Thanks to the gender pay gap, we all know women can face an uphill battle when it comes to their career earnings. Then, taking time out of the workforce to raise a baby means missing out on superannuation money that you’ll need one day. Well, there is some good news. There’s one super company out helping mums secure their financial future. Here’s how it works.
We all know the wage gap is around 17%, but did you know the super gap between genders is a horrifying 47%? One of the reasons is because most mums miss out on super earnings during maternity leave, yet they are still subject to fees being removed from their account during this time.
Well, GROW Super has done something about it! GROW is removing fees for primary carers for the first six months following the birth of their newborn.
Not only that, but they’re also able to help all of us busy mums to consolidate our super, and it doesn’t have to be a headache (or involve paperwork!). That means they’ll be able to reunite you with your lost or unclaimed super that you’d otherwise miss out on.
If you haven’t heard of them, GROW Super describe themselves as no-nonsense superannuation, existing “to empower individuals to have control over their own financial future.”
Zero fees for new parents
GROW Super looks after you while you look after the baby! Eligible members can receive six moths fee-free superannuation when they’re the primary carer. This is available to mums or dads (as long as they’re primary carer), and can be applied for up to 12 months after the birth of their child. Had a baby this year? Take a look at GROW Super.
Here’s how to get started with fee free super:
- Become a consolidated member here
- Once you’re a member, complete this application form and return it to [email protected]
Please note, the fee removal applies to the superannuation fees. Insurance fees are not affected, however GROW Super encourages you to ensure you’ve personalised your insurance cover so it’s right for you and your situation. For the PDS including T&Cs for free free super, click here.
Get your hands on that unclaimed super
If you’re like a lot of mums in Australia, you’ve had multiple jobs over the years and that means you’ll likely have multiple super accounts. For every super account you’ll be paying administration fees (and potentially insurance fees) which will be negatively affecting your balance. As busy parents, consolidating these accounts usually falls way down the to-do list. But it doesn’t have to be a hassle, or a headache. GROW will search for your lost and unclaimed super in 90 seconds. All you need is your Tax File Number (find it on a previous tax return, by asking your employer or by calling the ATO). It’s paperless, and can be done from the comfort of your couch, or the coffee shop line! Yes, sort yourself in a minute and a half and get that pesky job ticked off the to-do list for good. Plus, you’ll thank yourself once you get to retirement age.
More about GROW
GROW take a modern approach to superannuation and are on mobile, online and entirely paperless. It’s the way superannuation should be. By providing access to high-quality investment options, the ability for individuals to make a choice around where their super is invested, and simple ways to boost their super balance, GROW want to see a nation of Aussies who not only understand, but are also engaged with their superannuation.
GROW’s philosophy is, “We couldn’t find a super fund that made sense. So we created one.”
DISCLAIMER: GROW Super AFSL CO Pty. Ltd. (ABN 55 617 358 166) is a Corporate Authorised Representative (CAR No. 1254358) of GROW Super AFSL Pty Ltd (ACN 135 540 135) (AFSL No 340958). This information is not financial advice. Before making investment decisions please consider your objectives, financial situation and needs. The GROW Super PDS is available here.