Rest signs Insurance in Superannuation Working Group Code of Practice for superannuation trustees

Thursday, 1 March 2018

  • Signing significantly increases Australians covered by the Code, with Rest’s over 1,400,000 members insured as part of Australia’s largest group insurance pool
  • Complements Rest’s major insurance redesign announced in November 2017, which provides new Rest Super members with up to a 25% reduction in default insurance costs
Rest Industry Super today announced its decision to become a signatory to the Insurance in Superannuation Working Group (ISWG) Code of Practice for superannuation trustees.
The Code makes enhancements in the areas of communications and claims handling, which complements work underway at Rest to significantly improve the claims experience for members, as well as changes to help mitigate the erosion of account balances by insurance premiums.
Rest Industry Super Interim CEO, Andrew Howard, said the Code strikes a balance between allowing superannuation trustees to design appropriate insurance for the needs of their members and protecting the interests of a diverse population.
“We’re proud to be signing the ISWG Code of Practice, demonstrating to our 1,400,000 insured members Rest’s commitment to help protect their financial future including their most valuable asset – their ability to earn an income – while providing a best in class claims experience and value for money cover,” said Mr Howard.
“Signing the Code closely follows our major insurance redesign announced in November 2017, which means that Rest Super members joining after 1 December 2017 pay up to 25% less for their default insurance while maintaining valuable long-term Income Protection cover.”
As part of the insurance redesign, default cover for new members under 18 was removed with Death and Total and Permanent Disablement (TPD) cover reduced for new members aged 18-34 years, while maintaining the current level of Income Protection for all members.
Rest will be publishing plans for Code implementation, including a timeline for implementation, on the fund’s website in accordance with the Code which will come into effect from July 2018.


For further information, please contact:
Shane Allison
Sefiani Communications
t: (02) 8920 0700 m: 0431 516 838
Pauline Hayes
Corporate Communications Manager
t: (02) 8920 0700 m: 0420 219 963

About Rest Industry Super

Rest is one of Australia’s largest super funds by membership with $50 billion in funds under management as at 31 December 2017 and around 2 million members. Rest was awarded Best Fund Innovation 2017 at the Chant West 2017 Super Funds Awards and also recently won the Rainmaker SelectingSuper Innovation Award 2017 for Millennial Superannuation. *

*Ratings or awards are only one factor that you should consider when deciding how to invest your super. For more information about our awards, visit  For further information about the methodology used by Chant West, see
This information doesn’t take into account your circumstances. So, before acting on it, you should consider whether it is appropriate for you.  Before making a decision about your super, please read the relevant Product Disclosure Statement (PDS) available at or call 1300 300 778.  This information is provided by the issuer, Retail Employees Superannuation Pty Limited, ABN 39 001 987 739 as trustee of Rest (Retail Employees Superannuation Trust ABN 62 653 671 394). 

About Rests insurance
Rest operates the largest insurance pool in Australia
  • Rest provides almost 1.4 million working Australians (around 70% of Rest Super members) with insurance as an important part of their superannuation.
  • Total insurance cover provided to Rest members comprises $286 billion in Death sums insured, $70 billion for Total and Permanent Disablement (TPD) and $2.15 billion in Income Protection (IP) benefits to November 2016.
Rest works to ensure members receive appropriate insurance cover
  • In the twelve months to 30 June 2017 Rest paid over 5,100 insurance claims, many to members who would otherwise not have access to flexible and affordable insurance cover because of their employment status or low discretionary income.
  • The average age of a Rest member who made an insurance claim is between 41 and 50. 
Rest is covering the cost of increased premiums for existing members
  • Despite the increase in insurance claims and corresponding costs, existing members will see no changes to their insurance cover premiums, with any individual increases in cost initially met by the fund’s insurance premium rebate.
  • New members who join Rest Super after 1 December 2017, will pay up to 25% less for their default insurance premium while maintaining their long-term Income Protection cover. Existing members will have no changes to their insurance cover.
Rest is removing default insurance cover for new members under 18
  • From 1 December 2017, default cover for new members under 18 is removed with Death and TPD cover reduced for new members aged 18-34 years. 
Rest has enhanced its life stage design
  • Starting next year, a Rest member’s insurance may automatically adjust once a year, on their birthday. The cost of cover may also change. For younger members, Rest offers a modest amount of Death and TPD cover. Default cover increases with age when financial commitments are usually higher and there is a greater dependency on income.
Rest is working to keep insurance simple
  • Rest is one of the first Australian superannuation funds to use Plain English in policy definitions, policy documents and in insurance guides and Product Disclosure Statements.
Rest changes to cover for new members if they stop working
  • From 1 December 2017, TPD and IP will continue after Rest Super members change jobs or stop working, no matter what their account balance, provided they still have funds available in their Rest Super account.  
Rest is increasing Income Protection claim payments in line with inflation
  • From 1 December 2017 Rest will increase IP payments by the Consumer Price Index if members are eligible for claims resulting from an injury or illness that occurs on or after 1 December 2017.  Previously IP claim payments increased by an index called Average Weekly Ordinary Time Earnings.
Rest is making it easier to claim the full Terminal Illness Payment 
  • From 1 December if a member becomes Terminally Ill, Rest will pay their Death insurance benefits in full, if eligible.
  • Previously if a member became Terminally Ill Rest paid the lesser of a member’s Death and TPD insurance benefits, if eligible.
Rest is investing in technology to help make it easier for members to manage their insurance
  • All members who join Rest are able to access information on their insurance cover via the Rest App. Members can also increase, decrease or opt-out of their insurance online, over the phone or via LiveChat on the Rest website.