Rest, one of Australia’s largest profit-to-member superannuation funds, says the second tranche of the Australian Government’s Delivering Better Financial Outcomes package will allow super funds to offer low-cost, high-quality advice to more Australians and support members to achieve their best-possible retirement.
Rest CEO Vicki Doyle says the proposed reforms have the power to change the retirement futures for many Australians, for example, through the creation of a new class of adviser and creating opportunities for expanding intra-fund advice through a collectively charged model.
"Everyone, regardless of their income, should have easy access to simple financial advice," says Ms Doyle.
"By offering more low-cost, high-quality financial advice, super funds can help our members make better choices for their retirement.
"Rest has more than 2 million members, including about a million women and a million young people under 30 – people who historically have been less likely to access financial advice.
"Rest members used our digital advice tools more than 30,000 times last financial year and more than half of our total advice interactions were with members under the age of 40. These reforms support the growth of digital advice and will help meet the growing demand for people wanting access to simple and accessible advice.
"Without financial advice from their super fund, many of our members wouldn’t be able to get advice at all.
"The Government’s reform package will support a super system that is fairer and more equitable for everyone.
"It will allow us the opportunity to substantially expand our financial advice and make advice accessible to even more of our members. This includes the ability to more deeply engage our members at key decision points and life stages through personalised 'nudges'.
"We congratulate the Government on this package of reforms and look forward to working with Government, industry and others to progress the passage of legislation as soon as possible."
About Rest
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds, with around 2 million members and around $90 billion in funds under management as at 30 September 2024.
For more information, please visit our media centre or contact:
Michael Mills
Senior Manager, Communications – Media Relations
michael.mills@rest.com.au
m: 0428 499 722
Emma Kerswell
Senior Manager, Communications – Consumer and Content
emma.kerswell@rest.com.au
m: 0411 794 206
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