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Australia’s superannuation system ranked world’s second best

The Mercer Global Pension Index, a comprehensive annual report that rates the quality of international retirement schemes, has placed Australia’s superannuation system as the world’s second best.

Denmark was ranked number one, with the Netherlands, Finland and Switzerland rounding out the top five. Australia, Canada, Chile and Singapore were the only non-European states to make the top ten.

Representatives from groups representing the interests of Australian retirees have expressed surprise at the finding, pointing out that the full pension rate currently sits close to the poverty line.

Australia’s position improved thanks to the recent superannuation guarantee increase from 9.25%-9.5%. Industry representatives have claimed that if the guarantee rises to 12%, as is the government’s long-term plan, Australia could reach the number one position.

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Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: