Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s decision to align Superannuation Guarantee payments to employers’ payroll cycles.
Rest CEO Vicki Doyle says the decision makes the superannuation system fairer and more equitable, and will give Rest members and other working Australians a greater opportunity to achieve their best-possible retirement.
“We represent nearly two million members, including more than one million women and more than one million Australians under the age of 35, many of whom work in low-income part-time or casual jobs. Many of our members approach retirement with modest account balances,” said Ms Doyle.
“A significant proportion of our members have their Superannuation Guarantee payments either paid monthly or less frequently, and this is often out of sync with their take home pay.
“Many of our members will directly benefit from this change, including by unlocking the power of compounding interest returns on more frequent Superannuation Guarantee contributions.
“The change will make it easier for members to track the contributions received into their superannuation account and check that payments have come through as expected. This is especially important for casual workers, whose hours can vary significantly from week to week.
“We commend the Australian Government for making this change, which will make super fairer for all Australians."
About Rest
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds, with more than 1.9 million members and around $70 billion in funds under management as at 31 December 2022.
For further information please visit out media centre or contact:
Michael Mills
Senior Manager, Communications – Media Relations
michael.mills@rest.com.au
m: 0428 499 722
This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant PDS and TMD which is available at rest.com.au/pds. Issued by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394
Rest media releases are point-in-time statements and are current as at the date of publication. Information may not be current and up to date after the date of publication. Please note the date of issue and check Rest’s website for other information on the same or related matters.