SMC Applauds Pledge to End Super Financial Abuse
The Super Members Council welcomes today’s election commitment by the Coalition to eradicate financial abuse from the superannuation system.
SMC wrote to all parties and candidates ahead of the election seeking their formal commitments to support specific law reform so family violence perpetrators can no longer inherit their victim’s super.
“The Coalition recognises this problem and, if elected to Government, will work with stakeholders to best address the matters raised in this recommendation,” it has pledged in a formal response to SMC.
In a broader policy announcement today on family violence prevention, it vowed to “strengthen Commonwealth taxation, welfare and superannuation systems where practicable to eradicate financial abuse” and “take strong action against perpetrators to end their abuse in all forms”. SMC advocated strongly for this reform in its submission and joint testimony – alongside Women in Super and ASFA – to the 2024 Parliamentary Joint Committee in Relation to Financial Abuse. In its advocacy, SMC proposed several potential avenues for reform including:
SMC acknowledges the work of cross-Parliamentary Committee members – led by Chair Senator Deborah O’Neil and Deputy Chair Alex Hawke – for pursuing this much needed reform, and the collective advocacy across the super sector.
Closing this legal loophole was among SMC’s 12 policy priorities that it asked all parties and independents to support at this election to strengthen and enhance super.
Super Members Council CEO, Misha Schubert said:
“There’s an urgent need to close the shocking legal loophole that allows perpetrators of violence to inherit their victim’s super.”
“Under current laws, an abuser can receive a victim’s super death benefit unless they are the direct cause of that person’s death.”
“This applies even if the perpetrator has been convicted of family violence offences, or in cases when there was systemic abuse which indirectly contributed to the cause of the victim’s death.”
“A clear resolve from all across the Parliament is crucial to prevent perpetrators from walking away with the super of the person they abused. We encourage all parties and independents to support this reform.”
The opinions above are those of the author in their capacity as spokesperson for Super Members Council of Australia (SMC). SMC, the authors and all other persons involved in the preparation of this information are thereby not giving legal, financial or professional advice for individual persons or organisations.