POWERED BY MOMENTUM MEDIA
Super Custodians could close super gender gap
The establishment of a Council of Super Custodians and a Charter of Superannuation Adequacy and Sustainability could be the impetus for overcoming structural flaws in the superannuation system which lead to inequitable outcomes for women, according to Women in Super (WIS) chair and national spokeswomen Cate Wood.
"The Charter and Council will provide an opportunity for a serious examination of how we can overcome the structural flaws in the retirement savings system which lead to such inequitable outcomes for women," she said.
Women currently retire with around half the superannuation savings of men due to a number of factors including unequal pay, family responsibilities, part-time and casual work and impacts on career progression.
"A Charter based on the principles of fairness and equity will compel the Council of Super Custodians to place priority on consideration of measures to ensure that the system delivers improved outcomes for all women," said Wood.
WIS's pre-budget submission includes recommendations for the removal of the $450 monthly earning threshold for superannuation guarantee payments and introducing super guarantee payments on paid parental leave.
Wood said these moves would predominantly benefit low-income earning women.
WIS welcomed changes that would allow women over the age of 50 to ‘catch up' on their super savings but said the group wanted more ‘catch-up' opportunities.
"The increase in the superannuation guarantee contribution from 9 per cent to 12 per cent and the introduction of the low income superannuation contribution (LISC) which refunds the tax paid on superannuation contributions by low income earners are the two most significant measures in the past 10 years which will assist women to save for their retirement," said Wood.
"These measures are supported and applauded by Women in Super; however more needs to be done to overcome the retirement savings gap for women."
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
