‘Why is the administration fee going up?’
Rest have worked hard to keep this increase as low as possible. In fact, this is the first time Rest Super has increased this fee since July 2013, and Rest Select and Rest Pension since January 2011.
However, fees need to increase every now and then to enable us to invest in creating the best possible tools and services to help our members with their super.
Innovative digital services, such as Roger and Live Chat, are just two of these recent investments. Read their stories for more information.
Plus, there’s no change in the administration asset based fee of 0.10% per annum of their account balance.
‘Is Rest still competitive?’
Yes, Rest has a history of low fees, and we’re still highly competitive.
According to independent research by Chant West Super Fund Fee Survey (March 2017), compared with other super funds, Rest’s fees remain one of the lowest.
What we're telling our members and when
We’ll let our members know of the administration fee changes, in their annual statements and new members via updated PDSs.
1. In their annual statement
Members will be notified in their annual member statement, which will be distributed over a month, starting mid September.
2. Updated Product Disclosure Statements (PDS)
Our PDSs will be updated by 30 September 2017 to include the new administration fee.
Example of annual fees and costs for the MySuper product before and after the increase
This table provides an example of how the fees and costs can affect a MySuper member’s investments who invests in the Core Strategy investment option over a one-year period in Rest Super or Rest Corporate.