The SMSF Association has applauded the Senate’s request to have the Economics References Committee scrutinise the inequality that exists between the retirement savings of men and women.
“The differences in superannuation balances has long been an issue of contention for the association that, if resolved, would help contribute strongly to long-term capital and national prosperity,” SMSF Association chief executive Andrea Slattery said.
“We have repeatedly asked policy-makers to consider how to address the issues underpinning this inequality, such as women experiencing broken work patterns because of time taken out of the workforce to have children, and will eagerly participate in this process in anticipation of some viable solutions being found.
“The association is on the public record as saying that measures such as retaining the LISC (low-income super contribution) and increasing the SG (superannuation guarantee) rate to 12 per cent would help reduce this gap over the longer term and hopefully these suggestions will be considered by the inquiry.”
The resulting report from the committee’s examination is due to be released in March 2016.
In other news, the association has appointed Cath Mulcare as an independent board director.
Mulcare becomes a director of the industry body having been the chief financial officer of Defence Health since September 2011.
She has also held the position of partner at a financial services organisation and has a strong background in the not-for-profit sector.
SMSF Association chair Peter Krump said the professional body was delighted to welcome a person of Mulcare’s quality to its ranks.
“She has extensive knowledge and experience in dealing with Australian regulators, including three organisations whose roles are integral to the work of the association – ASIC (Australian Securities and Investments Association), APRA (Australian Prudential Regulation Authority) and the ATO – as well as a history of working with government departments and ministers,” Krump said.
“Cath has focused on change management, particularly in the area of regulatory change, and the association’s board believes this skill set will prove particularly relevant considering the number of inquiries involving the superannuation industry that are in the pipeline.”
Mulcare said she was excited about her appointment.
“What I believe I bring to the board is an independent viewpoint that is underpinned by a sound knowledge of finance and governance, as well as my past experiences working with professional organisations,” she said.