While the Federal Budget contained few changes to superannuation, what was there could lead to significantly fairer outcomes for Australian women in retirement.
NGS Super chief executive, Laura Wright, said Treasurer Josh Frydenberg’s changes to allow 65 and 66-year-olds to make voluntary super contribution without meeting work test requirements could be “particularly relevant” to older women who have had career breaks.
Wright also pointed to changes to increase the age limit for spouse contributions from 69 to 74 years as beneficial to women’s retirement savings.
“This is a great outcome and aligns the window that Australians can continue to contribute to their super savings with the Aged Pension age … [these] are measures that will assist in bridging the gender gap in superannuation balances, and ensuring the reliance on the aged pension lessens as our population ages,” she said.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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