REST Superannuation has changed its name to REST Industry Super, in a move the fund said is designed to reflect its standing as an industry super fund.
The fund also wanted to remind its members of its industry fund heritage and the benefits that brings. In the wake of recent research not all REST members were completely aware of their fund’s heritage.
REST Industry Super chief executive Damian Hill said he hoped the change would increase awareness of the fund’s status as Australia’s largest industry super fund by membership, and the benefits this brings.
“REST, which operates as a benefit-to-members fund, offers all Australians a range of benefits, including low fees, investment choices and sound financial returns that ensure their best interests and long-term financial security are cared for,” he said.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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