Welcome to 2026!

#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!