The problem is, women live longer then men. Life expectancies at birth have increased to 75.5 for men and 81.5 for women, heightening the need for women to build savings to support their retirement.
To make matters worse, women have less opportunity than men to accumulate those resources, and on average spend 20 years less in the workforce. Contributions to superannuation are generally based on a percentage of salary and the average earnings for women are considerably lower than those for men.
So while women live longer, they often also have a lower level of superannuation savings.
AustralianSuper recognises the special needs of women and has prepared information on the following topics to help you secure the retirement you desire:
Separation and super
When a marriage ends in divorce, the Family Court can divide superannuation accounts, just like any other assets.
The superannuation account splitting rules only apply to couples who are, or were, married (i.e. not de facto couples), and where the superannuation account balance in question is more than $5,000.
For all the rules relating to dividing a superannuation account in the event of a couple separating, download a Family Law Information Sheet.
Where information about a spouse's account is required
If your spouse is a member of AustralianSuper and you require information about their AustralianSuper superannuation account, you will need to:
- Complete a Form 6: Declaration by applicant for information about a superannuation account, which is available from the Family Court of Australia website
- Forward the completed and signed form to AustralianSuper
- Include a cheque for $50 made payable to AustralianSuper with the completed form, as an administration charge of $50 is payable for processing this request.
Once you have a court order or separation agreement, you should download and complete a 'Payment Instruction Form' and send both to AustralianSuper Administration for processing.
An administration charge of $70 will be deducted from the superannuation account before this order or agreement is processed.
You should talk with your legal adviser for further information.
Planning for the unexpected
Because even the most carefully laid financial plans are not immune to unforeseen circumstances, having appropriate insurance cover is an important safety net.
Insurance can also ensure the impact of illness or accident will not be compounded by the financial burdens of maintaining mortgage repayments, household bills, or financial support for your family. You can purchase insurance directly from an insurance provider, or you may already have some cover through AustralianSuper.
| Type of cover |
What it provides |
| Death |
Your beneficiaries receive a lump sum payment upon your death. |
| Total and permanent disablement (TPD) |
You receive a lump sum payment once the insurer has accepted your claim for total and permanent disability. |
| Income protection |
You receive an income stream for an agreed period upon confirmation of your inability to work due to disability. |
Many superannuation funds provide a minimum level of death and TPD insurance. If you are an AustralianSuper member, you automatically receive one unit of insurance cover.
As an member, you also have the option to "top up" this cover, which is likely to be cheaper than purchasing additional cover from another provider. This is because AustralianSuper purchases insurance from the insurer at bulk or wholesale rates.
Income protection pays up to 75% of your gross salary for up to two years in the event that you become sick or injured, and have been assessed as being unable to perform your usual occupation. This cover is also available through AustralianSuper.
If you are unsure about whether or not you have insurance cover with AustralianSuper, contact us. Or check your next statement, as it will show the level and type of cover you have.
You can then determine if this is enough to cover your commitments. Because your circumstances are likely to change over time, your level of cover may need to be updated to reflect this.
Spouse contributions
Spouse contributions involve your partner making additional contributions to your superannuation on your behalf. They are an effective superannuation strategy for women who may be on a lower income due to working part-time, or not working at all.
If your spouse makes contributions to superannuation on your behalf and you earn less than $13,800 per year, your spouse may qualify for a tax rebate.
The rebate applies to contributions of up to $3,000 each year to a spouse account. The maximum rebate is 18% and this applies if you earn $10,800 or less. If you earn more than this the rebate will be lower.
To qualify for a spouse rebate, you and your spouse will also need to satisfy these other conditions set by the Government:
- Your spouse must be under age 65, or aged between 65 and 70 and have worked at least 40 hours in any 30-day period during the financial year
- Your spouse (legal or de facto partner, but not same-sex partner) must live with you on a permanent basis
- Your spouse must not be your employee
- You must be in receipt of an assessable income (otherwise you have no tax to apply the rebate to).
As an AustralianSuper member, you can use our AustralianSuper Personal Plan to open a spouse account.