AIST welcomes new gender-based violence action plan

The Australian Institute of Superannuation Trustees (AIST) has welcomed the Federal Government’s draft National Plan to End Violence against Women and Children 2022-2032 and called for it to consider the specific impact on women’s superannuation.

AIST CEO Eva Scheerlinck congratulated the Government on the plan it is developing but  said it should also take into account the superannuation balances of women, who often lose out financially in violent relationships.

“This plan is an important step towards addressing the crippling effects of violence against women on their financial security,” Ms Scheerlinck said.

“The impact of coercive control in a violent relationship was starkly demonstrated in 2020 in the early release of superannuation scheme, with many women being coerced into  accessing their super or having it fraudulently accessed by their domestic partner.

“This, combined with systemic barriers leaving women with 40% less super than men on average at retirement, means many women do not have enough money to be financially independent at retirement.

“We look forward to working closely with the Government on ensuring all women, including those who have experienced violence, can retire with dignity.”

The new plan will replace the National Plan to Reduce Violence against Women and their Children 2010–2022 when it ends in mid-2022.

Pillar One of the new plan refers to addressing systems ‘that create barriers to financial independence for women’.

“The way superannuation works is one such system because it assumes people work full time throughout the entire careers, taking no breaks as well as assuming they are homeowners,” Ms Scheerlinck said.

“In reality, women experiencing family violence are often prevented from working and therefore do not receive any super, so the impact of this on their retirement must be addressed in the new plan.

“We’re also looking forward to funding announcements in the Federal Budget that substantially support the principles and initiatives outlined in the plan.”

 

Enquiries: Garry West, AIST Senior Manager, Media and Communications: [email protected]|+613 8677 3825

AIST is the peak body for the $1.6 trillion profit-to-member superannuation sector which includes industry, corporate and public-sector funds