Renee Howie

A new generation of financial ‘super planners’ arrives as cost-of-living pressures widen national retirement confidence gap

• Having enough to retire comfortably is Australians’ equal top life goal alongside financial independence (54%) and ranks equal third for Gen Z alongside homeownership (45%).
• Gen Z Australians have edged out Gen Y as the most financially confident generation (45% vs 42%) and are most likely to believe they can meet future retirement needs (37%).
• Despite relatively higher financial confidence, less than half of Gen Zs believe they are on track to retire comfortably (44%) only slightly higher than the national figure of 41%.
• Across all Australians, only 31% believe they will be able to retire when they want to, with cost-of-living the biggest barrier to peoples’ financial aspirations (64%).
• A group of around 1 in 3 Gen Z ‘super planners’ are running post-retirement calculations in their 20s, as they seek to take more long-term control.

According to MLC’s new Real Retirement Report, Gen Z have overtaken Gen Y as the most financially confident generation, as economic and income pressures prompt many younger Australians to take more control of their financial futures. Now, 45% of Gen Zs are extremely or very confident in their financial knowledge, up from 30% in 2024, while 42% of Gen Ys are confident compared to 35% two years earlier.

The research of more than 2,500 Australians, conducted by McCrindle on behalf of MLC, found that Gen Z are more likely than any other generation to believe they can meet their financial needs in retirement (37%) and expect to retire earliest, at 63.

Retirement is also seen as an important life goal for Gen Zs who now rank having enough to retire comfortably (45%) equal third with home ownership, behind work life balance (52%) and financial independence (46%). This aligns with the national focus on having enough in retirement, now Australians’ equal top goal (54%) alongside financial independence.

However, even among the nation’s most confident generation, only a minority of Gen Zs (44%) say they are on track to achieve a comfortable retirement. This reflects national aggregate figures, where even fewer believe they are on track (41%) and just 31% expect to be able to retire when they want to.

At a national level, these figures fall further among women, with only 25% expecting to be able to retire when they want, compared to 37% for men. Similarly, 50% of men believe they

are on track to retire comfortably compared to 32% of women. The research shows that across the population, cost-of-living pressures are by far the most commonly cited barrier to achieving financial goals (64%), followed by current income (37%) and debt (20%). Gen Z also report the highest levels of frustration about their financial situation (37%), just ahead of Gen Y (36%), and followed by Gen X (32%) and Baby Boomers (19%).

Renee Howie, MLC’s Chief Customer Officer, said the MLC Real Retirement Report highlighted the challenge many Australians face in balancing today’s financial commitments with tomorrow’s goals.

“Having enough money to retire comfortably is now one of Australians’ most important life goals, yet most people don’t feel on track to achieve it. With cost-of-living pressures, interest rate rises and even uncertainty around what recent Federal Budget changes may mean for them, it’s understandable many Australians feel less in control of when and how they retire.

“What’s encouraging is that younger Australians appear to be responding with action, and engaging earlier with their finances. They’re talking openly and honestly about money, setting goals, superannuation and thinking about retirement well before previous generations did.”

A new generation of ‘super planners’ emerges

As Gen Z responds to ongoing financial pressures, the research reveals a group of younger Australians stepping up their retirement planning far earlier than others.

This group of ‘super planners’ includes the roughly one in three Gen Zs who have begun retirement planning understand how long their savings must last (32%), know what their major expenses will be (38%) and even how much super they will draw down each year once in retirement (30%).

“Many younger Australians are running post-retirement calculations far earlier in life so they have a clear goal they can work towards. This is a digitally savvy generation who knows how to find information, but it’s more than just budgeting and planning, they’re taking meaningful actions with this information too.”

Gen Zs are the most likely of any generation to switch super funds (9%), salary sacrifice (10%) and seek advice (14%).

Ms Howie said that no matter where you are in your journey to retirement, taking small steps can make a big difference to outcomes and help close the confidence gap. This includes:

1. A 5-minute super check – a quick check to see if you have multiple super accounts you don’t know about, how much you’re paying in fees and costs, and if you’re in the right investment option can save you tens of thousands of dollars over a lifetime. For example, simply switching from a default investment option to a high growth one between 18-49 years of age could add up to $120,000 to your super at retirement*.
2. Understand available incentives – programs like the government co-contribution scheme or low-income support tax offset can help lower-to-middle income earners boost their super.
3. Take advantage of compound interest – even if you don’t have much to spare, contributing $5 or $10 a week or month in your 20s and 30s could have a big impact on your super balance at retirement. For example, salary sacrificing an extra $5 per week to your super from 20 years of age could add more than $26,000 to your super at retirement**.

“At MLC, we believe that a national dialogue around retirement readiness and confidence is sorely needed so people aren’t going it alone. But for individuals, if you’re unsure how you’re tracking, are worried about retirement or need support, speak to a financial adviser. If you don’t have one, call your super fund as most will be able to put you in touch with someone that can help,” Ms Howie added.

*Scenario is based on an 18 year-old with a starting superannuation balance of $1,000 and a salary of $60,000 p.a. with a 3% p.a. salary increase. Assuming default option return of 6% p.a. and high growth return of 6.5% p.a. from age 18 to 49. From age 50 to retirement age of 67 investment returns reduce over time from 6% p.a. to 5.5% p.a. and from 6.5% p.a. to 5.88% p.a., respectively.

**Scenario is modelled on an extra $5 per week and a 2.5% p.a. salary sacrifice increase from age 20, to age 67. Assuming an investment return of 6% from age 20 – 55 and then reducing over time to 5.5% p.a. at retirement age of 67.

Methodology

The Real Retirement Report 2026 explores the attitudes to retirement and financial confidence, based on a survey of 2,500 Australians aged 18 years and over. The survey was conducted by McCrindle on behalf of MLC, with questions in-field in December 2025.

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Dan Farmer

One of Australia’s largest super funds, MLC, has delivered strong returns for its members in the 2025/26 financial year despite extreme volatility in markets.

MLC Chief Investment Officer Dan Farmer said that, given the events of recent months, it was pleasing to deliver a 10.2% p.a. return for MLC’s High Growth option and 9.9% p.a. for its MySuper Growth portfolio.

“It’s almost three months to the day since markets bottomed out during the Iran conflict,” Mr Farmer said.

“In late March the ASX was down around 8%, the S&P 500 and Nasdaq were down more than 5%, and some emerging markets were down more than 10%, while the price of fuel had doubled and inflation was expected to skyrocket.

“At that point, the idea of double-digit returns for MLC’s High Growth option would have seemed highly optimistic. While many Australians are still doing it tough, this is a silver lining for their retirement savings.”

Mr Farmer said the results were an important reminder that superannuation is a long-term investment.

“Superannuation is the longest-term, and largest, investment most Australians will have,” he said.

“This last financial year, more than just about any other year I can think of, shows the importance of staying the course.

“It means our three-year average return is 11.3% p.a. for MLC’s High Growth option and 9.9% p.a. for MLC’s MySuper Growth portfolio, demonstrating consistent outcomes for our members.

“This financial year’s returns have been driven largely by equities, alongside strong performance in alternatives and private credit.

“We’re anticipating further volatility over the coming year but see our portfolio as well positioned to navigate it.”

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MLC has released analysis of Tuesday’s Budget and its impact for advisers.

Following last night’s Federal Budget, MLC has prepared an analysis outlining key measures and their implications for advisers and clients.

Key measures proposed

• Tax and cost-of-living: A $1,000 instant tax deduction for work-related expenses and a $250 annual Working Australians Tax Offset will be introduced. The lowest marginal tax rate will reduce to 15% from 1 July 2026 and 14% from 1 July 2027, with Medicare levy thresholds also increasing.
• Investment and property: From 1 July 2027, the 50% CGT discount will be replaced with CPI indexation, alongside a minimum 30% tax rate on capital gains. Negative gearing will be restricted for newly acquired established residential property, with losses carried forward.
• Trusts and small business: A 30% minimum tax will apply to discretionary trusts from 1 July 2028, with transitional relief available. The instant asset write-off will be permanently set at $20,000 for eligible small businesses.
• Superannuation: The Low-Income Superannuation Tax Offset will be expanded from 1 July 2027.
• Health and care: Higher private health insurance rebates for older Australians will be removed from April 2027. Reforms to NDIS, aged care and Support at Home will expand services and adjust eligibility over time.

What this means for advisers

• The proposed changes may result in a review of asset ownership structures across super, trusts, companies and individuals.
• Changes to CGT and negative gearing may affect the way investment outcomes are assessed and modelled.
• Updates to discretionary trust taxation may prompt a review of existing structures and consideration of alternative strategies.
• Simplified tax measures may streamline tax return preparation, while substantiation may still be required where higher deductions are claimed.
• Changes to health insurance settings and EV concessions may prompt review of existing arrangements at relevant points in time.

What this means for clients

• Tax changes introduce a standard deduction for work-related expenses, with the option to claim higher amounts where applicable.
• The Working Australians Tax Offset and tax rate adjustments may affect after-tax income from employment.
• Changes to CGT and negative gearing alter how capital gains and investment property losses are treated over time.
• Adjustments to Medicare levy thresholds may affect the amount of levy payable for some households.
• Changes to private health insurance rebates may affect premium costs for some older Australians.
• Updates to aged care, disability support and government payments may affect eligibility, access and out-of-pocket costs across these services over time.

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Renee Howie

We welcome last Friday’s consultation on the annual superannuation performance test and the Government’s openness to redesigning it to better represent Australians who invest their superannuation in non-MySuper investment options, including recognition that the current test was designed for ~$50k MySuper balances.

MLC has always been supportive of the intent of the performance test to help protect Australians from being invested in underperforming super products.

We have, however, been vocal with the industry, Treasury and Government about flaws with how the test is applied to non-MySuper investment options. We have two key concerns with the test, in its current form:

1. Of the current $20 billion platform trustee directed market (known as wrap platforms and referenced on page 25 of the consultation paper), only two providers make up ~80% of what is currently tested. Applying the test to such a small portion of the wrap platform market produces outcomes that misrepresent performance and may harm consumers.
2. It doesn’t effectively take into consideration that individual investment options within wrap platforms are generally held as part of a personalised and diversified investment portfolio that is agreed by a member with their financial adviser. In a wrap platform, a member may have their super balance invested across multiple investment options, whereas a MySuper member would typically have their entire super balance invested in one option.

As we’ve previously said, a one-size-fits-all performance test does not necessarily produce the best result for members who make an active choice in how their retirement savings are invested. We look forward to continuing to work with the Government to help address these flaws.

In response to the Government considering extending the test to retirement products, we would caution that a test designed for the accumulation phase does not take into account the nuances of an individual member’s retirement, and the fact that retirement is more than just a product.

By Renee Howie, Chief Customer Officer

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Liz McCarthy

One of Australia’s largest and fastest growing super and retirement platforms, MLC Expand, has launched an innovative, industry-leading end of financial year toolkit to help support financial advisers during their busiest period of the year.

The toolkit includes a range of resources to help advisers ensure they’re maximising EOFY advice opportunities with their clients, as well as a comprehensive range of client materials such as flyers, newsletter articles, how to guides, concept cards and social media tiles.

MLC Expand CEO, Liz McCarthy, said, “We know that the lead up to end of financial year is one of the busiest times for financial advisers and their back office teams.

“At MLC Expand, we’re committed to partnering with financial advisers and doing whatever we can to help save them time, to allow them to get back to doing what they do best – serving their clients.

“MLC Expand’s Technical Services Team – which has recently been ranked number one in the NMG Australian Wealth Adviser Study 2025 – has developed an industry-leading toolkit to help advisers communicate with their clients during this busy period, and ensure they’re looking for opportunities to maximise their client’s position before the end of financial year.”

MLC Expand’s Head of Technical Services, Jenneke Mills, said, “Every end of financial year is different, and this one is no exception. What we’re hearing from advisers is that clients want clarity on what opportunities exist before and after 1 July, and confidence that they’re prepared for what’s coming next. That’s driving the need for practical tools and guidance to help advisers navigate change and support clients in an uncertain economic environment.”

Financial advisers who already use MLC Expand can access the toolkit – including white labelled versions of all content and resources for them to utilise with their own branding by visiting the Technical Library within the secure MLC Adviser Online portal.

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Dave Woodall

MLC’s superannuation members accessed a record $10.3 million in pension bonus payments in 2025 to help kick-start their retirements.

MLC offers members an industry-leading 1.25% tax-free Pension Bonus on their super balance automatically at retirement. For a superannuation balance of $500,000, a bonus payment of $6,250 can be accessed.

MLC Super CEO Dave Woodall said: “With more than three million Australians set to retire in the next decade, we expect more people will start to look at the MLC Super Pension Bonus as a great way to get their next phase of life off to a flying start.

“Not all superannuation funds currently offer a Pension Bonus, but at MLC, we’re definitely seeing the demand for our Pension Bonus increase as a record number of Australians enter retirement age. After years of accumulation, the Pension Bonus is in effect, a tax saving we pass onto our MLC Super members when they retire.

“We know that retirement is a lifetime in the making. Our members have worked throughout their lives to build up their retirement nest egg, so it’s important for us to pass on these tax savings to them – it is their money after all.

“We also believe that all of our members, no matter their balance, should have access to this benefit, which is why we have no minimum account balance and no caps on our payouts.” MLC’s MasterKey Pension Fundamentals product has received Canstar’s Outstanding Value Award in 2025 for providing outstanding value to members by performing to an exceedingly high standard and Chant West’s Five Apples for 2026.

Summary of MLC Pension Bonus payments in 2025:

• MLC has the highest Pension Bonus rate in the industry at 1.25%
• Pension Bonus payments last year averaged $6,199 per member
• Some MLC members received Pension Bonus payments of $25,000

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For decades, retirement income strategies have been built around account based pensions, annuities and the Age Pension.

Retirement planning has long been framed as a numbers exercise. How much someone needs to accumulate, what returns can be achieved and how long that capital needs to last. However, for many retirees, the real issue isn’t whether the numbers stack up on paper – it’s whether they have enough confidence to live like they do.

Advisers regularly see clients who can afford to spend more, but don’t. Despite careful modelling, conservative assumptions and contingency planning, fear of living too long or encountering the ‘wrong’ market conditions tends to keep many clients in a holding pattern. The result is often cautious drawdowns, defensive portfolios and a retirement that is technically funded, but often, not fully enjoyed with confidence.

As longevity increases and retirement horizons extend, this confidence gap has become one of the most challenging issues in retirement planning. The value of advice lies not just in building wealth, but in ensuring clients feel confident enough to spend in retirement.

The difference between knowing the money won’t run out and merely hoping it won’t have a profound impact on how retirement is experienced. This is where innovative lifetime income streams are starting to reshape the conversation.

The problem traditional strategies don’t fully resolve

For decades, retirement income strategies have been built around account based pensions, annuities and the Age Pension. Each plays an important role but only addresses part of the retirement confidence problem.

Account based pensions provide flexibility, liquidity and control. They allow retirees to retain full access to capital and adjust income as circumstances change. However, they also place the burden of managing longevity risk, sequencing risk and spending discipline on the individual. For many retirees, this leads to underspending, driven by fear of running out later in life.

In contrast, traditional annuities address longevity risk, but do so with reduced flexibility and access to capital. For many people, that trade off can feel too restrictive and has historically reduced their appeal.

And, while the Age Pension provides a valuable safety net, it’s means tested, subject to policy change, and rarely sufficient on its own to support the lifestyle many retirees aspire to.

The result is a retirement income landscape defined by trade-offs. Innovative retirement income streams emerged in response to help bridge the gap.

A new way to think about retirement income

Innovative lifetime income streams are best understood not as a single product type, but as a different way of thinking about, and solving for, the retirement income confidence gap.

Rather than replacing existing strategies, they are designed to complement other sources of retirement income by providing stability and certainty that can work alongside more flexible retirement investments and other income sources.

They were born from a recognition that retirement is not just about accumulating savings, but guiding how those savings are drawn down over time to help retirees optimise retirement income consumption needs, while managing the fear of running out.

The rules that define a retirement income stream (and therefore eligibility for tax concessions) have been broadened, allowing a wider range of lifetime income solutions to emerge, including deferred income streams. Since 2022, the Retirement Income Covenant has also required trustees to formulate and regularly review a retirement income strategy, with a focus on supporting members to maximise income while managing key risks, including longevity risk.

While not mandating specific products, these developments have created a stronger foundation for innovation in how retirement income is delivered.

At a high level, innovative lifetime income streams support retirement income in three ways. Firstly, they introduce a component of income that’s guaranteed to continue for life, providing greater confidence that the Age Pension will not need to be relied upon as the sole source of retirement income. Secondly, by securing an amount of guaranteed future income, they promote greater confidence in drawing down from account based pensions and other retirement savings, in the earlier years of retirement. Finally, depending on the specific product, they can also significantly improve Age Pension entitlements through concessional means test treatment.

A deeper dive: how innovative income streams actually work

At a high level, innovative lifetime income streams may be offered by life companies or super funds (sometime in combination).

Income payments are generated from capital, investment returns, as well as the reallocation of capital from members who exit the pool with remaining balances (often referred to as ‘mortality credits’ or bonuses).

Despite being grouped under a single category, products differ significantly. Key variables include:

• the timing of income (including whether income payments start immediately or can be deferred for a specified period)
• investment options, and whether income is fixed, indexed or investment linked
• level of access to capital, including any death and exit benefits, and
• whether the structure satisfies the requirements for concessional social security means test treatment.

Opting in during accumulation

Some providers may allow members a choice to opt into these structures in accumulation. While the account operates as an ordinary accumulation account, from a product perspective the person is within a framework that supports the future commencement of a lifetime income stream. Contributions and rollovers made to the account are compounded using the upper deeming rate, rather than actual investment returns, to determine the purchase price of the future lifetime income stream for social security purposes. This may lead to an uplift in benefits under the assets test. Further concessions may also apply, further reducing the assessable asset and income value, and potentially improving Age Pension entitlements even further. This is explained in more detail below.

Income for life

If a person enters the lifetime income framework in accumulation phase, once a condition of release is met, they can generally choose whether to commence a lifetime income stream with some or all of their funds or can make a lump sum commutation (including to commence a regular account based pension). Commutations need to be completed within 14 days of meeting a condition of release, after which time capital restrictions commence.

Some products may also offer the ability to defer commencement of a lifetime income stream for a specified period of time, rather than commencing it immediately. Deferral can play an important role in managing longevity risk, as income starting later in life requires less upfront capital and provides protection when the risk of outliving savings is greatest. Additional contributions during the deferral period may also be possible, allowing retirement savings to continue to grow. However, after deferral, access to capital is restricted (see below).

Once income payments commence, no further capital can be added to the income stream, and income is then paid for life. The amount of income depends on the product design and rules and may be impacted by the initial investment, the person’s age, gender, whether the income stream is investment linked, and whether a death or exit benefit option has been selected.

Payments must be made at least annually and, unlike account based pensions, are not subject to standard minimum drawdown requirements. Instead, payments are determined by the trustee, within the product’s rules designed to prevent unreasonable deferral of income.

The amount that can be accessed as a lump sum or commuted and rolled over reduces over time, eventually reaching a point where no voluntary withdrawals are permitted. This is effectively the trade-off for certainty of lifetime income.

Restricting capital access to support certainty of income

Limiting access to capital is a requirement under super law, which effectively ensures that sufficient capital remains available to fund income payments for those who live longer than expected.

The Capital Access Schedule (CAS) governs how access to capital changes as the individual ages. Broadly speaking, rather than requiring retirees to give up access to capital immediately and permanently, access is progressively restricted over time. Beyond life expectancy, voluntary access typically ceases. This flexibility distinguishes innovative lifetime income streams from the annuities that came before them.

Death and exit benefits

Many existing innovative lifetime income streams offer some form of death benefit, exit benefit, or both, which must be limited to no more than the legislated amount. It’s important to note that these features are optional and vary between products. Where death or exit benefits are offered, lifetime income is generally reduced.

Some products allow retirees to opt out of death benefits entirely in exchange for higher income. Others provide stepped or capped benefits that decline over time in line with the CAS. In effect, retirees are able to decide how much liquidity they are willing to trade for certainty.

How social security fits into the picture

Where an innovative lifetime income stream^[1] satisfies certain requirements and meets the definition of an ‘asset tested lifetime income’, concessional treatment under both the asset and income test may significantly improve social security entitlements. Specifically, this requires the income stream to conform to the CAS rules which limits the surrender value and death benefits payable. While all lifetime income streams must restrict access to capital under superannuation rules, only those that meet stricter requirements under social security law are eligible for concessional social security treatment.

As explained previously, if the person enters a lifetime product in accumulation phase, a notional account balance (based on the upper deeming rate rather than the actual returns on rollovers and contributions to the account) ultimately forms the basis for the purchase price for the social security assets test. Given that calculation often results in an assessable purchase price that is lower than the actual account balance, this can provide a higher entitlement under the assets test.

A further concession is available to further reduce the amount of the purchase price that is assessed under the assets test, and the amount of income that is assessed. This also applies to innovative income streams that aren’t commenced in accumulation.

Therefore, means testing outcomes are often more favourable when compared to holding the same amount in an account based pension.

The graph below shows the maximum limits on access to capital to qualify for concessions, based on life expectancy. The surrender value decreases over time and is equal to 50% of the surrender value at halfway to life expectancy, reducing to nil once a person reaches life expectancy. The amount that can be received as a death benefit is limited to 100% of the initial surrender value to halfway to life expectancy, reducing on a straight-line basis thereafter.

 Who does an innovative lifetime income stream suit?

They often suit clients seeking greater certainty. That is, those who find the idea of drawing down capital uncomfortable, even when it’s entirely appropriate to do so. They can be particularly valuable for clients with a reasonable level of assets who are unlikely to rely fully on the Age Pension, but who still benefit from optimising how their assets are assessed
over time.

They may also appeal to clients who want to simplify decision making later in life. Having a portion of income that is effectively ‘set and forget’ can reduce cognitive load as clients age, and provide reassurance not just for them, but for their families. This may include through the provision of reversionary options, subject to the product rules.

They may be less suitable where full flexibility and access to capital is the overriding priority, or where estate planning objectives require assets to remain fully accessible.

But for many clients, the question is no longer whether these solutions have a role – it’s how much of their total retirement savings should be allocated to them.

Final note

Innovative income streams recognise that flexibility alone does not create confidence, and that longevity risk may often need to be addressed structurally rather than managed through conservative behaviour. Their role is becoming increasingly clear, not as a replacement for what already works, but as a carefully designed component that helps bridge the gap between flexibility and certainty. For many retirees, that difference determines whether retirement is merely funded, or genuinely lived.

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Notes:
[1] Applies to lifetime income streams purchased on or after 1 July 2019. Grandfathering applies to lifetime income streams purchased before this date.

Disclaimer: This article has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006695 021, AFSL 230524, RSE License No. L0000406 as Trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818. IIML is part of the Insignia Financial Group of companies, consisting of Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate. The information in this document is factual information or general advice only and does not consider any individual‘s needs or objectives. Any calculations are for illustrative purposes only. The information in this document has been given in good faith and has been prepared based on information believed to be accurate and reliable at the time of publication. Before making any decisions, advisers and their clients should consider the relevant Product Disclosure Statement, which together with the Target Market Determination is available to view and download at myexpand.com.au.

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Dave Woodall

The way superannuation contributions are paid in Australia is set to change, benefiting millions of Australians through retirement. Yet the majority of the country doesn’t know it’s coming. New research from MLC, conducted by McCrindle^[1] , shows 80% of Australians are unaware of Payday Super, and 85% don’t know when the reform will take effect, despite the shift being just 100 days away.

From 1 July 2026, Australian employers are required to pay an employee’s Superannuation Guarantee (SG) contributions at the same time as their salary and wages, rather than quarterly, under the new Payday Super legislation. This means an employee’s SG contribution will be invested in their account sooner.

MLC also found that 55% of employers aren’t feeling confident that their business is ready to meet the Payday Super requirements on 1 July^[2].

This reform was designed to tackle the estimated $5 billion annual issue of unpaid super^[3], improve retirement outcomes, and increase the transparency and accountability of employers.

For example, a 25‑year‑old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 better off at retirement under the new legislation^[3].

According to Dave Woodall, CEO, MLC Super: “Payday Super will help boost the super balances in retirement for millions of working Australians. Paying super at the same time as wages means that more working Australians will see their retirement savings grow simply through being invested sooner.

“With so many Australians still unaware the change is coming, MLC is encouraging people to use this as an opportunity to reconnect with their super.

“Now is a great time to check that your superannuation fund details are correct and up to date. It may seem simple, but checking your personal details are up to date with your superannuation fund helps your fund and employer ensure your contributions, which are your retirement savings, land in the right account sooner.

“Payday Super is good news for Australian workers and could add thousands of extra dollars to their super balance in retirement.

“Although retirement might seem like a long way away for some, it’s important to remember that your superannuation is your money and that a glorious retirement is something that’s actually built by the choices people make today.”

———-

Notes:
[1] Research commissioned by MLC and conducted by McCrindle. The findings are from an online survey of 1,006 Australians aged 18-79, representative of the Australian population by age, gender, and state/territory. Fieldwork was conducted in December 2025.
[2] Survey conducted of 756 Australian employer by MLC. Employers were asked ‘How confident are you that your business will be ready to meet the Payday Super requirements by 1 July 2026’, with 340 respondents answering they were ‘very confident’ or ‘fully confident’ and 416 respondents saying they were ‘somewhat’, ‘slightly’ or ‘Not at all confident’.
[3] https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/consulting-payday-super-draft-legislation

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James Sinclair

Following the relaunch of its brand late last year, MLC has appointed a new Senior Manager, Corporate Growth to its corporate super team as interest in the fund’s employer offering increases.

James Sinclair commenced in the role on 2 February and will play a pivotal role in growing the business’ super fund in the institutional and corporate employer markets.

James joins with more than 10 years’ experience in the superannuation sector, including roles at AMP, Mercer, Media Super, SS&C and Iress, and most recently at Employment Hero as the Financial Partnerships Lead.

MLC Super CEO Dave Woodall, commenting on Mr Sinclair’s appointment, said: “James’ appointment to MLC’s Corporate Growth team comes at an exciting time following the relaunch of the MLC brand in October last year.

“We know that MLC is one of Australia’s most trusted and enduring financial brands and that generations of Australians recognise the golden egg as a symbol of quality, expertise and a pioneering spirit.

“James will play an integral role within the Corporate Growth team in supporting how we build on MLC’s nearly 140 years of experience and expertise as one of the largest retirement providers to Australians within the corporate employer market.”

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The prize recognises excellence in financial modelling and strategic clarity among emerging founders in the Genesis accelerator program at the University of Sydney’s Business School. BackPro AI provides compliant on-premises LLM solutions for organisations operating in regulated industries like financial services and insurance, who are unable to use public LLMs like ChatGPT, to improve productivity and ROI. By developing a coherent financial model incorporating various scenarios, BackPro AI were able to demonstrate a clear pathway to achieve their revenue goals.

The award is the result of a unique partnership between MLC and Genesis, the University of Sydney’s flagship startup accelerator, designed to help founders build confidence and capability in financial planning from the earliest stages of their entrepreneurial journey. Launched in August, the MLC Financial Clarity Prize aims to reward the startup team who developed the most clear and compelling three-year financial model aligned to their strategy and funding milestones. The initiative reflects a shared commitment to empowering founders with the foundational financial skills essential for business success.

Genesis, which has supported over 1,000 startups since 2008, incorporated the prize into its 12-week program. To support the startups in building their financial models, all participating startups received a template financial model designed by MLC, attended a workshop, and benefited from one-on-one mentoring with experienced finance professionals at MLC.

Andrew Howard, Strategy & Innovation Director at Insignia Financial/MLC, said: “With 138 years’ experience in supporting Australians with their financial needs, partnering with Genesis to empower their founders to deliver tangible financial models was a no-brainer for MLC.

“At MLC, we know financial clarity is the foundation of confidence, whether you’re planning for retirement or building a business. Great ideas need great financial plans to succeed, and we were so impressed with the calibre of all the startups. Congratulations to BackPro AI as the inaugural winners of the MLC Financial Clarity Prize – we can’t wait to see what you do next.

“We’re excited to support the University of Sydney’s Genesis program again in 2026 with another MLC Financial Clarity prize.”

Anna Fitzgerald, Co-Head of Genesis, commented: “The MLC Financial Clarity Prize is about much more than money – it’s about mindset. With MLC’s support, we’ve motivated and rewarded our founders for building financial clarity into their startup from day one, and empowered them with the tools and mindset needed to turn their ideas into sustainable businesses.”

Krish Singh, Co-Founder and CEO at BackPro AI, said: “The Genesis accelerator program has been transformative for Ethan Dodson, Mansh Maxena and me as founders, and the support we received – especially around financial modelling – was incredibly helpful. We have a vision of ensuring smaller financial firms remain competitive by enabling them to use compliant AI to increase productivity and ROI. Winning the MLC Financial Clarity Prize validates our goal to build an enduring profitable business and deliver our vision.”

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