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A woman’s retirement: 30 per cent less in savings than men on average, which means a lower annual income and a worse standard of living.
Particularly since the pandemic began, there’s been a lot of discussion about the disadvantages faced by women in the work force. They’re paid less on average, they have more career interruptions to raise children or act as caregivers for family members, and they’re more likely to work in jobs affected by the lockdown to fight COVID-19.
ASIC has commenced civil penalty proceedings in the Federal Court against retail industry fund REST, for allegedly making false or misleading representations about members’ ability to transfer thei
It said in a statement that ASIC’s case is that these members were denied their lawful rights to superannuation portability and choice of superannuation fund, causing members to suffer financial loss. ASIC further alleges that this conduct resulted in REST retaining a higher level of funds under management than would have otherwise occurred.
Specifically, ASIC alleges REST made representations to members who made, or were considering making, full balance transfers to another fund that:
If they remained employed by an employer who made contributions to the Fund (REST employer) and that employer continued to make contributions to REST, they were required to keep a minimum balance of $5,000 in their account with the fund;
ASIC has launched civil penalty proceedings against retail industry fund REST, over allegedly false or misleading representations the fund made about members’ ability to transfer their super out