Retirement
Super fund slashes fees following COVID-19 pandemic
As the COVID-19 pandemic puts millions of Australians out of work, a superannuation fund has halved its fees to protect members’ balances.
Super fund slashes fees following COVID-19 pandemic
As the COVID-19 pandemic puts millions of Australians out of work, a superannuation fund has halved its fees to protect members’ balances.
Starting today, FairVine super’s “FairGo” policy will slash administration investment management and indirect fees to 0.6 per cent until the end of 2020, saving members with a $100,000 balance, $450 during the next eight months.
FairVine Super executive chair Sangeeta Venkatesan said it was an important initiative that will help members during a time of need.
“There is a lot of uncertainty right now, particularly when it comes to superannuation. Pair this with an abundance of people losing their jobs, and it’s clear that every extra dollar counts.
“We’re not simply deferring fees for six months – we’re waiving 50 per cent of the fees altogether. With the federal government now granting early access to super for those affected by COVID-19, we thought it was important to balance this with an initiative enabling people to put money back into their super fund,” she said.
Ms Venkatesan said that as a super fund designed for women, this was a necessary measure, given the huge impact COVID-19 has had on the female population.
“We know COVID-19 has had far-reaching consequences on women. They’re on the front line fighting this virus, with two-thirds of the global health workforce being female. They also make up the majority of carers, teachers and childcare workers – all of whom have had their livelihoods threatened.”
“Women are also more likely to be casual workers, hence don’t have access to sick leave entitlements, and they’re typically the first on the chopping block when job cuts are required. Further, when children have to stay home from school, women are often the ones expected to look after them and undertake home-schooling. Women are feeling an enormous amount of pressure, and it’s our hope that this small measure can give them one less thing to worry about,” she said.
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