Testimonials


I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC


Super Facts and Tips

Why Super Rules Should Change for Women

Momentum is now building for a better change. The Senate recently called for notions on how the rules on super can be modified to help Australian women save more superannuation. They received numerous submissions from a few of the major financial institutions of the country--- which includes the Commonwealth Bank. Below are a few ideas for making our superannuation system work well for women.

How big is the gap?

A recent report by the Commonwealth Bank stated that a single woman is pensioned off with merely 47% of the superannuation she requires for a happy retirement — while a single man typically retires with 78% of the suggested amount, and couples retire with 98%.

Why such huge gap? As said by Annabel Spring, from the Commonwealth Bank, “Women usually earn less, possibly taking care of young kids or elderly parents, and then retire earlier. Each of these factors has an effect on their potential for earning as well as their retirement savings. If women have a longer lifespan than men, then this generates a huge barrier to retirement equity for women.”

A Colonial First State research also shows that numerous women lack confidence regarding making financial choices, resulting in women to less likely select the fast-growing investments such as shares — meaning they can fail to benefit from higher earnings over the long term.

What has to change?

Spring says that it is not enough to assume women to close this gap by themselves — it is time for the game rules to change, believing a package of matching super and non-super reforms is necessary.

Here are three key changes Spring would like to witness:
• Assist women in saving superannuation while taking care of kids. By creating superannuation contributions to the “Paid Parental Leave Scheme,” we can aid women to continue making or building superannuation even when they are on their maternity leave.
• Raise contribution limits as women are employed. By lifting personal contribution caps, women save more superannuation while they are in the labor force so that they can increase their superannuation following a career break.
• Expand employer superannuation to everybody. Today, individuals earning under $450 per month do not get compulsory employer superannuation contributions, making saving more difficult for low-income earners and part-timers. By scrapping this threshold, we can ensure that women can keep saving superannuation, even when they are only part-time workers while raising children.

Member spouse

You’re the member spouse only if you’re the individual who has the super interest to which the laws of super splitting apply.

Non-member spouse

You’re the non-member spouse only if you’re the spouse, ex-spouse or ex-de facto partner of the spouse who’s a member.

“Splittable” payment
A “splittable” payment is a payment that will be divided according to a splitting order or agreement. The majority of the payments contributed to the member spouse concerning their super interests will generally be “splittable” payments.

On the other hand, there are a few non-splittable payments contributed to a member spouse. These consist of a payment contributed on compassionate grounds as well as a payment contributed due to the severe monetary hardship of the member spouse. Besides, they take in pension payments contributed to the member spouse owing to their ill wellbeing, however not on the basis of permanent disability or incapacity.

This may seem like and interested topic to you. You can read more about it at www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

Loading PLease Wait..