TelstraSuper CEO Chris Davies said that this is an important step forward for the economic inclusion of carers.

“Parents should not have their retirement savings penalised for caring for young children,” said Mr Davies. “This is an important step forward in recognising the value of carers and the strong contribution they make to our economy.”

At age 60, the median super balance for TelstraSuper male members is around $450,000 – almost double that of female members of the same age, who have a median super balance of $249,000. While TelstraSuper female members have, on average, much higher super balances than members of other funds, there is no getting around the fact that they are significantly worse off at retirement than their male counterparts.

“It’s in everybody’s interest to close the savings gap because all of society will benefit if women are more financially secure in retirement,” said Mr Davies. “We look forward to seeing the impact that this important equity measure will have for generations of carers going forward.”

Earlier this year TelstraSuper announced that it would pay full time superannuation guarantee payments for employees returning to work on a part-time basis for a two year period.

“These measures aim to help close the super gender gap amongst our own employees by reducing the impact on an employees’ super and encouraging parents to share the caring role regardless of gender,” said Mr Davies.

For further information please contact
Corporate Affairs Manager Sarah Goodwin  0401 769 296 | [email protected]

About TelstraSuper: TelstraSuper is an award winning profit-to-member super fund that anyone can join. We support our members to grow and protect their retirement savings with competitive fees, and a leading member experience. Learn more at telstrasuper.com.au