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.
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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