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.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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