Super women

Women in senior positions in the superannuation industry have just launched a national body with a key aim of promoting the super needs of women to decision-makers.

The organisation's launch, in Wellington last night, certainly attracted some high-powered support, with Attorney general Margaret Wilson, Labour's Ruth Dyson and National Party leader Jenny Shipley among those to attend.

The non-profit Women in Super (Wahine Whakamoamoa) was inspired by a similar Australian organisation, set up around a decade ago. More than 100 women have already registered interest in the New Zealand group, which is currently based in Wellington. An Auckland branch will be launched shortly.

Women in Super spokeswoman Linda McCulloch, who is the head of superannuation strategy for AMP Financial Services, says that more than half of New Zealand women will be single or living alone by age 65.

"To be prepared, they must explore ways of being financially independent and superannuation is one way they can achieve that. Most women are still very active at 65 and NZ Super will only provide a basic income in retirement.

"We will be vigorously promoting the idea that women need to provide additional funds for themselves if they want dignity, choice and quality of life in retirement."

Linda McCulloch says that the ideal vehicle for that was an employer-sponsored super scheme.

"We know that uptake in these schemes averages 65 per cent and the majority of those that choose not to join are women."

Women in Super intends to represent women's super needs to politicians, those developing super products and services, to unions, employer organisations, trustees, regulators and other business groups. Its national network is also aimed at increasing the number of women in decision-making positions within the super industry and to promote education and training.

Women in Super's management committee includes: Linda McCulloch, Colonial First State corporate marketing manager Rosemary Hambling, AXA New Zealand staff superannuation scheme trustee Barbara Pope, KPMG Legal senior associate Tracey Cross, and Global Retirement Trust general manager Louise Gibson.