Rest, one of Australia’s largest profit-to-member superannuation funds, is fulfilling its commitment to keeping fees as low as possible.
On 25 June 2022, the asset-based administration fee in Rest Super, Rest Corporate and Rest Pension was reduced from 0.12 per cent per annum to 0.10 per cent per annum. The $1.50 per week fixed administration fee remains unchanged.
For an account balance of $50,000, the total annual administration fee is now $128 per annum, a saving of $10.
Combined with the investment fees for Rest’s default Core Strategy investment option, the total fees on an account balance of $50,000 are $438 per annum. These combined fees are at least 25 per cent below the super industry average.1
“Rest is committed to keeping our fees as low as possible. Many of our members work in part-time and casual jobs and accumulate smaller account balances. Ensuring our fees are among the lowest is critical to help our members achieve their best-possible retirement outcome,” said Vicki Doyle, Rest Chief Executive Officer.
“We will always look for opportunities to use our scale to continue to deliver low fees and outstanding services to our members.
“For the average Rest member in Core Strategy with a balance of around $35,000, the combined administration and investment fees are now $330 per year. This is less than one per cent of the member’s account balance.2
“The asset-based administration fee has also been capped at $300 since late 2020. This is one of the lowest caps in the industry and it means no member in these products will pay more than $378 in annual administration fees.”
Rest’s fees at a glance as at 25 June 20223
| Account balance | Administration fee | Core Strategy Investment fee | Total fees pa | Fees as % of account balance | ||
|---|---|---|---|---|---|---|
| Administration fee pa ($1.50 per week) | Asset-based fee (0.10% pa) | Investment fee (0.57% pa) | Indirect cost ratio (0.05% pa) | |||
| $25,000 | $78 | $25 | $142.50 | $12.50 | $258 | 1.03% |
| $35,000 | $78 | $35 | $199.50 | $17.50 | $330 | 0.94% |
| $50,000 | $78 | $50 | $285 | $25 | $438 | 0.88% |
| $100,000 | $78 | $100 | $570 | $50 | $798 | 0.80% |
1SuperRatings, Superannuation Market Analysis and Research Tool (SMART), 27 June 2022. Rest's Core Strategy is compared against the default investment option of all publicly available superannuation products tracked by SuperRatings. Ratings are only one factor to consider when deciding how to invest your super. Fees are subject to change. Taxes, other fees and costs may apply. Investment fees for Core Strategy are estimated to the 12 months ending 30 June 2021. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for ratings criteria.
2Average Rest member balance was approximately $35,000 as at 31 May 2022. Investment fees for Core Strategy are estimated to the 12 months ending 30 June 2021.
3Administration fee applies to Rest Super, Rest Corporate and Rest Pension (including Transition to Retirement). Investment fees for Core Strategy are estimated to the 12 months ending 30 June 2021. The asset-based administration fee is capped at $300 per annum. The examples above assume the member is receiving contributions, has no insurance, is invested in the Core Strategy and makes no further transactions during the year. No other fees have been applied. This is just an illustration and in practice the balance will vary. In addition, investment fees are based on the value of the relevant investment option, which fluctuates.
About Rest
Rest is one of Australia’s largest profit-to-member superannuation funds with around 1.9 million members and around $68 billion in funds under management as at 31 March 2022. Established in 1988, around 60 per cent of Rest’s members are women, half are younger than30 years old, and many work in part-time and casual jobs.
For further information please contact:
Michael Mills
Corporate Communications Manager
michael.mills@rest.com.au
m:0428 499 722
Angelica Tziotis
Corporate Communications Specialist
angelica.tziotis@rest.com.au
m: 0438 918 051
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