The Turnbull Government’s rejection of key Senate recommendations on reforming super last week is a “setback for the retirement outcomes of Australian women”, the Australian Institute of Superannuation Trustees (AIST) yesterday warned.
The Government rejected all of the key recommendations of the A husband is not a retirement plan: Achieving economic security for women in retirement report, which was released by the Senate Economics Referenced Committee. The reforms rejected included:
The Government pointed to its 2016 Budget reform to extend the spouse offset for superannuation contributions and allow people with super balances under $500,000 to make significant catch-up contributions.
AIST chief executive, Eva Scheerlinck, said that rejecting the Senate report’s reforms and instead emphasising those in the 2016 Budget “was inadequate and out of step with reality”.
“Extending the spouse offset and allowing higher catch-up contributions will do nothing to help ordinary working women who may not have the spare cash to put more into super, nor will it do anything to help divorced and single women who experience some of the poorest outcomes in retirement,” Scheerlinck said.
She also said it was “disappointing” that the Government had taken over two years to respond to the report.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.