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Our Community Matters • 38 •
HESTA pushes for simpler super splitting
Women retire with an average of 40% of the superannuation of men and are more vulnerable to poverty in later life.
Industry super fund HESTA is working with Women’s Legal Service Victoria (WLSV) to simplify the process of splitting super assets to remove barriers preventing women from claiming their fair share of super when relationships end. “Dividing superannuation assets through the family law system is unnecessarily complex and often requires costly legal advice,” HESTA CEO Debby Blakey said. “This results in many women, especially those from low-income households or who are most vulnerable, simply walking away from their rightful share of super assets.
The two organisations and advocacy group Women in Super recently brought together other superannuation industry leaders, and representatives from the Federal Circuit Court, government and regulators in a round-table discussion aimed at developing solutions.
“If they can’t claim their share of super, for many women this means losing their only income in retirement beyond the age pension.”
The first step in the Simpler Super Splitting initiative aims to eliminate the need for legal advice for the straightforward division of super assets, via a simple, consistent form for court orders that can be used across the industry and by the courts.
HESTA and WLSV are developing a streamlined and consistent process that all superannuation funds can use to make the splitting of superannuation assets easier, faster and fairer.
HESTA’s head of impact, Mary Delahunty, said super splitting processes differ from fund to fund and the complexity of obtaining and completing superannuation splitting orders
