From menopause research to caps on superannuation, the Australian Institute of Superannuation Trustees (AIST) has reviewed its ‘calls for change’ throughout 2022.
Amidst an ever-changing superannuation landscape, AIST conducted six key advocacy initiatives during the year.
An emphasis on equity and improved retirement outcomes across the board was consistently present, reflecting AIST’s underlying goal of “improving Australia’s superannuation system to benefit Australians”.
Sonia Hunyadi, government relations and policy advisor at AIST, reiterated the organisation’s commitment to paid parental leave (PPL) within superannuation frameworks.
“AIST has long supported that superannuation be paid on PPL,” she said.
Bringing PPL in line with other forms of leave entitlements was a key recommendation of its 2022 pre-Budget submission.
Hunyadi added: “The price tag for children should not be adequacy in retirement savings.”
Menopause research was the following initiative in review. During 2022, AIST had lobbied parliamentarians for wider research surrounding the economic effects of menopause on the retirement outcomes of women.
Approximately $17 billion per year was the cost women faced in lost earnings and super, and AIST continued to call for greater coverage on the issue.
The advocacy body additionally urged the Federal Government to impose a $5 million limit on the total amount that super fund members could cumulatively hold.
“AIST’s recommendation was based on the view that superannuation tax concessions are a form of government support that is heavily weighted towards those in higher income brackets, who are more likely to be able to support themselves in retirement.”
Furthermore, the organisation pushed for traditional kinship arrangements with Aboriginal and Torres Strait Islander people to be recognised in the super system. AIST said it offered “simple and low-cost measures” to address the issue and would continue to lobby for more change in the future.
Finally, formally passing the objective of superannuation into law was achieved in 2022 with minister for financial services, Stephen Jones, stating the Government would set an objective.. In a collaborative approach, AIST and Industry Super Australia engaged with their members to set a consistent and unified core purpose.
