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As new research shows women are upping their involvement in superannuation investments, the SMSF Association is pushing the government to consider initiatives to boost their retirement income prospects.
Evidence continues to mount that women are becoming increasingly involved in the SMSF sector. Research undertaken by the SMSFA and CBA shows 91 per cent of all SMSFs surveyed were either ‘very confident’ (49 per cent) or ‘somewhat confident’ (42 per cent) with taking over sole responsibility for their SMSF investments.
Forty-seven per cent of all SMSF members are women.
In line with broader industry thinking, the SMSFA said there are still structural impediments that need to be removed if women are to improve their superannuation balances before and after retirement. The association urged the government to “take advantage” of the growing interest from women.
SMSFA chief executive Andrea Slattery said the organisation’s reform suggestions “will give women greater control over their superannuation”.
These suggestions include “extending the benefits of the low-income tax offset, the ability to carry forward unused concessional contribution caps, removing the ‘work test’ for people aged 65 to 74, and abolishing the ‘10 per cent rule’ for personal deductible superannuation contributions”.
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