When you are on parental leave, it's likely that your super contributions go on pause. At FairVine, we think that your fees should go on pause too.
Many super funds charge a range of fees such as fixed administration fees, investment fees, indirect cost ratio fees, and more. As a result, it can be extremely complicated to work out exactly how much you are paying. According to data released by SuperRatings, the average fee on a $50,000 super balance with a Growth fund is 1.47%.
Furthermore, most funds charged a fixed administration fee, which means that individuals with small balances pay a much higher amount. This structure disproportionately affects women. That is why our flat fee is so important - it means that our members don't see their investment eaten away before they have the chance to start growing it. We also offer a 100% fee rebate on balances under $5,000 to make sure our members get off to a flying start.
In addition, our Baby Bonus means that parents receive a 100% fee rebate while on parental leave (excluding insurance fees) for up to 12 months. We strongly believe that since parents on parental leave aren't earning super, they shouldn't have to pay any fees either.
*Excluding optional insurance costs
FairVine Super is part of a Registrable Superannuation Entity and regulated by APRA in accordance with the Superannuation Industry (Supervision) Act.
This means that FairVine Super members are protected by the same strict government regulations that apply to all major super funds.
In addition, FairVine Super is governed by a Trustee who is responsible for the prudential operation of the fund. As such, your money with FairVine Super has the same protections in place as with any major super fund.