7 October 2020
Rest, one of Australia’s largest superannuation funds, believes the superannuation proposals in the Federal Budget are a step in the right direction to help Australians – particular younger Australians – build their retirement savings and to make an informed choice about their superannuation fund.
The creation of unintended multiple accounts has been a longstanding problem that has eroded the retirement savings of many Australians through duplicated fees and premiums.
While the
Your Super, Your Future reforms will need further consideration when more detail is available, the Government’s proposal to ‘staple’ members to their super accounts is a positive move to address this issue.
As a profit-to-member industry super fund, we are proud that Rest members have benefited from low fees and top-quartile performance over the long-term.
Around half of Rest’s members are aged 30 or younger. We recognise that many people in the early stages of their working lives are facing particular challenges as a result of this pandemic. These measures, including the JobMaker Hiring Credit and Job Trainer Fund, are important to support the long-term financial security for young people.
We would welcome consideration to extend employment incentives and support to less-advantaged workers of all ages who’ve been impacted by the pandemic.
-ENDS-
For further information, please contact:
Michael Mills
Corporate Communications Manager
Michael.Mills@rest.com.au
m: 0428 499 722
