REST to sign ISWG Code of Practice
REST Industry Super today announced it will become a signatory to the Insurance in Superannuation Working Group Code of Practice for superannuation trustees, significantly increasing the number of Australians covered by the Code.
The Code of Practice would enhance communications and claims handling and help stop insurance premiums eroding account balances.
REST interim chief executive, Andrew Howard, said that the Code struck an appropriate balance between protecting the interests of a diverse member base and allowing super trustees to design appropriate insurance.
He said that signing the Code was in line with the fund’s recent insurance redesign, which saw default cover for new members under 18 removed and total and permanent disablement cover reduced for new members aged 18-34.
REST would publish plans and a timeline for implementing the Code on the fund’s website in accordance with the Code, which would come into effect from July 2018.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
