Almost 35% of women approaching retirement (aged 60 to 64) have no superannuation at all.
Almost immediately this drew attention to such unfunded liabilities as the defined-benefit public superannuation obligations in respect of public-sector employees and the government’s housing liability in the event of a severe earthquake.
The Australian infrastructure investment bank Macquarie - nicknamed the "vampire kangaroo" - has been replaced by long-term pension fund investors such as the Ontario Municipal Employees Retirement System and the Universities Superannuation Scheme.
In 2017, the proportion of women 70 and over who never had superannuation coverage was 75%.
It proposes funding the scheme through a 1% worker levy or cancelling the next increase in the superannuation guarantee.
Whether retirement is in your distant or not so distant future, it’s worth carving out some time to manage your superannuation.
Superannuation funds in Australia: a complex and murky world with little focus on doing what’s best for Australians and hardly the most engaging.
The government has assumed responsibility for $113m of unfunded superannuation liabilities that Forestry Tasmania had on its books for past employees.
The Australian Council of Superannuation Investors chief executive, Louise Davidson, said BHP’s move “will provide greater transparency on climate lobbying activities of industry associations.
James Fitzgerald from the Australian Centre for Corporate Responsibility said if it weren’t for the condemnation of shareholders – led by major investors Legal & General and backed by Australian superannuation firms – Rio Tinto may not have faced sanction.
Marriott’s re-election has been endorsed by the Australian Council of Superannuation Investors, which advises funds that control about $2.2tn in savings, and local proxy adviser Ownership Matters, but is opposed by two proxy firms, CGI Glass Lewis and ISS.
Household savings have also rocketed, fuelled by government benefits, increased employment and withdrawals from superannuation – in December, average savings balances per household among bank customers was up by 16.7% on the same time in the previous year.
On Thursday, federal court judge Michael Wigney hit Westpac with a fine of $9.15m over the behaviour of just one financial adviser who earned fat commissions by tipping his clients into inappropriate superannuation and insurance products created by the bank.
She said the ACTU also had concerns about the ramifications of allowing access to superannuation payments for the financially distressed, and wanted clarification on what support would be available to temporary visa holders left in limbo by global travel bans.
We would highlight the progress of Australian renewable energy in a blended editorial and co-created content campaign, offering our readers the opportunity to interact with the data needed to actively understand the kind of future that their own superannuation is funding.
Looking at our superannuation alone, research from the University of Technology Sydney’s Institute of Sustainable Futures shows that Australia could fund the transition to 100% renewable energy by 2030 with just 7.7% of Australians’ superannuation savings.
Wilson challenged him again, saying Lowe’s previous comments on issues including superannuation had been “in the context of what is the logical economic consequences of different decision making associated with it”, whereas his comments on jobseeker were a “personal opinion”.
The new $66bn stimulus package unveiled on Sunday includes a near-doubling of welfare payments with a six-month “coronavirus supplement” payment, and changes to the superannuation system allowing “financially distressed” individuals to access up to $20,000 in superannuation payments.
It recommended a comprehensive federal government strategy to address the current financial insecurity of older women, and inequities in superannuation policy and legislation, and said that “special measures are required to assist women who have not had the opportunity to acquire superannuation”.
Ian Silk, the chief executive of Australia’s largest superannuation fund, AustralianSuper, said the “penalties fall significantly short of appropriate accountability for those responsible” and the Australian Council of Superannuation Investors chief executive, Louise Davidson, said executive accountability needed to go “further than just a financial penalty”.
- a monthly payment made to someone who is retired from work
- the property of being out of date and not current
- the act of discharging someone because of age (especially to cause someone to retire from service on a pension)
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Ian Silk the chief executive of Australias largest superannuation fund AustralianSuper said the penalties fall significantly short of appropriate accountability for those responsible and the Australian Council of Superannuation Investors chief executive Louise Davidson said executive accountability needed to go further than just a financial penalty