Judges’ pension laws need to change: Law Council
The Law Council of Australia is calling on the Federal Government to address judges’ pension laws, which it says has the potential to discriminate against the former spouses of judicial officers.
The operation of the Judges’ Pension Act in divorce proceedings is inconsistent with the Sex Discrimination Act, according to Law Council president, John Corcoran.
“Under the current legislation, the spouse of a former judicial officer is only entitled to a percentage of the member’s actual pension payments, rather than their own separate fund over which they have control,” Corcoran said.
While the Law Council believes that very few superannuation schemes operate in this manner, those that do should be closely examined, it said in a statement.
“In general, we believe any superannuation schemes that have the potential to discriminate against either party must be closely examined and the problem urgently addressed,” Corcoran said.
Recommended for you
Half a year after Count Financial told its advisers to exit several Metrics Credit Partners funds, research house Lonsec has now downgraded two of these products over governance concerns.
Having divested its financial advice business to Fortnum Private Wealth, Australian Unity has shared further details on how it is transforming the wealth arm of the business to focus on investment bonds.
With candidate retention a concern after a professional year, two large licensees have shared how they are structuring their programs to successfully ensure candidates are keen to remain beyond the year.
Evidentia Private has appointed PIMCO’s Haydn Scott as principal for private wealth solutions, focusing on asset consulting and private markets.