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.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
Add new comment