Retirement
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Retirement
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men on average, according to Katrina McPhee, the fund's Chief of Staff.
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men on average, according to Katrina McPhee, the fund's Chief of Staff.

Speaking exclusively to The Business Of, a podcast from the University of New South Wales Business School, Ms McPhee highlighted the long-term consequences of the gender pay gap, stating, "Where we might have a 13 per cent pay gap, by the time you reach retirement, that's a 30 to 40 per cent retirement gap."
She added, "Older females, retired females, are the fastest growing population within the homeless community because there's been this baked-in inequality in the system."
While superannuation funds do not determine salaries, Ms McPhee emphasized their influential voice and important role in shaping policy. She noted that since the royal commission, the system has become more competitive and human-centred, evolving from a "gentlemen's agreement-style, industrial relations-style industry" to a more dynamic one.
Aware Super also faces the challenge of balancing short-term and long-term investment perspectives to maximize returns for members. Ms McPhee stressed the importance of adopting a long-term view, stating, "It's one thing to have money to retire, but if we don't have a wonderful world to live in, it feels counterintuitive. So climate change and energy transition are really important to us."

One example of Aware Super's long-term investment strategy is their "key worker affordable housing plan," which involves a build-to-rent program. Ms McPhee explained, "We started looking at the build-to-rent market. How might we become a landlord, essentially, as a superannuation fund? And how might we then offer up more affordable rent to essential workers? So that's what we did."
She added, "People often say, 'Are you, by giving more affordable housing, giving up rent that would ultimately be returned for members? But what we found is by giving that to teachers, nurses and police officers, they generally stay in properties far longer, they do less damage to the properties. And the communities that they build have been extraordinary. So what we're seeing is the profitability of those rental agreements over a long time."
Dr Juliet Bourke, the host of The Business Of and a global consultant and academic at UNSW Business School, commented on the potential for organizations with institutional power to achieve wide-scale social good, like closing the retirement pay gap, following a moment of reckoning like a royal commission.

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more