It’s great to know that Rest already has a low administration fee. And it’s even better to know our administration fee is going even lower.
From 25 June 2022, we’re reducing our administration fee for Rest Super, Rest Corporate and Rest Pension members, meaning you’ll pay even less.
Lower fees means more money in your super or pension
Generally, administration fees relate to the administration and operation of Rest and cover certain costs associated with managing your account, such as keeping a record of your transactions, and being there when you need to talk to us through our call centre, Live Chat or other service channels. Rest’s administration fee is made up of a fixed weekly fee, plus an asset-based fee that is a percentage of your account balance.
Our asset-based administration fee will reduce from 0.12% per annum to 0.10% per annum from 25 June 2022. Our fixed weekly fee remains at just $1.50 per week.
How your fees might look
If you have a super balance of $50,000, you’d previously be paying $138 in total administration fees each year. With the fee reduction, your administration fee will reduce to just $128, saving $10 in administration fees each year.
The asset-based fee will still be capped at $300 per year, so you won’t pay more than $378 in administration fees each year in a Rest Super, Rest Corporate or Rest Pension product. That’s a super fair deal for our members.
You don’t need to do anything to benefit from the new reduced administration fee — it will apply automatically to your Rest account from 25 June 2022.
More super for you
The new financial year brings more good news to help give your super a boost.
From 1 July 2022, the Superannuation Guarantee (SG) contributions paid by your employer into your super will increase from 10% to 10.5% of your salary. Even better, the SG is scheduled to go up by 0.5% each year until it reaches 12% by July 2025.
Also new for the financial year is the removal of the $450 monthly income threshold for SG contributions. This means that from 1 July 2022, if you’re eligible for and entitled to receive the Super Guarantee, you’ll be paid super from your employer even if you earn less than $450 per month. So that’s great news if you’re on a lower income, work part-time or you’re juggling multiple casual jobs. If you’re under 18, you’ll still need to work more than 30 hours per week before you’re eligible to receive super from your employer.
When it comes to your super, every dollar counts
With everything going on in the world, it’s understandable that thinking about your finances might make you feel a little nervous. That’s why we’re committed to fairer super for all Australians.
With lower fees, more money stays in your super or retirement savings, which can make the world of difference when you’re ready to kick back in retirement.