Research shows that women retire with a super fund 57 per cent of men’s but live 3.9 years longer.
Club Plus Super, an industry super fund with one hundred thousand members across Australia, will launch a series of workplace seminars to give female employees the hour needed to consolidate their super and consult with financial professionals.
The seminars will run during work hours at a number of clubs throughout 2014 beginning in July at the Campbelltown Catholic Club, with certified financial planners assisting participants through the process of consolidation of super and providing financial advice to any with questions.
“Club Plus Super is looking to work with as many clubs as possible to assist their female employees to engage with their financial affairs and ensure their superannuation is consolidated,” said Club Plus Super Chief Executive Officer, Paul Cahill.
“Primary child-carers are especially time-poor, meaning these seminars will provide an opportunity they may not otherwise have had to take some time out to prioritise their financial future.
“By actually guiding participants step-by-step through the process of consolidating their super, everyone involved will be taking the first step towards ensuring they have adequate funds in retirement.”
According to a report by the Association of Superannuation Funds of Australia (ASFA), the average woman will retire with a super fund balance which is only 57 per cent of the average man’s, despite living an average of 3.9 years longer.
This discrepancy was addressed by Australian Taxation Office Assistant Commissioner Megan Yong in a speech at the Women’s Super Summit held in February this year, where she encouraged women to help close the gap by taking a series of small steps which could make a large difference over time.
She believed consolidating super to be particularly important as women are statistically more likely to work in part-time, casual or contract positions due to career breaks caused by caring duties, and also often change their name with marriage.
More frequent name and job changes can potentially result in lost super being held with one or more funds, generating multiple fees and foregoing the benefits of compound interest.
“Club Plus Super is urging any employers wishing to get involved, whether in Clubs or otherwise, to contact us to make the arrangements,” said Paul Cahill.
“Though the seminars are targeting women specifically, men are more than welcome to participate also.”
Visit www.clubplussuper.com.au for details.
