A new super fund aims to address the gender gap that is forcing Australian women into poverty when they reach retirement.
Many Australian women’s super contributions have been affected by forced breaks from work due to family caregiving. When this is combined with the gender pay gap, which sees women earning less than male counterparts, women’s retirement funds are less than optimal.
FairVine Super hopes to tackle the problem by providing women with easy access to tech to make boosting their super contributions beyond employer contributions simple.
Sangeeta Venkatesan, executive chairwoman of FairVine Super, said it was the first fund optimised for women at all life stages – not just during full-time employment. This includes women who take parental leave, go on career breaks, and who are self-employed, work part-time, or become full-time carers.
“The current system is failing women tremendously, and it’s a blind spot that’s leaving women at far greater risk of poverty and homelessness when they retire. Women shouldn’t be penalised for having children or making unpaid contributions to their family. This is something we need to address now before the next cohort of women follow the current generation into serious financial hardship.”
Small but regular contributions go a long way. FairVine Super has calculated that contributing only $5 extra a day from the age of 30 results in an additional $123K by retirement.*
FairVine Super’s set-and-forget tools simplify and automate voluntary super contributions, and include:
- FairRewards: rewards members for shopping at major retailers with a rebate of up to 15% per purchase deposited to their super
- RoundUps: rounds up everyday purchases to the nearest dollar, transferring the loose change to the member’s super
- FairShare: streamlines the process of splitting super contributions between a working and non- working spouse
- TopUps: simplifies the process of making one-off or scheduled super contributions
FairRewards currently boasts more than 100 retail partners, including The Iconic, Menulog, Etihad, Microsoft, GlamCorner and Travel Insurance Direct. Members automatically receive contributions to their super whenever they shop with rewards partners. The beauty of the system is that the money comes out of the retailer’s pocket rather than their own. Another unique aspect of FairRewards is that it passes the entire rebate to members’ super funds – FairVine Super doesn’t take any commission on sales.
Venkatesan said FairVine Super was deeply committed to making superannuation an equitable system.
“One of the big imbalances typically occur when a couple has a baby. This often means switching to a single-income household, but the superannuation usually stays with the working partner. This sets the non-working partner – who is usually a woman – up for failure when it comes to retirement, particularly if she takes an extended amount of leave or has multiple kids.
“Our newest feature, FairShare, makes it easy to split super contributions between spouses, enabling couples to do the right thing by their lower-earning or non-working partners. We’ve taken the hassle out of this process by automating it through the FairVine Super member portal,” said Ms Venkatesan.
Additional features offered by FairVine Super include a flat 1.2% fee, ethical screens on all of its investments, and no fees for members who are on parental leave or have a super balance below $5,000.
For a limited time, new members who roll their super over to FairVine Super will receive a joining bonus in the form of a gift card from The Iconic, Booktopia or Ticketmaster.
For more information on FairVine Super, visit www.fairvine.com.au.