Answers from the FairVine team.

FairVine Fundamentals

Note: The information on this website and within the FAQ section contains general information and does not take into account your personal objectives, financial situation and/or needs. It is important, before deciding whether to become a member of FairVine Super (or, if you are already a member, to continue your membership) that you consider the FairVine Super Product Disclosure statement having regard to your own situation.

We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.
How do I join FairVine?

Simple. Just click here and signup to FairVine. It's all online and only takes a few minutes. All you need is your TFN (Tax File Number) which you can find on your pay slips, tax return, or your MyGov account.

Once you have rolled your super over to FairVine, your previous super fund(s) will close automatically. There is no need to contact your current super fund to switch accounts.

What happens to my old super accounts when I join?

When you join FairVine, we will find any old super accounts and consolidate it into your FairVine account. All you need is your TFN, we will do the rest for you.

Combining all your super can save you money by not paying multiple fees, reduce your paperwork, and make it easier to keep track of your retirement savings.

Are your investments ethical?

FairVine has ethical screens on all of our investments, for both our investment strategy options – there is no ‘non-ethical’ investment option.

We exclude companies involved in the production of tobacco products and controversial weapons from all of our investments. This means your retirement savings are not supporting companies involved in producing things like landmines, chemical and biological weapons, or depleted uranium weapons.

Because it's the right thing to do.

What investment options do you have?

FairVine’s investments are diversified across Australian and International shares, fixed interest investments, Australian listed property, and cash. There are two investment strategy options: Balanced and Growth.

Growth has a higher allocation to shares and property. It is designed for members seeking longer-term growth who are willing to accept increased short-term fluctuations.

Balanced has more cash and fixed interest investments. It is designed for members seeking medium to long-term growth, with some short-term fluctuations in returns.

Can I change between investment options?

Absolutely! You can change your investment option at anytime, just click balanced or growth in your FairVine member portal and confirm. Please note that there is a buy/sell investment spread charged when you switch between investment options.

Is FairVine Super regulated?

FairVine is by APRA, meaning our members are protected by the same government regulations that apply to all other major super funds.

Your superannuation is held in a Trust with our Trustee; this means your superannuation is protected from any bankruptcy or any liquidation proceedings.

What are FairVine's fees?

FairVine charges a flat fee of 1.2%.

Super funds typically charge a range of fees including investment fees, indirect fees and weekly admin fees, making it very difficult to work out what different funds actually charge.

Recent research for the Australian Institute of Superannuation Trustees found that for a $50,000 balance, the average fees across growth super funds is 1.47%.

Please note - the 1.2% fee does not cover fees related to insurance administration and premiums.

Are you an industry fund?

We are a retail fund; industry funds are created for a specific workgroup and are generally designed to reflect the interests of people in that industry. We are focussed on enabling Australian women reach financial independence.

Can men join FairVine?

Absolutely, FairVine has a number of male members, and we welcome more. The average man retires with around half the super balance suggested by ASIC for a comfortable retirement. FairVine has been designed for women, however many of our features can also help men to boost their super.

Superannuation Essentials

What are the tools you provide to help women save more?

By keeping our overheads low, we keep our fees to our members low, meaning our fees are lower than the average Industry fund. We have one super simple fee structure - 1.2 % pa of your super balance; no other fees.

We also refund fees whilst a member is on parental leave - we believe fees should never eat your super balance away while you’re not contributing. We also do not charge for less common super fund actions such as family law splitting, as most other funds do.

Due to the high level of regulation,  almost all public super funds perform within about 1 percent of each other - so we make the difference by providing enabling products to help women save. We chose these after talking with Australian women and seeking to understand their spending and saving habits - we want to make it easy to save.

What is superannuation?

Superannuation (super) is a government initiative to help you save for your retirement. Your employer makes contributions, and you can also make contributions yourself. Your super fund then invests your superannuation money on your behalf. Super is important, as it accumulates wealth that will support you throughout your retirement.

Super is a tax effective way to save for your future, as contributions to your super are taxed at a lower rate than your normal income.

How does super work?

When you start a new job, they’ll often ask you to select a super fund, or may create one for you. Generally speaking, in most employment situations, employers are required to make a 9.5% contribution to your super account, known as the superannuation guarantee.

If you already have one or more super accounts or your new employer has created one for you, you may want to 'consolidate' any existing accounts together.

You can also make personal contributions to your super. If you do this with your after-tax money, you may be able to claim a deduction at tax time.

How much superannuation do I receive?

The Superannuation Guarantee contribution from your employer is currently 9.5% of your base salary. This will increase to 10% in 2021, and then increase gradually each year until it reaches 12% in 2025.

You can also make personal contributions (up to a limit) at the super discounted tax rate of 15%. This is often referred to as the concessional tax rate.

How much super do I need?

How much super you need depends on how much income you want each year when you retire. A common guide provided is that, in today’s money, a comfortable retirement (for homeowners) requires $545,000 saved into your super. This would provide you with an income of $42,764 per year.

When can I access my super?

You can access your when you turn 65, or when you retire from the workforce after reaching the ‘preservation’ age. For people born after 1964, the super preservation age is 60.

Super is designed to fund your retirement, however there are very limited circumstances that allow you to access your super early, under specific medical conditions or severe financial hardship. The ATO has more information.

Can I choose my super fund?

Most people can choose which fund they want their employer super contributions to be paid into. You just need to provide the details of your preferred super fund to your employer. When you join FairVine, we will email you all the information your employer needs, which you can simply forward on to HR or payroll officer.

What is a default super fund?

Most employers will put your super into a “default” fund they have selected unless you tell them you want your contributions to go to a different fund. Choosing your own fund is a normal practice.

How do I switch super funds?

Simple. Just click here and signup to FairVine. Once you have rolled your super over, your previous super fund will close automatically.

There is no need to contact your current super fund to switch accounts.

Is super compulsory?

For most people earning at least $450 per month (before tax), employers are required, by law, to pay contributions directly into your super account. This is called the Superannuation Guarantee and is currently 9.5% on top of your base salary.

What happens if I earn less than $450 per month?

Unfortunately, if you earn less than $450 per month from an employer, they do not have to pay you super. We hope this will change in the future, but in the meantime, we made contributing to your super really simple. Using any of our tools, you will be able to make contributions to your super account hassle-free. Take action today and boost your retirement savings with FairVine's tools.

What is the gender superannuation gap?

Women currently retire with almost half the super of men. Traditionally, super has been structured in a way that doesn’t account for career breaks or non-traditional work patterns. Furthermore it is calculated as a percentage of income, and Australian women earn, on average, 14% less than men. This problem is compounded by the fact that women typically live longer than men.

Studies suggest that around 40% of single women in retirement are living in poverty and, sadly women over 55 are now the fastest growing group of homeless Australians.

This is not just a gender issue, it’s an Australian issue.

Contributing To Your Super

How much money am I allowed to contribute to my super each year?

You are allowed $25,000 in super contributions each year, at the low 15% tax rate. This is often referred to as the concessional contribution cap, and includes all employer and personal contributions.

If your super balance is less than $1.6 million, you can also make up to $100,000 in non-concessional contributions to your super, at your normal tax rate.

If I make extra super contributions, what happens with my tax?

Contributions to your super are taxed at the low super rate of 15%, which means when you make personal contributions from your after-tax money, you can claim a full deduction at tax time. This applies to contributions (including those from employers) up to $25,000 per year. Please note, there are age limits on when individuals are able to make concessional contributions to super. Typically, those up to 65 years of age are eligible, or up to 75 if satisfying certain conditions.

How do I get the government co-contribution?

If you are earning a low income (including during parental leave) the government will boost your super account up to $500 every financial year, when you make personal contributions. This includes contributions made on your behalf through our FairRewards program, RoundUps and TopUps. These can be paid into your FairVine account automatically.

To find out if you are eligible, visit the ATO’s website.

What are carry-forward concessional contributions?

If you have less than $500,000 in your super, from 1 July 2018, any year your super account receives less than $25,000 in contributions, you can ‘carry forward’ your unused amount and take advantage of it in future years. You can accrue your unused contributions for up to five years.

FairVine Insurance

Does insurance cost the same for men and women?

Women look after their health better and live longer. We believe your life insurance premium should reflect this.

FairVine has negotiated a simple generous default insurance package for our members, with cheaper premium rates for women.

What is Income Protection insurance?

Income Protection insurance pays a set percentage of your monthly income for a selected term, in the event you are unable to perform your usual occupation as a result of illness or injury.

FairVine recognises that people have different insurance needs and many do not require Income Protection. To minimise insurance premium costs, Income Protection is not included in our default cover. However, if required, you can add Income Protection as part of your insurance in our member portal. All online, no forms required. Simple.

What is Life Insurance?

Life Insurance (also called death cover) provides a lump sum benefit if you die or are diagnosed with a terminal illness.

What is TPD Insurance?

TPD (Total and Permanent Disablement) insurance provides a lump sum benefit if you suffer an illness or injury that leaves you totally and permanently disabled. This can be due to either physical or mental ill-health.

Total and permanent disablement means that due to your illness or injury, you are unable to perform your job, and unlikely in the future to secure gainful employment suited to your education, training or experience. See our insurance guide for further information.

What type of insurance do you offer?

We offer Life Insurance (also referred to as Death Insurance), Total and Permanent Disablement (TPD) Insurance, and Income Protection Insurance.

How much is my default cover?

FairVine knows insurance can cost a fortune and it doesn’t have to. We partnered with Hannover Re to offer insurance that is affordable so you can plan for your retirement and know that you will be covered for unexpected events.

The amount of default Life and TPD cover you will receive vary according to age, and the premium rates depend on your age, gender and occupation classification. Please read our Insurance Guide for more info here.

Can I increase my insurance cover with FairVine?

Yes, you can increase or decrease your insurance at any time with a few clicks in your portal. If you increase your cover over $500,000, our life insurance company (HannoverRe) will ask you to answer a more detailed questionnaire.

I have insurance with my current super fund. Can I switch this over?

Yes, you can apply to transfer your existing cover from your current super fund to FairVine provided you meet the eligibility conditions.

For more information, please read our Insurance Guide here.

Please note, there may be possible timing issues in regards to insurance cover when your cover ceases with your previous fund, and commences with FairVine Super. For more information, please refer to the Insurance Guide linked above, or call (02) 8322 8199.

FairVine Member Tips

I have rolled over, but I can’t see my balance.

Some superannuation funds are very slow to release your savings and it may take up to 3 weeks to rollover your super.

Why combine super accounts?

According to the ASIC website, the benefits of having all your super in one account include:

  • saving costs by paying only one set of fees
  • reducing  paperwork
  • making it easier to keep track of super.

We make it easy to combine super - we can help find it and consolidate it. All you need is your TFN (hint- find this on a recent payslip, tax return or you may have provided this to your bank).

When do my TopUps and RoundUps get processed?

If you have activated RoundUps, the transactions from your RoundUps will be processed every week on Wednesday, but may not be taken out of your bank account until Friday. The contribution will be in your FairVine account a few days after it leaves your bank.

If you are using TopUps, the one-off amount you top up should deduct from your selected bank account the next business day. If you have activated weekly TopUps, it will be processed on Wednesdays, the same as RoundUps.

What is FairVine's USI?

Fairvine's USI (Unique Superannuation Identifier) is 40 586 548 205 002.