FairVine Super has halved the fees to 0.6% for its members who have lost their jobs due to the COVID-19 pandemic.
The reduction will last to the end of 2020 and will reduce administration, investment management, and indirect fees.
The fund said members with $100,000 it would be an additional saving of $450 over eight months.
FairVine’s executive chair, Sangeeta Venkatesan, said: “We’re not simply deferring fees for six months – we’re waiving 50% 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 noted that COVID-19 had far-reaching consequences on women as two-thirds of the global health workforce were female, and made up the majority of carers, teachers, and childcare workers – all of which 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,” she said.
“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.”