Important changes at Rest

2023-2024

Rest takes our responsibility to keep our members informed about any important changes or significant events to the Fund seriously. This page provides further detail on our recent changes, for your information.

Important changes:

The Rest Core Strategy investment option will be renamed Growth from 30 September 2024

We’re changing the name of Core Strategy to Growth from 30 September 2024. We think the new name is clearer and better reflects the option’s growth investment focus.

Closing investment options

We’re closing and removing the following investment options on 2 November 2024. This includes the Bonds and Shares options which were closed to new members on 30 September 2023.

If you’re not invested in these options, you won’t be able to invest in them after 4pm, 25 September 2024.

Account balances still invested in a closing option at 4pm on 29 October will be automatically moved to the replacement option on 2 November 2024 as shown in the table below. No buy spread will be charged for the automatic switch. 

Closing option Replacement option
Bonds Capital Stable
Property Balanced
Diversified Growth (known as Core Strategy until 30 September 2024)
Shares High Growth
Australian Shares Australian Shares - Indexed
Overseas Shares Overseas Shares - Indexed

Members who are invested in them have been contacted separately with full details of the closure, including any applicable restrictions on these options. More information about the closing investment options and transaction restrictions can be found in the Investment Options Refresh booklet available at go.rest.com.au/investment-update

Changes to benchmark asset allocations and ranges

Effective 30 September 2024, the benchmark asset allocation for some investment options are changing.

The asset allocation ranges for the Growth option (known as Core Strategy until 30 September 2024) and the Sustainable Growth investment option are also changing from 30 September 2024. The changes (with asset allocation ranges shown in brackets) are outlined below:

Benchmark asset allocation (%)
Asset Classes Growth
(Core Strategy until 30 September 2024)
Capital Stable

Balanced

Diversified

High Growth Sustainable Growth
 
Old New Old New Old New Old New Old  New Old New
Cash

4.5
(0 - 25)

4.5
(0 - 10)
20 20 12 11 4 4.5 0 0 4
(0 - 10)
4
(0 - 10)
Debt 14
(5 - 50)
14.5
(5 - 25)
35.5  35 23.5 25 11.5 14.5 3.5 4 6
(0 - 15)
6
(0 - 15)
Alternatives 2
(0-15)
2.5
(0 - 10)
2 3 2 2 2 2.5 1.5 1.5 1
(0 - 10)
1
(0 - 5)
Infrastructure 11 (0 - 25) 11 (5 - 20) 12 12 12 12.5 12 11 8 8.5 7.5
(0 - 15)
8
(0 - 15)
Property 10 (0 - 25) 9 (5 - 15) 10.5 10 10.5   9.5 10.5 9 7 6 6.5
(0 - 15)
6
(0 - 15)
Australian Shares 23.5
(10 - 45)
23.5
(15 - 30)
8 8 16 16 24 23.5 32 32.5 30
(23  - 35)
30
(20  - 35)
Overseas Shares 35
(10 - 45)
35
(30 - 40)
12 12 24 24 36 35 48 47.5 45
(40 - 50)
45
(40 - 50)

There is no change to the benchmark asset allocation, or asset allocation ranges for the remaining Rest investment options.

For all investment options other than Growth and Sustainable Growth:

  • The amount in any asset class may change – up or down by 5% - from the benchmark asset allocation shown, but not below 0% or more than 100% for an individual asset class.
  • Where an option does not currently have a benchmark allocation to Cash, we may decide to add an allocation of up to 5%.

Rest may vary the asset allocations (including the benchmark and ranges) of all or any of these options and introduce new options without prior notice. The asset allocations for each investment option are available at rest.com.au/investments/options For more information about asset allocation in Rest’s investment options, refer to the Investment Guide or Rest Pension PDS

Updates to investment objectives

From 30 September 2024 there are updates to the investment objectives for some investment options. The table below shows the current and the updated investment objectives for the affected options*.

Investment option Current investment objective Investment objective from 30 September 2024
Capital Stable CPI +1% pa over the medium-term (rolling 4-year periods)  CPI +1% pa (after fees and tax) over rolling 10-year periods 
Balanced CPI +2% pa over the medium-term (rolling 6-year periods)  CPI +2% pa (after fees and tax) over rolling 10-year periods
Growth (known as Core Strategy until 30 September 2024) CPI +3% pa over the long-term (rolling 10-year periods) CPI +3% pa (after fees and tax) over rolling 10-year periods
Sustainable Growth CPI +3.5% pa over the very long-term (rolling 12-year periods) CPI +3.5% pa (after fees and tax) over rolling 12-year periods
High Growth CPI +4% pa over the very long-term (rolling 12-year periods) CPI +4% pa (after fees and tax) over rolling 12-year periods
Investment option Capital Stable
Current investment objective CPI +1% pa over the medium-term (rolling 4-year periods) 
Investment objective from 30 September 2024 CPI +1% pa (after fees and tax) over rolling 10-year periods 
Investment option Balanced
Current investment objective CPI +2% pa over the medium-term (rolling 6-year periods) 
Investment objective from 30 September 2024 CPI +2% pa (after fees and tax) over rolling 10-year periods
Investment option Growth (known as Core Strategy until 30 September 2024)
Current investment objective CPI +3% pa over the long-term (rolling 10-year periods)
Investment objective from 30 September 2024 CPI +3% pa (after fees and tax) over rolling 10-year periods
Investment option Sustainable Growth
Current investment objective CPI +3.5% pa over the very long-term (rolling 12-year periods)
Investment objective from 30 September 2024 CPI +3.5% pa (after fees and tax) over rolling 12-year periods
Investment option High Growth
Current investment objective CPI +4% pa over the very long-term (rolling 12-year periods)
Investment objective from 30 September 2024 CPI +4% pa (after fees and tax) over rolling 12-year periods

*The Consumer Price Index (CPI) measures inflation. As inflation can reduce the value of your retirement savings over time, we use CPI as a benchmark to help measure if your investment returns are staying ahead of inflation to maintain your buying power when you retire.

Investment objectives for all other investment options remain the same.

Changes to the Standard Risk Measure (SRM) for Capital Stable

The SRM is a guide to the likely number of negative annual returns expected over any 20-year period. The SRM Risk Band and Risk Label have been updated for the Capital Stable option to reflect that fewer negative returns are expected over any 20-year period. 

  SRM up to 30 September 2024 SRM from 30 September 2024
Estimated number of negative annual returns over any 20-year period 2 to less than 3

1 to less than 2

Risk band and label 4, Medium 3, Low to Medium


Changes to investment fees and costs and transaction costs

Actual investment fees and costs and transaction costs can vary each year for each investment option. They are shown in the table below for the 2023 and 2024 financial years respectively (except for performance fees which generally averaged over the previous 5 financial years).

The total investment cost for Growth, Capital Stable, Balanced, Diversified, Sustainable Growth, Cash, Bonds and Property investment options increased by more than 10% in 2024. The Shares, Australian Shares and Overseas Shares investment options increased by less than 10% in 2024. The Balanced – Indexed, Australian Shares – Indexed and Overseas Shares – Indexed investment options did not change in 2024.

Rest Super, Rest Corporate and Rest Pension - Transition to Retirement
 
(A)
 Investment fees and costs (including (B) performance fees) (% pa)
(B)
Performance fees (% pa)
(C)
Transaction costs (% pa)
(A) + (C)
Total investment cost (% pa)
Investment option​ 2023 2024 2023 2024 2023 2024 2023 2024

Growth (known as Core Strategy until 30 September 2024)

0.48 0.53 0.05 0.06 0.07 0.10 0.55 0.63
Capital Stable 0.40 0.47 0.03 0.04 0.05 0.08 0.45 0.55
Balanced 0.47 0.53 0.04 0.05 0.06 0.09 0.53 0.62
Balanced-Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Diversified 0.49 0.58 0.05 0.06 0.07 0.11 0.56 0.69
High Growth 0.52 0.58 0.06 0.07 0.08 0.11 0.60 0.69
Sustainable Growth 0.28 0.40 0.00 0.00 0.05 0.07 0.33 0.47
Cash 0.03 0.05 0.00 0.00 0.00 0.00 0.03 0.05
Bonds 0.23 0.27 0.00 0.00 0.01 0.00 0.24 0.27
Shares 0.34 0.35 0.03 0.03 0.07 0.08 0.41 0.43
Property 0.62 0.65 0.01 0.01 0.16 0.23 0.78 0.88
Australian Shares 0.32 0.33 0.03 0.04 0.06 0.07 0.38 0.40
Australian Shares - Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Overseas Shares 0.35 0.36 0.03 0.02 0.07 0.09 0.42 0.45
Overseas Shares - Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Rest Pension - Retirement account
(A)
Investment fees and costs (including (B) performance fees) (% pa)
(B)
Performance
fees (% pa)
 
(C)
Transaction
costs (% pa)
 
(A) + (C)
Total investment
cost (% pa)
Investment option 2023 2024 2023 2024 2023 2024 2023 2024

Growth (known as Core Strategy until 30 September 2024)

0.48 0.53 0.06 0.07 0.07 0.10 0.55 0.63
Capital Stable 0.40 0.46 0.03 0.04 0.06 0.08 0.46 0.54
Balanced 0.48 0.52 0.05 0.06 0.06 0.10 0.54 0.62
Balanced-Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Diversified 0.49 0.57 0.06 0.07 0.07 0.11 0.56 0.68
High Growth 0.53 0.58 0.07 0.08 0.08 0.11 0.61 0.69
Sustainable Growth 0.28 0.39 0.00 0.00 0.05 0.05 0.33 0.44
Cash 0.03 0.05 0.00 0.00 0.00 0.00 0.03 0.05
Bonds 0.23 0.27 0.00 0.00 0.01 0.00 0.24 0.27
Shares 0.36 0.36 0.05 0.05 0.06 0.08 0.42 0.44
Property 0.59 0.64 0.01 0.01 0.13 0.23 0.72 0.87
Australian Shares 0.37 0.36 0.07 0.07 0.07 0.09 0.44 0.45
Australian Shares - Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Overseas Shares 0.35 0.36 0.03 0.02 0.07 0.08 0.42 0.44
Overseas Shares - Indexed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Investment fees and costs and transaction costs are based on information for the financial years ended 30 June 2023 and 30 June 2024, except in relation to performance fees. Performance fees are based on an average of the amount incurred for the previous 5-year period. See the ‘Performance fees’ section in the Additional Information on Fees and Costs document at rest.com.au/pds for more information.

Transaction costs are net of amounts recovered through the buy-sell spread. See the ‘Gross Transaction costs’ section in the Additional Information on Fees and Costs document for the transaction costs of each investment option without taking into account any amount recovered through the buy-sell spread.

Past costs are not a reliable indicator of future costs.

‘Costs met from reserves’ for the financial year ending 30 June 2024 (FY24)

‘Costs met from reserves’ form part of administration fees and costs and are funded from the reserves of the Fund (and not from your account). If the costs paid out of the reserves in a financial year that relate to the administration or operation of the Fund exceed the amount of administration fees and costs paid into the reserves, the excess dollar amount is the costs met from reserves for that financial year, which is converted into an annual percentage by dividing by the average net assets of the Fund.

For the financial year ending 30 June 2024, the costs met from reserves were 0.09% pa for all members. For the financial year ending 30 June 2023 the costs met from reserves were 0.06% pa for all members. 

Important changes 2022-23

Important changes 2022-23


Changes to benchmark asset allocations and ranges

Effective 30 September 2023, the benchmark asset allocation for some investment options are changing.

The asset allocation ranges for the Sustainable Growth investment option are also changing from 30 September 2023. The changes (with asset allocation ranges shown in brackets) are outlined below:

Benchmark asset allocation
Asset Classes Core Strategy Capital Stable

Balanced

Diversified

High Growth Balanced - Indexed Sustainable Growth
Old New Old New Old New Old New Old  New Old New Old New
Cash 4 4.5 22 20 14 12 4 4 0 0 5 5 3 (0-8) 4 (0-10)
Debt 15 14 27 35.5 21 23.5 14 11.5 5 3.5 20 20 10 (5-15) 6 (0-15)
Alternatives 3 2.25 6 2 6 2 3 2 3 1.5 0 0 0 (n/a) 1 (0-10)
Infrastructure 11 10.75 12 12 11 12 12 12 10 8 0 0 8 (3-13) 7.5 (0-15)
Property 11 10 12 10.5 11 10.5 12 10.5 10 7 0 0 8 (3-13) 6.5 (0-15)
Australian Shares 23 23.5 10 8 16 16 24 24 32 32 35 30 34 (29-39) 30 (25-35)
Overseas Shares 33 35 11 12 21 24 31 36 40 48 40 45 37 (32-42) 45 (40-50)
 

There is no change to the asset allocation or asset allocation ranges for other Rest investment options.

For all investment options other than Core Strategy and Sustainable Growth:

  • The allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class.
  • Where an option does not have a benchmark allocation to Cash securities, an allocation of up to 5% may be introduced.
  • The overall allocation to growth assets and defensive assets may vary by +/- 10% from the allocation shown.

Rest may vary the asset allocations (including the benchmark and ranges) of all or any of these options without prior notice. The asset allocations for each investment option are available at rest.com.au/investments. For more information about asset allocation in Rest’s investment options, refer to the Investment Guide or Rest Pension PDS.

Changes to investment fees and costs and transaction costs

Investment fees and costs and transaction costs can vary each year for each investment option. The tables below show the investment fees and costs and transaction costs for the 2022 and 2023 financial years (except performance fees which are based on an average of the amount incurred for the previous 5-year period).

The total investment cost for Core Strategy, Balanced, Diversified, High Growth, Cash, Shares, Australian Shares and Overseas Shares reduced in 2023.

The total investment cost for Sustainable Growth, Bonds and Property increased in 2023 and the total investment cost for Capital Stable, Balanced – Indexed, Australian Shares – Indexed and Overseas Shares – Indexed remained the same.

The actual amount charged in subsequent financial years will depend on the actual costs incurred in those years and may differ from past fees and costs. For more information, please visit rest.com.au/investmentfees

Rest Super, Rest Corporate and Rest Pension - Transition to Retirement
 
(A)
 Investment fees and costs (including performance fees) (pa)
(B)
Performance fees (pa)
(C)
Transaction costs (pa)
(A) + (C)
Total investment cost (pa)
Investment option​ 2022 2023 2022 2023 2022 2023 2022 2023
Core Strategy 0.48% 0.48% 0.06% 0.05% 0.11% 0.07% 0.59% 0.55%
Capital Stable 0.39% 0.40% 0.04% 0.03% 0.06% 0.05% 0.45% 0.45%
Balanced 0.52% 0.47% 0.07% 0.04% 0.07% 0.06% 0.59% 0.53%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Diversified 0.60% 0.49% 0.09% 0.05% 0.09% 0.07% 0.69% 0.56%
High Growth 0.65% 0.52% 0.11% 0.06% 0.10% 0.08% 0.75% 0.60%
Sustainable Growth 0.25% 0.28% 0.00% 0.00% 0.05% 0.05% 0.30% 0.33%
Cash 0.04% 0.03% 0.00% 0.00% 0.00% 0.00% 0.04% 0.03%
Bonds 0.22% 0.23% 0.00% 0.00% 0.00% 0.01% 0.22% 0.24%
Shares 0.38% 0.34% 0.04% 0.03% 0.09% 0.07% 0.47% 0.41%
Property 0.61% 0.62% 0.00% 0.01% 0.06% 0.16% 0.67% 0.78%
Australian Shares 0.39% 0.32% 0.06% 0.03% 0.07% 0.06% 0.46% 0.38%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.37% 0.35% 0.03% 0.03% 0.08% 0.07% 0.45% 0.42%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Rest Pension - Retirement account
(A)
Investment fees and costs (including performance fees) (pa)
(B)
Performance
fees (pa)
 
(C)
Transaction
costs (pa)
 
(A) + (C)
Total investment
cost (pa)
Investment option 2022 2023 2022 2023 2022 2023 2022 2023
Core Strategy 0.48% 0.48% 0.07% 0.06% 0.10% 0.07% 0.58% 0.55%
Capital Stable 0.39% 0.40% 0.04% 0.03% 0.06% 0.06% 0.45% 0.46%
Balanced 0.51% 0.48% 0.07% 0.05% 0.07% 0.06% 0.58% 0.54%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Diversified 0.59% 0.49% 0.10% 0.06% 0.09% 0.07% 0.68% 0.56%
High Growth 0.64% 0.53% 0.11% 0.07% 0.10% 0.08% 0.74% 0.61%
Sustainable Growth 0.25% 0.28% 0.00% 0.00% 0.05% 0.05% 0.30% 0.33%
Cash 0.04% 0.03% 0.00% 0.00% 0.00% 0.00% 0.04% 0.03%
Bonds 0.22% 0.23% 0.00% 0.00% 0.00% 0.01% 0.22% 0.24%
Shares 0.37% 0.36% 0.05% 0.05% 0.08% 0.06% 0.45% 0.42%
Property 0.59% 0.59% 0.00% 0.01% 0.04% 0.13% 0.63% 0.72%
Australian Shares 0.38% 0.37% 0.09% 0.07% 0.06% 0.07% 0.44% 0.44%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.36% 0.35% 0.03% 0.03% 0.07% 0.07% 0.43% 0.42%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

 

Investment fees and costs and transaction costs are based on information for the financial years ended 30 June 2022 and 30 June 2023, except in relation to performance fees. Performance fees are based on an average of the amount incurred for the previous 5-year period. See the ‘Performance fees’ section in the Additional Information on Fees and Costs document at rest.com.au/pds for more information.

Transaction costs are net of amounts recovered through the buy-sell spread. See the ‘Gross Transaction costs’ section in the Additional Information on Fees and Costs document for the transaction costs of each investment option without taking into account any amount recovered through the buy-sell spread.

Past costs are not a reliable indicator of future costs.

 

Closure of the Bonds and Shares options

The Trustee has decided to close the Bonds and Shares investment options to new members on 30 September 2023. Any request by existing members to switch funds into the Bonds or Shares options must be received by 4pm on Wednesday 27 September 2023.

Members with money invested in these options prior to the closure may continue with certain transactions on the relevant option(s) and will be contacted separately with full details of the closure, including any applicable restrictions on these options.

‘Costs met from reserves’ for the year ending 30 June 2023

‘Costs met from reserves’ form part of administration fees and costs and are funded from the reserves of the Fund (and not from your account). If the costs paid out of the reserves in a financial year that relate to the administration or operation of the Fund exceed the amount of administration fees and costs paid into the reserves, the excess dollar amount is the costs met from reserves for that financial year, which is converted into an annual percentage by dividing by the total net assets of the Fund.

For the 2022/23 financial year, the costs met from reserves were 0.06% pa for all members. For the 2021/22 financial year, the costs met from reserves were 0.01% pa.

Important changes 2021-22

Important changes 2021-22


Changes to asset allocations

Asset allocation means how an investment is spread across different asset classes. A benchmark asset allocation is the allocation expected to apply to the investment option most (but not all) of the time, as it’s the allocation most likely to achieve an investment’s long-term objectives.

Effective 30 September 2022, we’re changing the benchmark asset allocation for some of the asset classes within our Core Strategy investment option as part of our annual review. The changes to benchmark asset class allocation within Core Strategy are:

  • Overseas Shares increases from 32% to 33%
  • Infrastructure increases from 10% to 11%
  • Debt decreases from 16% to 15%
  • Alternatives decreases from 4% to 3%.
Australian Shares, Property and Cash benchmark asset allocations for Core Strategy remain the same.

Benchmark asset allocations for all other investment options remain the same.
Benchmark asset allocations effective 30 September 2022
Asset Classes Core Strategy Capital Stable Balanced Balanced - Indexed Diversified High Growth Sustainable Growth Cash Bonds Shares Property Australian Shares Australian Shares - Indexed Overseas Shares Overseas Shares - Indexed
Australian Shares 23% 10% 16% 35% 24% 32% 34% 0% 0% 45% 0% 100% 100% 0% 0%
Overseas Shares 33% 11% 21% 40% 31% 40% 37% 0% 0% 55% 0% 0% 0% 100% 100%
Debt 15% 27% 21% 20% 14% 5% 10% 0% 100% 0% 0% 0% 0% 0% 0%
Property 11% 12% 11% 0% 12% 10% 8% 0% 0% 0% 100% 0% 0% 0% 0%
Infrastructure 11% 12% 11% 0% 12% 10% 8% 0% 0% 0% 0% 0% 0% 0% 0%
Alternatives 3% 6% 6% 0% 3% 3% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash 4% 22% 14% 5% 4% 0% 3% 100% 0% 0% 0% 0% 0% 0% 0%


For all investment options other than Core Strategy and Sustainable Growth:

  • the allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class; and
  • where an option does not have a benchmark allocation to Cash securities, an allocation of up to 5% may be introduced, and
  • the overall allocation to growth assets and defensive assets may vary by +/- 10% from the allocation shown.

Rest may vary the asset allocations (including the benchmark and ranges) of all or any of these options and introduce new options without prior notice. The asset allocations for each investment option are available at rest.com.au/investments. For more information about asset allocation in Rest’s investment options, refer to the Investment Guide or Rest Pension PDS.

Changes to investment fees and indirect costs

Investment fees and indirect costs are estimates and can vary year to year for each investment option.

The tables below show estimated investment fees and costs for the years 30 June 2021 and 30 June 2022.

The actual amount charged in subsequent financial years will depend on the actual costs incurred in those years. Future fees and costs may differ from past fees and costs.

For more information, please visit rest.com.au/investmentfees

Investment option
Rest Super, Rest Corporate, Acumen and Rest Pension - Transition to Retirement
 
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Years 2021 2022 2021 2022 2021 2022 2021 2022
Core Strategy 0.57% 0.52% 0.07% 0.09% 0.05% 0.09% 0.62% 0.61%
Capital Stable 0.36% 0.37% 0.01% 0.03% 0.05% 0.10% 0.41% 0.47%
Balanced 0.49% 0.51% 0.04% 0.09% 0.05% 0.11% 0.54% 0.62%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Diversified 0.62% 0.62% 0.08% 0.13% 0.05% 0.11% 0.67% 0.73%
High Growth 0.70% 0.70% 0.10% 0.16% 0.05% 0.11% 0.75% 0.81%
Sustainable Growth 0.32% 0.29% 0.00% 0.00% 0.04% 0.02% 0.36% 0.31%
Cash 0.03% 0.04% 0.00% 0.00% 0.00% 0.00% 0.03% 0.04%
Bonds 0.15% 0.20% 0.00% 0.00% 0.02% 0.03% 0.17% 0.23%
Shares 0.58% 0.50% 0.03% 0.08% 0.00% 0.00% 0.58% 0.50%
Property 0.56% 0.54% 0.00% 0.00% 0.18% 0.21% 0.74% 0.75%
Australian Shares 0.55% 0.60% 0.01% 0.16% 0.00% 0.00% 0.55% 0.60%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.61% 0.42% 0.05% 0.01% 0.00% 0.00% 0.61% 0.42%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Basic Cash 0.07% 0.01%* 0.00% 0.00%* 0.00% 0.00%* 0.07% 0.01%*

* Basic Cash closed on 13 August 2021, so the above fees and costs reflect those that applied for the period from 1 July 2021 to 13 August 2021

Investment options
Rest Pension - Retirement Account
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Years 2021 2022 2021 2022 2021 2022 2021 2022
Core Strategy 0.57% 0.52% 0.07% 0.10% 0.05% 0.09% 0.62% 0.61%
Capital Stable 0.36% 0.37% 0.01% 0.04% 0.05% 0.10% 0.41% 0.47%
Balanced 0.48% 0.51% 0.05% 0.10% 0.05% 0.11% 0.53% 0.62%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Diversified 0.61% 0.62% 0.08% 0.14% 0.05% 0.11% 0.66% 0.73%
High Growth 0.68% 0.70% 0.10% 0.18% 0.05% 0.11% 0.73% 0.81%
Sustainable Growth 0.32% 0.29% 0.00% 0.00% 0.04% 0.02% 0.36% 0.31%
Cash 0.03% 0.04% 0.00% 0.00% 0.00% 0.00% 0.03% 0.04%
Bonds 0.15% 0.19% 0.00% 0.00% 0.02% 0.03% 0.17% 0.22%
Shares 0.57% 0.51% 0.04% 0.11% 0.00% 0.00% 0.57% 0.51%
Property 0.56% 0.53% 0.00% 0.00% 0.18% 0.20% 0.74% 0.73%
Australian Shares 0.54% 0.62% 0.03% 0.22% 0.00% 0.00% 0.54% 0.62%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.61% 0.42% 0.05% 0.01% 0.00% 0.00% 0.61% 0.42%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Basic Cash 0.07% 0.01%* 0.00% 0.00%* 0.00% 0.00%* 0.07% 0.01%*

* Basic Cash closed on 13 August 2021, so the above fees and costs reflect those that applied for the period from 1 July 2021 to 13 August 2021

Important changes 2020-21

Important changes 2020-21


Changes to how we categorise asset classes

Effective from 30 September 2021, we’re introducing a more simplified approach to the classification of asset classes within our investment options.

Our current eleven asset classes will be streamlined into seven ‘mega asset classes’, meaning asset class strategies with similar market characteristics and the same key underlying drivers of performance will be grouped together. This simpler structure will make it easier for members to understand their investments and enable Rest to more clearly define our investment strategy relative to the new Your Future, Your Super benchmarks.
 
Asset class categorisation prior to 30 September 2021 New ‘mega asset class’ categorisation from 30 September 2021
Australian Shares Australian Shares
Overseas Shares (including Equity Strategies) Overseas Shares
Private Equity
Property Property
Infrastructure Infrastructure
Bonds Debt
Sub Investment Grade Bonds
Cash Cash
Absolute Return Alternatives
Agriculture



Changes in asset allocations for Rest’s investment options effective 30 September 2021

The benchmark asset allocations for Rest’s investment options are reviewed annually. This means that we review the mix of asset classes for each investment option with the aim of better achieving the investment return objectives.

New benchmark asset allocations for Core Strategy, Capital Stable, Balanced, Diversified, High Growth and Sustainable Growth investment options will be effective from 30 September 2021 and are shown in the table below.

Benchmark asset allocations prior to 30 September 2021
Asset Classes Core Strategy Capital Stable Balanced Diversified High Growth Sustainable Growth
Australian Shares 24% 11% 17% 25% 30% 32.5%
Overseas Shares 24% 10% 17% 25% 32% 40%
Private Equity 3% 0% 2% 4% 5% 0%
Equity Strategies 5% 3% 4% 5% 6% 0%
Property 9% 7% 8% 9% 8% 3%
Infrastructure 11% 7% 8% 11% 10% 2%
Cash 4% 17% 11% 3% 0% 4.5%
Bonds 10% 31% 18% 9% 0% 18%
Sub Investment Grade Bonds 6% 7% 8% 6% 6% 0%
Absolute Return 3% 7% 7% 3% 3% 0%
Agriculture 1% 0% 0% 0% 0% 0%


New benchmark asset allocations effective 30 September 2021
Asset Classes Core Strategy Capital Stable Balanced Diversified High Growth Sustainable Growth
Australian Shares 23% 10% 16% 24% 32% 34%
Overseas Shares 32% 11% 21% 31% 40% 37%
Property 11% 12% 11% 12% 10% 8%
Infrastructure 10% 12% 11% 12% 10% 8%
Debt 16% 27% 21% 14% 5% 10%
Cash 4% 22% 14% 4% 0% 3%
Alternatives 4% 6% 6% 3% 3% 0%

For the above investment options other than Core Strategy:
  • the allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class; and
  • where an option does not have a benchmark allocation to Cash securities, an allocation of up to 5% may be introduced.
 
We’re also changing the asset allocation ranges for our Core Strategy and Sustainable Growth options to better position these investment options for expected changes in markets and economic conditions.


Asset class categorisation Core Strategy
Prior to 30 September 2021 New from 30 September 2021 Asset allocation range prior to 30 September 2021 New asset allocation range from 30 September 2021
Australian Shares Australian Shares 10-45% 10-45%
Overseas Shares (including Equity Strategies) Overseas Shares 10-45% 10-45%
Private Equity 0-10%
Property Property 0-25% 0-25%
Infrastructure Infrastructure 0-20% 0-25%
Bonds Debt 5-50% 5-50%
Sub Investment Grade Bonds
Cash Cash 0-25% 0-25%
Absolute Return Alternatives 0-25% 0-15%
Agriculture 0-10%


Asset class categorisation Sustainable Growth
Prior to 30 September 2021 New from September 30 2021 Asset allocation range prior to 30 September 2021 New asset allocation range from 30 September 2021
Australian Shares Australian Shares 27.5-37.5% 29-39%
Overseas Shares Overseas Shares 35-45% 32-42%
Property Property 0-8% 3-13%
Infrastructure Infrastructure 0-7% 3-13%
Bonds Debt 13-23% 5-15%
Cash Cash 0-9.5% 0-8%


Changes to Standard Risk Measure and Risk Levels

Effective 30 September 2021, we’re changing the Standard Risk Measure and Risk levels for our Core Strategy, Capital Stable, Balanced and Diversified investment options.

These changes are largely to reflect the continued low interest rate environment and the outlook for lower investment returns over the longer term.
 
Option Current Standard Risk Measure Proposed Standard Risk Measure Current Risk Level Proposed Risk Level
Core Strategy 5 6 Medium to high High
Capital Stable 3 4 Low to medium Medium
Balanced 4 5 Medium Medium to high
Diversified 5 6 Medium to high High


Change to investment fees for Rest’s investment options for 2021-22

At the end of each financial year, Rest reviews the investment fees members pay for each Rest investment option.  Actual costs from the past year are used to forecast the estimated investment fee for the coming financial year.
 
Estimated investment fees for Sustainable Growth, Bonds, Shares, Australian Shares and International Shares have reduced compared to 2020-21 estimates.

Estimated investment fees for Core Strategy, Balanced, Diversified, High Growth, Cash and Property have increased compared to 2020-21 estimates. 

Estimated investment fees for Capital Stable, Balanced – Indexed, Australian Shares – Indexed and International Shares – Indexed remain the same.

Changes to estimated investment fees for 2021-22 are shown in the table below.

Investment option
Rest Super, Rest Corporate, Acumen and Rest Pension - Transition to Retirement
 
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Core Strategy 0.57% 0.07% 0.05% 0.62%
Capital Stable 0.36% 0.01% 0.05% 0.41%
Balanced 0.49% 0.04% 0.05% 0.54%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00%
Diversified 0.62% 0.08% 0.05% 0.67%
High Growth 0.70% 0.10% 0.05% 0.75%
Sustainable Growth 0.32% 0.00% 0.04% 0.36%
Cash 0.03% 0.00% 0.00% 0.03%
Bonds 0.15% 0.00% 0.02% 0.17%
Shares 0.58% 0.03% 0.00% 0.58%
Property 0.56% 0.00% 0.18% 0.74%
Australian Shares 0.55% 0.01% 0.00% 0.55%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.61% 0.05% 0.00% 0.61%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00%


Investment options
Rest Pension - Retirement Account
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Core Strategy 0.57% 0.07% 0.05% 0.62%
Capital Stable 0.36% 0.01% 0.05% 0.41%
Balanced 0.48% 0.05% 0.05% 0.53%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00%
Diversified 0.61% 0.08% 0.05% 0.66%
High Growth 0.68% 0.10% 0.05% 0.73%
Sustainable Growth 0.32% 0.00% 0.04% 0.36%
Cash 0.03% 0.00% 0.00% 0.03%
Bonds 0.15% 0.00% 0.02% 0.17%
Shares 0.57% 0.04% 0.00% 0.57%
Property 0.56% 0.00% 0.18% 0.74%
Australian Shares 0.54% 0.03% 0.00% 0.54%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.61% 0.05% 0.00% 0.61%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Important changes 2019-20

Important changes 2019-20


Changes in asset allocation for Rest’s Investment options effective 28 September 2020

The benchmark asset allocations for Rest’s investment options are reviewed annually. This means that we review the mix of asset classes for each investment option with the aim of better achieving the investment return objectives.

New benchmark asset allocations for Core Strategy, Capital Stable, Balanced, Balanced – Indexed, Diversified, High Growth and Shares will be effective from 28 September 2020 and are shown in the table below.
 

  Core Strategy Capital Stable Balanced Balanced-Indexed Diversified High Growth Shares
Asset Class Current % Proposed % Current % Proposed % Current % Proposed % Current % Proposed % Current % Proposed % Current % Proposed % Current % Proposed %
Australian Shares 17 24 8 11 13 17 30 35 19 25 24 30 40 45
Overseas Shares 23 24 11 10 18 17 45 40 25 25 32 32 60 55
Equity Strategies 5 5 3 3 4 4     5 5 6 6    
Property 11 9 7 7 8 8     11 9 10 8    
Infrastructure 11 11 7 7 8 8     11 11 10 10    
Private Equity 3 3     2 2     4 4 5 5    
Agriculture 1 1                        
Credit 10 6 7 7 8 8     8 6 9 6    
Absolute Return 6 3 9 7 9 7     5 3 4 3    
Bonds 6 10 16 31 10 18 20 20 7 9        
Cash 7 4 32 17 20 11 5 5 5 3        

For the above investment options other than Core Strategy:

  • the allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class;
  • where an option does not have a benchmark allocation to Cash securities, an allocation of up to 5% may be introduced; and
  • the overall allocation to growth assets and defensive assets may vary by +/- 10% from the allocation shown

 

Changes to investment fees for Rest’s investment options for 2020-21

At the end of each financial year, Rest reviews the investment fees members pay for each Rest investment option. Actual costs from the past year are used to forecast the estimated investment fee for the coming financial year.

The challenging market conditions of the past financial year have meant that investment costs for some options were lower than estimated, due to factors such as reduced performance-related fees and reduced property purchasing costs.

 

Rest Super, Rest Corporate, Acumen and Rest Pension transition to retirement account members

  • Estimated investment fees for the Core Strategy, Capital Stable, Balanced, Diversified, High Growth, Basic Cash and Property have reduced compared to 2019-20 estimates.
  • Estimated investment fees for Bonds, Shares, Australian Shares and Overseas Shares have increased compared to 2019-20 estimates.
  • Estimated investment fees for Balanced-indexed, Cash, Australian Shares – Indexed and Overseas Shares – Indexed remain the same.

 

For Rest Pension retirement account members

  • Estimated investment fees for the Core Strategy, Capital Stable, Balanced, Diversified, High Growth, Basic Cash, Australian Shares and Property have reduced compared to 2019-20 estimates.
  • Estimated investment fees for Bonds, Shares and Overseas Shares have increased compared to 2019-20 estimates.
  • Estimated investment fees for Balanced-indexed, Cash, Australian Shares – Indexed and Overseas Shares – Indexed remain the same.


Changes to estimated investment fees for 2020-21 are shown in the tables below.

Investment option
Rest Super, Rest Corporate, Acumen and Rest Pension - Transition to Retirement
 
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Core Strategy 0.55% 0.03% 0.06% 0.61%
Capital Stable 0.36% 0.02% 0.07% 0.43%
Balanced 0.46% 0.03% 0.08% 0.54%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00%
Diversified 0.55% 0.03% 0.07% 0.62%
High Growth 0.62% 0.04% 0.06% 0.68%
Basic Cash 0.07% 0.00% 0.00% 0.07%
Cash 0.02% 0.00% 0.00% 0.02%
Bonds 0.19% 0.00% 0.03% 0.22%
Shares 0.61% 0.04% 0.00% 0.61%
Property 0.54% 0.00% 0.21% 0.75%
Australian Shares 0.60% 0.04% 0.00% 0.60%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.62% 0.05% 0.00% 0.62%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Investment options
Rest Pension - Retirement Account
(A)
Estimated investment fees (including performance-related fees) (pa)
(B)
Estimated performance-related fees (pa)
(C)
Estimated indirect cost ratio (pa)
(A) + (C)
Total estimated investment cost (pa)
Core Strategy 0.54% 0.03% 0.06% 0.60%
Capital Stable 0.36% 0.02% 0.08% 0.44%
Balanced 0.44% 0.02% 0.08% 0.52%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00%
Diversified 0.54% 0.03% 0.07% 0.61%
High Growth 0.61% 0.04% 0.06% 0.67%
Basic Cash 0.07% 0.00% 0.00% 0.07%
Cash 0.02% 0.00% 0.00% 0.02%
Bonds 0.19% 0.00% 0.03% 0.22%
Shares 0.59% 0.04% 0.00% 0.59%
Property 0.54% 0.00% 0.21% 0.75%
Australian Shares 0.55% 0.03% 0.00% 0.55%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.62% 0.05% 0.00% 0.62%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00%
The amount of investment fees, performance-related fees and indirect cost ratio will change from year to year. Past fees and costs are therefore not an indication of future fees and costs.
 
 Rest Super, Rest Corporate, Acumen and Rest Pension - Transition to Retirement
 
 
 Rest Pension - Retirement Account
Investment options Estimated property operating costs not included in investment costs (pa) Estimated borrowing costs not included in investment costs (pa) Estimated property operating costs not included in investment costs (pa) Estimated borrowing costs not included in investment costs (pa)
Core Strategy 0.06% 0.07% 0.06% 0.07%
Capital Stable 0.04% 0.06% 0.04% 0.06%
Balanced 0.04% 0.06% 0.04% 0.06%
Balanced-Indexed 0.00% 0.00% 0.00% 0.00%
Diversified 0.06% 0.07% 0.06% 0.07%
High Growth 0.06% 0.07% 0.06% 0.07%
Basic Cash 0.00% 0.00% 0.00% 0.00%
Cash 0.00% 0.00% 0.00% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Shares 0.00% 0.00% 0.00% 0.00%
Property 0.57% 0.59% 0.57% 0.59%
Australian Shares 0.00% 0.00% 0.00% 0.00%
Australian Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Overseas Shares 0.00% 0.00% 0.00% 0.00%
Overseas Shares - Indexed 0.00% 0.00% 0.00% 0.00%
Important changes 2018-19

Important changes 2018-19


Changes in asset allocation for Rest’s investment options effective 23 September 2019

The benchmark asset allocations for Rest’s investment options are reviewed annually. This means that we review the mix of asset classes for each investment option with the aim of better achieving the investment return objectives.

New benchmark asset allocations for Capital Stable, Balanced, Diversified, High Growth and Core Strategy will be effective 23 September 2019 and are shown in the table below.


Changes to classification of investments

Also from 23 September 2019, we’re making a change to the way we classify property, infrastructure, agricultural and credit asset classes to better reflect their risk profile.

Traditionally, we’ve classified investments in property, infrastructure, agricultural investments and credit as being ‘growth’ investments. However, we’ll now classify these investments as ‘mid risk’ assets to better reflect their risk profile. The effect of this change is investments in these asset classes will be classified as 50% growth and 50% defensive rather than 100% growth, which will change the split between growth and defensive assets for some of our investment options (that is, the percentage of growth assets will reduce).

You can see the current strategic asset allocation for each of our investment options, and the changes to the percentage split between growth and defensive assets due to the way investments are classified, in the table below. Please note Equity Strategies, Private Equity, Agricultural and Credit have previously displayed collectively as Growth Alternatives.  

Changes to benchmark asset allocations (figures in %).

 
Asset Classes Capital Stable Balanced Diversified High Growth Core Strategy
Old New Old New Old New Old New Old New
Australian Shares 8 8 13 13 19 19 24 24 17 17
Overseas Shares 11 11 18 18 25 25 32 32 23 23
Equity Strategies 3 3 4 4 5 5 6 6 5 5
Private Equity     2 2 4 4 5 5 3 3
Property 5 3.5 6 4 8 5.5 9 5 9 5.5
Infrastructure 4 3.5 6 4 8 5.5 8 5 8 5.5
Agricultural                 1 0.5
Credit 7 3.5 8 4 8 4 9 4.5 10 5
Total Growth Assets 38 32.5 57 49 77 68 93 81.5 76 64.5
Property   3.5   4   5.5   5   5.5
Infrastructure   3.5 3.5 4   5.5   5   5.5
Agricultural                   0.5
Credit   3.5   4   4   4.5   5
Absolute Return 14 9 13 9 9 5 7 4 10 6
Bonds 16 16 10 10 7 7     6 6
Cash Securities 32 32 20 20 7 5     8 7
Total Defensive Assets 62 67.5 43 51 23 32 7 18.5 24 35.5
 


For the above investment options other than Core Strategy:

  • the allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class;
  • where an option does not have a benchmark allocation to Cash securities, an allocation of up to 5% may be introduced; and
  • the overall allocation to growth assets and defensive assets may vary by +/- 10% from the allocation shown.
Important changes 2016-17

Important changes 2016-17


Changes in asset allocation for Rest’s Investment options effective 30 September 2017

The benchmark asset allocations for Rest’s investment options are reviewed annually.  This means that we review the mix of asset classes for each investment option with the aim of better achieving the investment return objectives.

New benchmark asset allocations for Capital Stable, Balanced, Diversified, High Growth and Core Strategy investment options will be effective 30 September 2017 and are shown in the table below.

These asset allocation changes included:
  • decreased allocation to Australian and Overseas shares
  • decreased allocation to Property
  • increased allocation to Cash (Diversified and Core Strategy)
  • increased allocation to Growth Alternatives.
Changes to benchmark asset allocations (figures in %)
 
Asset Classes Capital Stable Balanced Diversified High Growth Core Strategy
Old New Old New Old New Old New Old New
Australian Shares 8 8 14 13 21 19 26 24 19 17
Overseas Shares 12 11 21 18 30 25 38 32 29 23
Property 5 5 7 6 9 8 10 9 11 9
Infrastructure 4 4 5 6 7 8 7 8 6 8
Growth Alternatives 9 10 10 14 11 17 12 20 13 19
Total Growth Assets 38 38 57 57 78 77 93 93 78 76
Defensive Alternatives 14 14 13 13 9 9 7 7 10 10
Bonds 16 16 10 10 7 7 - - 6 6
Cash Securities 32 32 20 20 6 7 - - 6 8
Total Defensive Assets 62 62 43 43 22 23 7 7 22 24


For the above investment options other than Core Strategy:

  • the allocation to individual asset classes may vary by +/-5% from the benchmark allocation shown, but not below 0% or more than 100% for an individual asset class;
  • where an option does not have a benchmark allocation to Cash Securities, an allocation of up to 5% may be introduced; and
  • the overall allocation to growth assets and defensive assets may vary by +/- 10% from the allocation shown.
 

Return objective for Cash Plus option amended

The return objective for the Cash Plus option will be amended from 30 September 2017 to be measured on a pre-tax basis. The change will bring the return objective in line with those for all the other options which are currently being measured on a pre-tax basis.  From 30 September 2017, the return objective of the Cash Plus option will be:
 

  •  Outperform the Bloomberg AusBond Bank Bill Index (before tax and after fees) over the short-term (rolling 2-year period).
Important changes 2015-16

Important changes 2015-16


Changes in asset allocation for Rest’s Investment options effective 1 October 2015

The benchmark asset allocations for Rest’s investment options are reviewed annually.  This means that we review the mix of asset classes for each investment option with the aim of better achieving the investment return objectives.

New benchmark asset allocations for Capital Stable, Balanced and Core Strategy investment options were effective 1 October 2015 and are shown in the table below. These asset allocation changes included:
  • decreased allocation to Bonds
  • increased allocation to Cash (Capital Stable and Balanced)
  • increased allocation to Defensive Alternatives
  • increased allocation to Growth Alternatives.
There will be no further changes to asset allocations as from 1 October 2016.

 
Asset Classes Capital Stable Balanced Core Strategy
Old New Old New Old New
Australian Shares 8 8 14 14 19 19
Overseas Shares 12 12 21 21 29 29
Property 5 5 7 7 11 11
Infrastructure 4 4 5 5 6 6
Growth Alternatives 6 9 8 10 10 13
Total Growth Assets 35 38 55 57 75 78
Defensive Alternatives 11 14 11 13 9 10
Bond 27 16 17 10 10 6
Cash 27 32 17 20 6 6
Total Defensive Assets 65 62 45 43 25 22
 
 

Age 25 Insurance Reinstatement Changes

When you join Rest you are automatically provided with Death TPD and IP insurance cover, the cover you are provided with is referred to as “5 units of Basic Cover” (5 Units for Death, 5 units for TPD and 5 Units for IP).  Many members choose to retain this insurance cover; however some members opt to reduce the number of units of cover they have from 5 Units down to 4, 3, 2 or 1, whilst others choose to remove this cover completely.

Prior to 1 December 2015, Rest offered its members who were under 25 an “Automatic Reinstatement” of Insurance Cover on their 25th Birthday (subject to the member meeting employment eligibility requirements) if they had chosen to reduce or cancel any or all of their cover.  Cover was reinstated effective from the first day of the month in which the employer contribution was received. 

We have under taken a review of this option with our insurer (AIA Australia) to ensure it continues to meet our member’s needs.

From 1 December 2015, Rest will now only automatically reinstate your Insurance Cover (Death TPD and IP) if you have zero units of Death, TPD and IP Cover (i.e. no active Insurance Cover)). If you have opted to alter your insurance by cancelling some of your cover but not all of it, we will no longer reinstate the inactive insurance options, as we have deemed that you have made an active choice in how you want to structure your Insurance Cover.

 
Examples
 
Death Units TPD Units IP Units Reinstatement Description
No Cover No Cover No Cover Yes 5 Units of Death, TPD and IP will be reinstated
No Cover 5 Units 5 Units No Death cover will not be reinstated
No Cover No Cover 5 Units No Death and TPD cover will not be reinstated
5 Units 5 Units No Cover No IP cover will not be reinstated.
 

The policy terms and conditions for our Age 25 Reinstatement offering are now as follows:
 

For members who turn 25, if you have no insurance cover, irrespective of your employment status, we will automatically reinstate default Basic Cover (5 units of Death, TPD and IP cover) upon receipt of the first mandatory employer contribution received for you that relates to a period of employment beginning on or after the beginning of the month in which you turn 25 and before you turn 26.

You must be in Active Employment on the day your cover starts. If you are not in Active Employment on this date, Limited Cover will apply until you return to being in Active Employment for 2 consecutive months.

If we don’t receive a mandatory employer contribution before you turn 26, then this offer will expire and be unavailable to you in the future.  This means that to obtain insurance cover, you will have to apply and provide the required information to the insurer who will assess the request for cover.

If you have any questions on this option please don’t hesitate to contact us.

We’re here to help

If you have any questions contact us on 1300 300 778  (Monday to Friday, 8 am – 8 pm)