ASFA, the superannuation peak body, has welcomed the Federal Opposition’s commitment to eradicating financial abuse, including in the superannuation system.
“ASFA has long advocated for change to stop perpetrators of family violence gaining a financial advantage through the superannuation of their victims, so we welcome the Opposition’s commitment to ending financial abuse in the sector,” said ASFA CEO Mary Delahunty.
ASFA has joined with other superannuation sector organisations – including the Superannuation Members Council and Women in Super – to push for a change to the law in this area by calling for two important amendments:
- Expanding the Forfeiture Rule to prevent perpetrators of family abuse from inheriting money from their victims, which would require legislative amendment to the Superannuation Industry (Supervision) Act 1993.
- Increasing investigative powers and evidence standards of superannuation funds, so they can withhold death benefit payments in substantiated cases of family violence until the legal matter has been resolved.
“ASFA is committed to work with an incoming government to implement changes that will protect the most vulnerable while ensuring superannuation fulfills its purpose of providing dignity and financial independence in retirement for everyone,” Ms Delahunty said.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
