#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 legislation passed, and of course, That Super Show was launched too!
• 2025 Lowlights: investigation into collapse of Shield Master Fund and First Guardian Master Trust widens, shortcomings in death benefits and insurance claim handling have been papered-over.
• Daniel Mulino taps super funds to prop up Compensation Scheme of Last Resort. Mulino taps super sector to help pay CSLR special levy | Financial Standard
• HESTA has extra license conditions imposed by APRA. 7 weeks' downtime switching from MUFG to GROW. Irony of being slapped by the regulator who wants funds to innovate and improve productivity. APRA imposes additional licence conditions on HESTA | APRA
• Irony of rumours that MUFG may acquire GROW! Administration technology is old, never designed for payday super or decumulation, and has to be the same across as many funds as possible. What MUFG's bid for Grow says about the state of super admin - Investment Magazine
• Governing the Invisible: by Ash Priest and Alex Monynihan at Novigi, about governing AI from a super fund trustee's perspective using ISO 42001 for AI management systems. Governing the invisible: Why super funds need to get real about AI | FS Super

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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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.

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