Women in Super supports workplace savings initiative

Tracey Cross, Chair of Woman in Super says that since its incorporation, Woman in Super has been a strong advocate of the importance of workplace superannuation schemes which generally charge lower fees and facilitate contributions through payroll deductions, therefore making it easier to save for retirement. "These schemes provide significant benefit to all, but especially to women and low income earners".

Woman in Super is particularly encouraged to see flexibility, simplicity and choice have received emphasis in the report. These issues are of particular relevance to women and were identified in the PRG report following Woman in Super’s submission. Equally important is the focus on an ongoing education and promotion programme, which Woman in Super see as critical to the success of any public campaign to encourage more New Zealanders to save for their retirement.

The tax to apply to the new workplace-based savings scheme is also particularly significant for women and low income earners. These groups have, to date, been overtaxed when saving through superannuation schemes. Woman in Super is therefore, pleased to see there is recognition that the work that is currently being done by Craig Stobo (investigating the taxation of savings) is to be factored into the proposed scheme.

As an advocate for workplace superannuation, Woman in Super strongly suggests the Government ensures that the new scheme complements and sits alongside existing schemes and there is no threat to the continuation of these schemes.

Woman in Super is looking forward to being actively involved in the submission process that has been outlined.

A press release from Women in Super.

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