Big retail industry superannuation fund, REST, has moved to provide its members with a pre-retirement pension product.
REST chief executive, Neil Cochrane said the fund had moved to provide the product in response to a marked increase in the level of enquiries from members.
He said people were asking when they would be able to take advantage of the new arrangements.
Cochrane said the product would be provided through REST’s allocated pension service and that the move was in line with the fund’s strategy to retain members right through their working lives.
“It is clear that many Australians find the transition to retirement difficult,” he said. “This service means we will be able to help our members ease into retirement in their own time, at their own pace.”
Cochrane said that since its launch, the REST Allocated Pension had grown to hold around $60 million in funds under management.
