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REST looks to improve post-retirement space
REST Super will be updating its pension offering from 1 January, which will include a new fee structure, according to the fund's chief executive, Damian Hill.
REST Super will be offering non-lapsing binding nominations for pensioners moving investment payments to the pension division and an updated fee structure that will be more attractive to members and non-members, Hill said.
"We're responding to enquiries to make sure we can have binding nominations in regard to death benefits and making it possible for pensioners' beneficiaries to benefit from the anti detriment tax provisions on death," he said.
While not a direct response to industry changes, the post retirement space is one that will see further innovation and quite regular change, Hill said.
"It's an area relatively lightly touched by Cooper and Henry and the area where the most needs to be done and the most thinking [is needed] by industry participants in the coming year," he said.
"Industry needs to continue to work with the Government and regulators on regulatory reform in this area. Innovation will only occur with the assistance of further regulatory change," he said.
AUTHOR
Mike Taylor
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