Link Group’s Retirement and Superannuation Solutions business and Rest have agreed in principle to extend their 30-year partnership and create a joint digital innovation team as part of a new agreement.
The partnership between the two organisations dated back to 1992, making it one of the most enduring relationships within the superannuation industry.
Under the proposed new contract that would commence in May 2023, Link Group would continue to deliver core administration and expand on their customer engagement services to the super fund.
A joint digital innovation team would be created to elevate the digital services and technology solutions available to Rest members and employers.
“We are incredibly excited to work with Rest and to be a part of a digital evolution in superannuation,” said Dee McGrath, chief executive of retirement & superannuation solutions at Link Group.
“New digital technologies, customer experience and data management have forever changed expectations within our industry. Superannuation funds are transforming the way they interact and connect with their members and employers, creating innovative solutions to capture market opportunities and meet changing needs.
“Link Group plays a critical role in facilitating this transformation for super funds, supporting the use of data, enabling funds to improve the overall experience for members and employers, resulting in better engagement, improved quality and importantly, building trust.”
Vicki Doyle, Rest chief executive, considered the proposed agreement “an important milestone”.
“As the largest super fund for young Australians, with more than 1.2 million members under the age of 35, we want to strengthen the connection our members feel to their retirement savings,” she said.
“Many of our members are decades from retirement, and don’t understand or feel connected to their super accounts. Fairness and value are important to them.
“We fundamentally believe that the simpler and easier super is for our members to understand and access, the easier it is for them to take action and improve their retirement outcomes.
“This proposed agreement with Link Group aims to support our objectives to make super as easy to understand as possible, while leveraging our scale to deliver the best possible value to them.”
Rest was one of the largest profit-to-member superannuation funds by membership, with approximately $70 billion in funds under management and more than 1.9 million members as at 31 December 2022.
