#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. We cover:

1. Holiday updates: Neil did some DIY renovations and Sarah struggled to find a builder, opting for travel instead.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. Outsourcing vs. insourcing: Large funds may increasingly bring admin back in-house to manage cost and service quality, leading to more hybrid operating models.
9. 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.
10. 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

Favourite Xmas gift

Sarah's new Owala waterbottle

Least favourite Xmas gift

An 'avocado knife'. With apologies to Neil's wife!

#15. Neil Benson and Sarah Penn dive into a lively year-end review of Australia’s superannuation industry. 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 Shorts. Daily short videos on news and views for superannuation professionals. That Super Show Shorts - YouTube

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Neil Benson,...

#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.

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 redefining careers in the sector.

The conversation also touches on the growing demand for adaptable leaders, the under-recognised power of mentorship in data roles, and the critical need for organisations to address burnout and investment in career development.

Whether you’re interested in the future of work, looking to progress your career, or simply wanting to stay ahead in the world of super, this episode is packed with valuable insights you won’t want to miss.

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That Super Show

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Sarah Penn, CEO of Mayflower Consulting

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Neil Benson, Founder of Novagentic

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