Target Market Determinations

What’s a TMD?

A TMD is a document prepared by Rest, which is required under section 994B of the Corporations Act 2001 (Cth) for certain products. It is designed to ensure good member outcomes are provided to members, and describes:

• the types of people the relevant Rest product has been designed for (i.e. the target market), and
• the likely objectives, likely financial situation and likely needs of the target market.

The TMD also includes information about how the relevant Rest product can be distributed, as well as indicators or “triggers” for Rest to review the target market and other information relating to the product.

Why does Rest need to have a TMD?

We’re required to have a TMD under the Treasury Laws Amendment (Design and Distribution Obligations Intervention Powers) Act 2019.

Target Market Determinations:

• Rest Super
• Rest Corporate
• Rest Pension

Information for distributors

Distributors are required to provide regular reporting to Rest so we can monitor the distribution of our products. Distributors must:

  • complete an annual attestation demonstrating compliance with their obligations
  • report complaint information on a quarterly basis
  • report any Significant Dealings as soon as practicable but no later than 10 business days after they become aware of the Significant Dealing.

Distributor reporting information should be emailed to

Who is a distributor?

Distributors are regulated persons, including:

  • AFS licensees
  • Authorised representatives
  • Credit licensees, and 
  • Credit representatives.

What's distribution?

Distribution means ‘retail product distribution conduct’ in relation to a consumer, which includes:

  • Dealing in a financial product
  • Giving a disclosure document in relation to offering a financial product
  • Providing a PDS
  • Providing financial product advice.