Tuesday, 24 March 2020
Industry super fund Rest, welcome moves by the Government to assist those facing financial hardship as a result of the coronavirus.
“Many Rest members work in part-time and casual jobs in the retail industry, so they will be doing it tough in the coming months,” said Chief Executive Officer Vicki Doyle.
“We will continue to do everything we can to support our members during this difficult and uncertain time.
“The Government has introduced many important initiatives designed to provide valuable financial assistance as a result of impact of the coronavirus. We would encourage members to consider those options first, and only take money from their super if they have no other option.
“Rest has extensive fund assets including cash, and other liquid assets, and we are comfortable about managing our illiquid assets such as property and infrastructure. We are well placed financially to support the Government’s initiative when these measures become available in mid-April.
“Our active investment approach means over the past few years we have taken steps to help protect our members’ super from market shocks such as this. Importantly, this also means our members are well placed to reap the benefits when investment markets eventually recover.
“Accessing an important long-term investment like your superannuation now, when markets are down, should always be a last resort.
“Members with already low balances who withdraw their superannuation funds when markets are low - could be worse off in the long run. They will be left with no retirement savings, and potentially no insurance if their balances go down too low or to zero.
“Members with death, total and permanent disability, or income protection cover through Rest should be comforted to know we do not have any exclusions that are relevant to coronavirus.”
For more information on support provided by Rest go to rest.com.au/member/manage/coronavirus-and-super.
“Many Rest members work in part-time and casual jobs in the retail industry, so they will be doing it tough in the coming months,” said Chief Executive Officer Vicki Doyle.
“We will continue to do everything we can to support our members during this difficult and uncertain time.
“The Government has introduced many important initiatives designed to provide valuable financial assistance as a result of impact of the coronavirus. We would encourage members to consider those options first, and only take money from their super if they have no other option.
“Rest has extensive fund assets including cash, and other liquid assets, and we are comfortable about managing our illiquid assets such as property and infrastructure. We are well placed financially to support the Government’s initiative when these measures become available in mid-April.
“Our active investment approach means over the past few years we have taken steps to help protect our members’ super from market shocks such as this. Importantly, this also means our members are well placed to reap the benefits when investment markets eventually recover.
“Accessing an important long-term investment like your superannuation now, when markets are down, should always be a last resort.
“Members with already low balances who withdraw their superannuation funds when markets are low - could be worse off in the long run. They will be left with no retirement savings, and potentially no insurance if their balances go down too low or to zero.
“Members with death, total and permanent disability, or income protection cover through Rest should be comforted to know we do not have any exclusions that are relevant to coronavirus.”
For more information on support provided by Rest go to rest.com.au/member/manage/coronavirus-and-super.
For further information, please contact:
Pauline Hayes
Head of Corporate Communications
Pauline.Hayes@rest.com.au
m: 0458 815 252