both be appearing at the IBRC Super Admin Conference on 19 and 20 May, 2026, in Sydney.
Register here: https://ibrc.com.au/future-fund-admin-2026/
Sarah will be talking insurance claims, and Neil will be talking member experience and advice.
See you there!
That Super Show is brought to you by Mayflower Consulting — helping fund managers, platforms and super funds build faster, smarter product teams. Find out more at mayflower.com.au. And if you're not already a subscriber, join 450+ finserv product professionals reading #SSFPP every week here.
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 prod...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 t...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...
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 me...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 featur...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...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...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...
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 challengesRethinking the member journeySuper as 'your future wage'Super portals try to present too much infoThe power of nudgesThe new class of advisers - what this means in practiseWhat we can learn from banks closing branches and moving customers onlineWebinars and events are fun but only reach a small number of peopleThe future of portalsGuest: Adrian Gervasoni
Connect with Adrian Gervasoni on LinkedInFollow Industry Fund Services on LinkedInVisit Industry Fund Services website<...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...Superannuation's 2025 in Review: Key Legislation, Tech Shifts, and Industry Growing Pains
#15. Neil Benson and Sarah Penn dive into a lively year-end review of Australia’s superannuation industry.
Highlights
From legislative wins and regulatory challenges to industry shakeups and innovative tech trends, they unpack the major highlights and low points that shaped 2025. You’ll hear their candid takes on big topics like Division 296 reforms, the SG rate increase, the impact of Payday Super, and ongoing compensation scheme debates. Plus, hear all about the headaches of system migrations—as well as the opportunities AI is unlocking for super funds.2025 Highlights: Div296 was fixed, LISTO was increased, Pay Day Super legisl...Navigating the Superannuation Talent Market with Victoria Butt, Parity Consulting
#14. Cohosts Neil Benson and Sarah Penn are joined by Victoria Butt, CEO and founder of Parity Consulting, to unpack the latest trends shaping the talent market as we head toward 2026.
Highlights
Drawing on fresh insights from nearly 5,000 industry professionals, they discuss the shifting priorities of Australia's financial services workforce, the surprising dynamics around return-to-office mandates, and the ongoing impacts of mergers and acquisitions in superannuation.
From the rise of exciting projects as a top motivator to the persistent importance of remuneration, Victoria sheds light on how macroeconomic factors, AI, and company culture are...
Member Engagement Breakthroughs: Insights from Engage 2025
#13. Hosts Neil Benson and Sarah Penn dive deep into the world of Australian superannuation. This week, they're joined by an insightful panel of guests—including Emma Jonceski (Aware Super), Cathy Duncan (TCS), Alana Devitt (CoreData), Dan McKean (Chandler), and Zoe Sheehan (TAL)—as they unpack all the highlights from the IBRC Engage 2025 Future of Member Engagement, Comms, and Experience Forum.
From industry stats that’ll make you rethink member engagement, to personal stories and clever ideas buzzing around the conference, you’ll hear the latest on how funds are transforming their communications, the role of technology and AI, and...
How Will Australians Retire in 2040? Insights from the ASFA Conference
#12. Neil and Sarah have just wrapped up at the ASFA conference, and they reconnect with industry leaders and discuss the latest trends shaping super, from digital innovation and regulatory challenges to the future of retirement.
This episode features expert insights from guests like Jane Couchman from Aware Super, Zein el Hassan from Mills Oakley, and Shaun Bransdon from TAL Australia, covering everything from the rapid rise of AI in compliance to the changing expectations of retirement for future generations.
Highlights
00:34 Exciting exhibitors at ASFA Conference
03:01 Zen el Hassan, Partner at Mills...
Superannuation’s Challenges Exposed at ASFA Conference 2025
#11. We’re excited to bring you the highlights from the cloakroom of the expo hall at this year’s ASFA Conference on the Gold Coast. Only the most glamourous locations for your intrepid hosts, dear listener!
Neil and Sarah unpack what’s happening in superannuation, share feedback from listeners, preview ASFA Con 2025, and tackle some of the trickiest questions facing funds and members today.
🎤 ASFA Conference 2025 – What’s in Store?
Sarah and Neil are on-site, despite hiding out “in the cloakroom,” ready to network, attend breakout sessions, and catch up with clients and industry players...
Superannuation Under the Microscope: Fees, Taxes, The Gender Gap, and Annuities
#10. Co-hosts Sarah Penn and Neil Benson discuss the latest news and issues affecting the Australian superannuation sector.
Highlights
Big fines in the industry: ASIC and CBUS settle member claims delays with a $23.5 million fine, highlighting the financial pain for profit-to-member funds and contrasting it with corporately-owned funds like Macquarie.Super tax complexity: The introduction of new rates brings the tally to 20 different tax rates within superannuation, sparking debate about fairness and system complexity.Gender disparity in super balances: Data shows continuing gaps between men’s and women’s average and median super balances, with recent policy chan...Sanity Prevails: Breaking Down the Latest Superannuation Tax Changes and Payday Super
#9. Neil and Sarah sit down to discuss the latest developments in Australian superannuation policy.
Highlights
00:02 - Introduction to the Super Show Podcast
03:17 - Changes to Superannuation Legislation
10:09 - Changes in Superannuation Taxation
13:16 - Introduction of the Payday Superannuation Bill
19:33 - Legislative Changes and Superannuation Regulations
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.
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Joe Longo’s Exits ASIC Exit, SMSF Risks, Div296 Delays and Aged Pension Asset Test Debate
#8. Co-hosts Neil Benson and Sarah Penn discuss the latest news and events affecting Australia's superannuation sector.
Highlights
Joe Longo is stepping down as chair of ASICMacquarie Investment Management offers compensation to SMSF trustees who invested in Shield through its wrap platformThe role of superannuation trustees in determining which investments are available to members and whether SMSF trustees should require a qualificationThe role of the Compensation Scheme of Last Resort in compensating clients of failed advisorsDelays to Div296 legislation and the principal of taxing unrealised capital gainsIFM Investments to close their private equity unit despite its track...Navigating NPP and Payday Super: what super funds need to know
#7. Co-hosts Sarah Penn and Neil chat with Marnie Ryan, head of product innovation and enablement at AP+ (formerly NPP Australia).
Highlights
NPP and Superannuation: From 1 July 2026, funds must accept real-time payments via the New Payments Platform (NPP)—mandatory, and separate from Payday Super legislation.Modernising Payments: Transition away from BECS is set for 2030. Super funds need to get ready to shift from batched, delayed payments to instant, always-on transactions.Reconciliation Revolution: NPP upgrades solve historic problems with payment reference numbers, making reconciliation faster and easier—especially important for super contributions.Pilot Programs in Action: Leading funds and...Bold moves for super: reforms, regulation and the housing investment debate
#6. Co-hosts Sarah Penn and Neil Benson break down the latest news and debates in the superannuation sector.
Highlights
Legislative inaction: Despite big talk from government and industry summits, there’s little movement yet on significant superannuation or tax reforms.Super funds vs. ATO: HESTA and ART are taking legal action against the ATO over imputation credits, fighting for millions owed to members and highlighting rare but bold fund challenges to regulators.Performance test wrap-up: All 54 MySuper products passed this year, signaling improved standards, but some products—especially trustee-directed ones—remain borderline or repeatedly fail.Product closures and me...Inside complaints data: Insights from Heather Gray, Lead Ombudsman Superannuation at AFCA
#5. Co-hosts Sarah Penn and Neil Benson chat with Heather Gray, Lead Ombudsman, Superannuation at Australian Financial Complaints Authority.
Highlights
Complaints as Feedback: Complaints are valuable for identifying service improvement areas, even though funds aim to minimize them.Drop in Insurance Delay Complaints: There has been a notable reduction (39%) in complaints about delays in insurance claims within super funds, indicating successful improvements.Importance of Communication: Clear and timely communication—especially during incidents like cyber attacks—is critical in maintaining trust and managing complaints.Systemic Issues vs. Human Error: Sarah is surprised to learn that maybe a high prop...From DDO to FAR: What’s shaping superannuation’s future right now
#4. Sarah Penn and Neil Benson discuss the latest news and views affecting Australian superannuation professionals.
Highlights
AFCA Complaints Down: Overall complaints about financial services are down 4%, with superannuation-specific complaints dropping a huge 16%. Notably, complaints about claims handling fell by 39%, signalling real operational improvements across the industry.DDO & “Reasonable Steps” Under the Microscope: Design and Distribution Obligations (DDO) have moved the focus from “buyer beware” to responsible design and distribution. Expect ASIC to sharpen its scrutiny—not just on disclosures (like TMDs), but on product distributors and the steps funds take to ensure their products reach the right cons...Well-intentioned mishaps: when tech goes wrong
#3. Sarah and Neil discuss the latest news and views affecting Australian superannuation professionals.
Highlights
00:02 - Introduction to the Super Industry
06:14 - Navigating Superannuation: The Importance of Proper Documentation
13:52 - Understanding Risk Management: The Bowtie Theory
20:57 - Introduction to the Complaints Resolution Scorecard
27:22 - Exploring AI Tools for Productivity
Big Idea
the bow tie of risk management - example here: https://www.manycaps.com/blog/risk/8-steps-to-bow-tie-analysis.Neil has a new complaints scorecard tool: https://superware.ai/financial-services/complaints-scorecardRecommendations
Coaching real...Is it OK for funds to spend $$$ on marketing?
#2. Sarah Penn and Neil Benson discuss the latest news and views affecting Australia's superannuation sector.
News
APRA on the warpath re fund expenditure. "Where APRA identifies practices which fall short of legal requirements, APRA will utilise the full range of its powers to hold an RSE licensee accountable."Super funds on track for 3rd consecutive year of robust returns. AMP includes crpyto in it's super portfolio.ATO approves NPP as payment method for payday super.Big Idea
Framing, and why it matters in superOur Recommendations
Sarah recommends 'Coaching real...It's Launch Day for That Super Show!
#1. Sarah Penn and Neil Benson discuss the latest news and views affecting Australian superannuation professionals.
