Financial Services Council (FSC) chief executive, Sally Loane has blamed the current default superannuation fund regime for playing a part in hampering women from better engaging in their superannuation.
Addressing a Women, Super and Wealth Summit in Sydney, Loane claimed that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engages them, on the right platforms.
“Our superannuation system today defaults to ambivalence,” she said. “Too many people in parts of the super system assume that young people, particularly young women, can’t or won’t make decisions about their long-term future, that they’re chronically disengaged. That they need decisions made for them.”
Loane said she did not believe this attitude was justified.
“More importantly, this paternalistic attitude is not sustainable if we genuinely want the gender wealth gap closed,” she said. “We can no longer be ambivalent about wealth inequality.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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