SuperGuide news for June 2026

Spotlight on super funds’ handling of death benefits claims

Despite some progress by super funds in the way they handle death benefits claims, a review by the Australian Securities and Investments Commission (ASIC) has found some funds are dragging the chain. 

ASIC’s report, Delivering on Death Benefits: Have Super Trustees Stepped Up?, checked the progress super funds were making to improve their death benefits claims handling processes, a year after an initial report found serious shortcomings.

ASIC commissioner Simone Constant said: “There are some promising findings in this report, including a 53% reduction in internal complaints about death benefit delays from early 2024 to late 2025.

“However, with claims volumes increasing by 10% in the 12 months to October 2025 and with that growth expected to continue in the context of Australia’s ageing population, it’s clear that more work needs to be done if all trustees are to meet member expectations.

“We’re particularly concerned that some trustees have not actioned basic process improvements and continue exposing grieving beneficiaries to harm at times of heightened emotional and financial distress.”

ASIC’s review of 45 super funds highlighted areas where trustees should act, including:

• Measuring claim times and setting performance targets
• Treating their members and claimants as customers and improving communication about important steps, like making a binding death benefit nomination
• Enhancing support for First Nations members and claimants.

Super Consumers Australia (SCA) chief executive Xavier O’Halloran said ASIC’s follow-up report raises serious questions about super funds’ commitment to uplift customer services and outcomes on death benefit claims.

“We are deeply concerned that the sector is not prepared for Australia’s ageing population at a time when death benefit claims are only expected to increase over the next decade. Leaving improvements up to the industry has clearly not delivered good outcomes for consumers,” Mr O’Halloran said.

For these reasons, SCA is calling for mandatory service standards.

ATO moves to protect super transactions against fraud

From May, if you registered your device using the Australian Taxation Office (ATO) app and request to transfer or consolidate your super in ATO online services, you will need to verify the request in the ATO app before it’s submitted.

This extra step is the latest security feature in the ATO app, helping to protect users against fraudulent activity and giving them more control over important super transactions.

According to the ATO website, if you registered your device using the ATO app and are planning to transfer super, you should first make sure you can access the ATO app on your registered device.

“To verify a request, follow the prompts in ATO online services and the ATO app.

“If you receive an ATO app message about a transfer request you did not make, do not verify it. Lock your account using the ATO app immediately to protect against further unauthorised transactions.”

This change only applies to super transfer and consolidation requests made through ATO online services.

Super assets continue to grow

War in the Middle East and turbulent financial markets took their toll on Australia’s superannuation assets in the three months to 31 March, with total assets down 1% over the quarter to $4.4 trillion.

However, the picture over 12 months was brighter, with total assets up 7.9% according to the latest statistics from the Australian Prudential Regulation Authority (APRA).

APRA-regulated funds, which represent roughly three-quarters of total assets, were up 8.7%, while self-managed super funds, which account for just under one-quarter of the total, increased their assets by 7%.

Despite volatile investment markets, members have been topping up their retirement savings. While employer contributions increased by 8.4% over the year to $159.8 billion, member contributions jumped 19.1% to $66.3 billion.

And in a sign of the times, as the baby boomer bubble eases into retirement, total benefit payments increased by 12.3% to $143.5 billion in the year to March, outstripping the 11.3% growth in total contributions to $226.1 billion.

According to APRA, the increase in benefit payments was the result of lump sum payments rising by 13.6% to $79.7 billion and pension payments increasing by 10.7% to $63.8 billion.

Rise of the mega funds