Retirement
Could a fairer superannuation system solve the retirement gap?
A new superannuation fund wants to reduce the gender super gap through the use of innovative saving technology it says is designed for women to improve their financial outcomes.
Could a fairer superannuation system solve the retirement gap?
A new superannuation fund wants to reduce the gender super gap through the use of innovative saving technology it says is designed for women to improve their financial outcomes.

With women in their late 50s becoming the fastest growing cohort of homeless Australians, “the blind spots” in the current system are becoming far more visible.
Women leaving the workforce to have children or provide unpaid contributions to their family are putting themselves at a far greater risk of poverty and homelessness when they retire.
In conversation with nestegg, founder and executive chair of FairVine Super, Sangeeta Venkatesan, explained how changing the superannuation system could improve financial outcomes for women.
One way to reduce the gender pay gap through superannuation is to reduce the fees charged when women are no longer in the workforce.

“The simple logic is: You don’t earn money you shouldn’t have to pay,” Ms Venkatesan said.
FairVine has also noted how women’s superannuation balances can be increased by an additional $123,000 through round up features, with everyday purchases being rounded up to the nearest dollar, where the loose change is then able to be contributed to superannuation.
“Every little bit goes into super as additional super instead of spending. While these are small amounts, over a period of 30 years, they add to approximately $123,000 super,” Ms Venkatesan said.
Noting most women have less than $50,000 in retirement, this can greatly help women grow their superannuation balances, according to the founder.
Ms Venkatesan then indicated how retail brand partnerships that reward women for spending with them is another way of reducing the gap in superannuation outcomes for men and women.
Ms Venkatesan went on to outline how couples should take advantage of tax incentives, including splitting super contributions between a working and non-working spouse.
“If one partner is taking time off for maternity leave, the spouse can contribute his or her super into their partners account, increasing accordingly, which helps from a tax perspective for the other partner,” Ms Venkatesan said.
nestegg has previously reported on how members can top up their superannuation balances through online spending.
About the author

About the author


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