Today’s announcement by the Federal Government that it will examine how to prevent perpetrators of financial abuse from accessing their victim’s super has been welcomed by the sector’s peak-body, ASFA.
“For too long, perpetrators of family violence have been able to profit from their victims’ death, accessing their super after they died,” said ASFA CEO Mary Delahunty.
“This insidious legal loophole is wrong, and we welcome the government’s announcement they will start working to close it.”
A coalition of superannuation sector organisations, including ASFA, the Super Members Council, and Women in Super, has advocated to change the law in this area, calling for two important changes:
- Expanding the Forfeiture Rule to prevent perpetrators 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 are able to withhold death benefit payments in substantiated cases of family violence until the legal matter has been resolved.
“The superannuation sector stands united and will work with government to bring about the reforms needed to keep members’ money out of the hands of abusers,” Ms Delahunty concluded.
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.
