The onus to fix the problems of the super accumulation gap lies solely with the government and not with women, according to Women in Super (WIS) national chair Cate Wood.
Speaking at the WIS Make Super Fair campaign launch, Wood said retirement outcomes for women required an urgent reconsideration of the super system which saw women retire with an average of $85,000 less than men.
“We must do better than a system that sees women retiring with 47 per cent less than men. This is a crisis and unless we act now we will be leaving a tragic legacy for younger women,” she said.
“It is not fair or reasonable to simply tell women to fix the problem themselves. We need to get the basics right.”
Wood also outlined WIS’ policy proposals to increase retirement outcomes for women:
WIS calculated the pay gap between men and women averaged across the past two decades as sitting around 18 per cent, with 40 per cent of older single women living in poverty.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment