Superannuation leaves Women worse off not better off

 In Economy & Jobs, Media Release

Queensland Senator Gerard Rennick says claims in a report released by Industry Super Australia
that women will be worse off if the compulsory superannuation levy isn’t increased is false.

The report focuses on the disparity in superannuation amounts between Queensland women and
men at retirement age.

If women are already worse off under the mandated 9.5% levy, then they will only be left further
behind as mandated levy increases continue.

I will be writing to the Minister for Superannuation Jane Hume to ask that ASIC investigate if these
claims breach S1041H of the Corporations Act in regard to misleading or deceptive conduct.

“The information being peddled by Industry Super Australia is nothing more than Unions protecting
their own rivers of gold”, said Senator Gerard Rennick.

“They claim to be for the little guys, when in fact they’ve mastered the art of forcing workers into
predetermined super funds that include excessive fees, limited choice and often loss of retirement
income,” Senator Rennick said.

“The more you earn the more super you retire with, the system created by Labor in the 90’s
discriminates against caregivers, stay at home parents and people with disabilities. The greatest
beneficiaries of superannuation are the rich with most of the circa $40 billion in tax concessions
going into their pockets.

“Unions and the finance sector also collect over $30 billion a year in fees further impoverishing
hard working Australians.”

Senator Rennick says retirement reform is needed, and it is time to reconsider mandatory
superannuation in favour of increasing the pension which is a true universal retirement system for
all Australians.

“Superannuation isn’t the only answer. We need to give women, and all workers more control over
their own retirement savings and greater security in retirement. We need a fairer system that
benefits everyone, not just the big end of town.”

Media contact: Brisbane – (07) 3252 7101

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