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Call for super relief for “pre-Baby Boomer” women
Pre-Baby Boomer women should be given the right to make non-concessional superannuation contributions when they have the ability, according to a late submission to the Senate Committee Inquiry into the economic security for women in retirement.
The submission, filed late last week, by a 75-year-old woman, Helen Mackley, points to the disadvantage being experienced by women in the generation before the Baby Boomers — many of them the daughters and nieces of World War II diggers.
"These women are NOT baby boomers," Mackley's submission said. "They are pre-baby boomers."
"A number, although constituting a minor segment of both cohorts, had to work at times in their life but few were members of a superannuation fund. Lucky ones (mainly self employed/ family business) continue to work today and eligible to contribute to superannuation. A small number are quite rich and will have other means of investment."
The submission said that women aged 75 years and over currently numbered approximately 700,000 and noted that a FERPA Women's Committee published a report in 2012 found that older women were at the highest risk of poverty due to erosion of savings and income by inflation.
"Their higher life expectancy compared to men means that inflation erodes their pension to a greater extent. In the 75 plus age bracket this risk is double that than men in Australia," it said.
It said for this reason the age cap on contributions to superannuation funds for women aged 75 and over should be removed to allow older women to make non-concessional super contributions when they choose or are able.
It said that, to this end, the requirement that the women were recently, or currently in employment should be removed.
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