TIME FOR ACTION ON WOMEN'S FINANCIAL SECURITY IN RETIREMENT

Women usually accumulate only half the superannuation savings for retirement that men do, and their retirement futures will become increasingly at risk as greater emphasis is placed on people providing for their own retirement, according to the Director of UNSW's Research Centre on Ageing and Retirement, Dr Diana Olsberg.

That's why Dr Olsberg believes the Economic Policy Summit on Women and Retirement Savings on Friday, 7 September at UNSW is crucial. "There's been a lot of talk about women's continuing disadvantage, but little discussion about how to address it," Dr Olsberg said.

"Despite the increased participation of women in the paid workforce, women continue to be disadvantaged, because they don't have enough time in the workforce. The nine per cent Superannuation Guarantee Contribution will not provide an adequate level of retirement income for most people, and there is strong opposition from government and employer groups to future compulsory increases in contributions. So we must find ways to close this financial security gap."

Dr Olsberg hopes there will finally be some policy commitment as a result of the summit. "Both major political parties say they will review retirement income, and hopefully this summit will ensure that women's situation is included in the terms of reference," she said.

The major political parties will put their positions on women and superannuation at the Conference's official opening tomorrow evening. The Federal Government will be represented by Julie Bishop, Member for Curtin; the Opposition by Kelvin Thomson, Shadow Assistant Treasurer; and the Democrats by Senator Lyn Allison, their spokesperson on superannuation.

Conference speakers include Lynn Ralph, Chief Executive Officer, Investment and Financial Services association; Susan Doyle, NRMA Insurance Chief General Manager Investments; Colleen Gibson, Superannuation, Australian Taxation Office, Phil Gallagher, Retirement Income Modelling Task Force, Department of Treasury; and Karen Bentley, Assistant Secretary, Office of the Status of Women.

Issues to be covered include: maximising investment opportunities for women, savings opportunities for low income earners, overcoming the impact of divorce on superannuation entitlements, longevity and maximising the quality of life through financial independence in later life.

The Conference is being held with the support of the NRMA Insurance Group.

The UNSW Research Centre on Ageing and Retirement is a multi-faculty collaborative undertaking based in the Faculty of Arts and Social Sciences at UNSW.

For further information and registration, telephone Dr Olsberg on (02) 9385 2396, or email D.Olsberg@unsw.edu.au.

WHAT: Ms…ing Out? Economic Policy Summit on Women and Retirement Savings
WHEN: Official Opening: 5pm, Thursday, 6 September;
Conference: 9.00am, Friday, 7 September
WHERE: Official Opening: Tyree Room, Scientia Building, Kensington Campus;
Conference: UNSW Square House, Anzac Parade, Kensington

CONTACT DETAILS: Dr Diana Olsberg, tel. 93852396, mob. 0411 101 434, UNSW Research Centre on Ageing and Retirement, tel. 9385 2396; Amanda Hainsworth, UNSW Public Affairs and Development, tel. 9385 2864.

Date issued: 5 September 2001