Women’s Superannuation

1 min read
Women's Superannuation

One of the newest political battlegrounds is women’s superannuation, with the Labor Party recently announcing a $400 million funding proposal to boost the superannuation balances of those who have taken time off work to care for others.

Due to women being on lower wages, on average, than men and because women also generally take more time off work to care for children and other family members than men do, the Australian Bureau of Statistics estimates that, on average, women retire with about 37% less superannuation than men. Of course, because this is an average value, there are also women at the higher and lower ends of the scale who may have much more or less superannuation than the average. However, a study has shown that women over 55 are the fastest-growing group of homeless people in the country as a result of the vast number in this age group reaching retirement age without enough superannuation to fund their retirement.

In our work, we also find that the partner who has been the primary caregiver for children, which is traditionally the mother, tends to come out of family law property settlements with less superannuation than her former partner. This can happen for a variety of reasons, such as because each party retains their own superannuation entitlements (with the caregiver parent having less due to having taken time off work to care for children), or because the party who takes on primary care of the children may need more funds to pay children’s expenses or may receive less income than the other party and so opts to receive houses, cash, or other accessible assets in the division of marital property, rather than superannuation.

It is therefore important that this is factored into property settlement considerations and that parties consider the long-term implications and not just the present or short-term outcomes. Property settlements do take into account the future earning capacities of the parties, so plans for retirement should definitely be a factor in assessing them.

If you would like assistance with a property settlement, please do not hesitate to contact us.

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Picture of Authored By<br>Jennifer Jennings

Authored By
Jennifer Jennings

Director Lawyer, PBL Law Group

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Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
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I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
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Anita Bradley has been an absolute dream to deal with. Anita's conveyancing skills and knowledge knows absolutely no boundaries along with her effective communication skills which has made selling and buying a completely stress free exchange for us. We recommend PBL Law to everyone looking for outstanding service. We will definitely be returning clients.
Kushlan Aluwihare
PBL Law Group were fantastic. Anita from PBL worked with us closely during our property search and made the exchange and settlement process smooth and stress free. Highly recommended.
Gail Whitford
PBL handled my late mothers estate, they were very obliging and patient with any and all questions that we had, thank you to David , Sharon and the other staff that we dealt with, everyone was so easy to talk to and friendly .David came to the home where my Mother was living and helped her to get her will in order, Sharon helped us through the process of executing her wishes when the time came even doing a house call which was so much easier, thank you all so much
S M
I have experienced an excellent service from PBL (especially from Anita) during the sale of my recent property on Central Coast, and during the purchase of our current property in Sydney. Throughout many challengers, especially with the sale, Anita presented her very professional and knowledgeable conveyancer, positively solving all obstacles. "Above and Beyond" Award going to Anita!!! :-)
Amanda Reitzin
The five-star reviews are well-deserved. I needed a motion and a bylaw drawn up for urgent repairs of my strata unit and the AGM was in two weeks' time. My solicitor was friendly, efficient, knew what documents to ask for, and had all the paperwork prepared well within the timeframe. She also took the time to run through all the legalese and the different possible scenarios with me to make sure I understood. I am so glad to have found this firm and I will not hesitate to use their services again in future if the need arises.
Ricky Cooper
Anita is amazing! So attentive, approachable and communicates everything every step of the way. I have now bought and sold property with Anita and I cannot recommend her highly enough.
Ron Thomsen
Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
Trace M
I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
Tricia Wheatstone
For almost 18 months I have been a client of Alex Ilkin. Alex is very knowledgeable and professional and has consistently provided me with thorough, honest and well set out advice, including steering my case through appeal proceedings. He always worked for my best interests with integrity and compassion. I recommend Alex and his team at PBL.