TelstraSuper calls for stronger focus on women in upcoming retirement review
October 21, 2019
TelstraSuper CEO Chris Davies is part of a high-powered group of industry leaders that have called for a specific focus on women in the Government’s upcoming Retirement Income Review.
The group, coordinated by Women in Super, are pushing for the Review’s terms of reference to be updated to specifically include women.
Women in Super Chair Cate Wood said it was vital the report take a thorough look at how policy settings combined with the structural, economic, social and demographic drivers are leaving increasing numbers of women without economic security in retirement.
“There is a crisis in womens’ retirement happening all around us,” Ms Wood said.
“Single retired women are the fastest growing group of people becoming homeless in this country.
While the terms of reference for the Review are currently broad, TelstraSuper believes that an explicit focus on women’s retirement outcomes is needed to ensure that the Review did not miss an important opportunity to address the gender retirement gap.
“We know that women retire with around half the super of men* with many factors at play such as time away from work to care for children or elderly parents,” said Mr Davies. “The Retirement Income Review is an important opportunity to look at how tweaks to the super system could create positive change.”
Steps for a better balance
While the super gender gap is a result of many factors, there are a few steps members can take to help minimise the impact.
1. Contribute early
It doesn’t matter what gender you are, the earlier you contribute to super, the longer you have to benefit from compound interest. This means you’re earning interest on your interest. If you can afford to contribute a bit extra to your super it can make a big difference in the long run.
2. Keep in touch
Are you guilty of “filing away” – to that drawer you never look at again. Opening your super statement is a simple step anyone can take. Check your name and personal details are correct and your employer is making contributions into your super account. If any of these things aren’t right call the phone number on the bottom of your statement and let your fund sort it out. You can avoid problems in the first place by giving us a call when you move house, change names or change jobs.
3. Avoid unnecessary fees
There are literally billions of dollars of lost money out there and some of it could be yours. You’ve probably had more than one job throughout your working life so chances are you might have more than one super account.
Multiple accounts make it harder for you to keep track of your money and also mean that you’re paying multiple sets of fees. If you’re with TelstraSuper we can help you find your lost money and consolidate it into one easy to track account.