FairVine Super
| ISIN | 🆔 |
|---|---|
| Industry | Superannuation, financial services |
| Founded 📆 | |
| Founder 👔 | |
| Headquarters 🏙️ | Sydney, Australia |
Area served 🗺️ | |
Key people | Sangeeta Venkatesan (Executive Chairperson) |
| Members | |
Number of employees | |
| 🌐 Website | https://fairvine.com.au |
| 📇 Address | |
| 📞 telephone | |
FairVine Super is an Australian superannuation company, specifically focused on addressing the issue of gender disparity in superannuation, where women currently retire with 47% less superannuation than men.[1]
The compulsory superannuation system in Australia is designed around eligible workers receiving a minimum of 9.5% (as at 2020) of their wages or salary from employers into a superannuation fund of their choice. Workers who make additional contributions receive tax concessions for doing so.
It has been said that the superannuation system results in women typically receiving less superannuation than men for a number of reasons, including: the gender pay gap; gender-based differences in workforce participation; unpaid care of children, sick relatives, and ageing parents; and longer life expectancy.[2]
Despite its core focus on women, the fund accepts all members regardless of gender. However, certain features and bonuses (such as no fees during paid parental leave) may be seen as skewed towards women, who are typically the primary carers of newborn or adopted children, and thus receive a longer period of paid leave by the Australian Government.[3][4]
According to its website, FairVine Super offers a range of innovative savings tools that make it easier for members to make voluntary contributions to their retirement savings. These include RoundUps, TopUps, FairRewards, and FairShare.
FairVine Super also offers ethical investment options by default, unlike competitors that charge extra fees for accessing ethical investment options.[5]
Furthermore, FairVine Super differentiates itself by charging a single fee, unlike traditional funds that may charge investment management fees, performance fees, administration fees, contribution splitting fees, exit fees, etc. The company also provides a service to consolidate super from multiple accounts; a service that helps to reduce unnecessary fees and insurance premiums that collectively cost Australian citizens $2.6 billion (see also Superannuation in Australia).[6]
Voluntary contributions
FairVine Super offers a range of savings tools to help members make voluntary contributions to their retirement fund.[7] These include:
RoundUps: A system that transfers the leftover change from every purchase (to the nearest dollar) to their superannuation account (see Raiz (company));
TopUps: A mechanism for contractors, self-employed individuals, and other members to make one-off and regular scheduled contributions to their balance;
FairRewards: A shopping portal that provides a cashback rebate of up to 20 percent into a member's account when shopping online with more than 300 participating retailers.
These voluntary contributions can be claimed as 'concessional contributions',[8] which are taxed at a flat 15 percent, unlike the progressive system of income tax in Australia. This means members can claim a tax deduction for voluntary contributions made through FairVine Super's savings tools, provided they haven't reached their $25,000 concessional contributions cap for the financial year.[9]
It has been argued that Australians paying a marginal tax rate higher than 15% should seek to maximize their concessional contributions to reduce their tax payments.[10]
Fee waiver for life events
FairVine Super offers a 'fee waiver' for certain life events, such as when members are splitting their super as a result of divorce, during parental leave, and if their super balance falls below $5,000.
Sharing super with a spouse
FairVine Super has a feature called 'FairShare' designed to simplify the process of spouses sharing their superannuation. The 100% online process leverages existing provisions in the superannuation system to allow spouses to make super contributions into their partner's account and split super contributions made in the previous financial year.
Awards
Sangeeta Venkatesan, FairVine Super's Executive Chair and co-founder, won Innovator of the Year at the Money Management and Super Review's Women in Financial Services Awards in 2019.[11] Ms. Venkatesan stated that launching FairVine Super was her proudest moment, encapsulating everything about her life and who she is.
Ms. Venkatesan was also nominated as Businesswoman of the Year for the My Business Awards 2019 in her capacity as Executive Chair of FairVine Super.[12]
References
- ↑ "The Facts About Women and Super - Women in Super". www.womeninsuper.com.au. Retrieved 2019-08-28.
- ↑ "How the gender gap hits the superannuation of Australian women early". www2.monash.edu. Monash Business School, Monash University. Retrieved 2020-03-25. Unknown parameter
|url-status=ignored (help) - ↑ Craft, Amanda; Taylor, Sharon; Gaffney, Alicia; Wagland, Suzanne (2020-03-25). "Retirement outcomes for female primary carers in Australia: a literature review" (PDF). Financial Planning Research Journal. 4: 69–91.
- ↑ "Welcome to the Fair Work Ombudsman website". Fair Work Ombudsman. Retrieved 2019-08-28.
- ↑ Collett, John (2019-04-06). "Super funds' ethical options leave investors in the dark". The Sydney Morning Herald. Retrieved 2019-08-28.
- ↑ Hobday, Liz (2019-08-05). "'You're essentially an anti-vaxxer': Super boss issues 'hands off' warning to Government". ABC News. Retrieved 2019-08-28.
- ↑ "FairVine: Why FairVine". www.fairvine.com.au. Retrieved 2019-08-28.
- ↑ Office, Australian Taxation. "Super contributions - too much can mean extra tax". www.ato.gov.au. Retrieved 2020-03-25.
- ↑ Office, Australian Taxation. "Contribution caps". www.ato.gov.au. Retrieved 2019-08-28.
- ↑ "Super opportunities not to be wasted". Australian Financial Review. 2019-08-07. Retrieved 2019-08-28.
- ↑ "Create, innovate and change the world | Money Management". www.moneymanagement.com.au. 2019-10-24. Retrieved 2020-03-25.
- ↑ "Finalists". www.mybusiness.com.au. Retrieved 2020-03-25.
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