We’ve recently updated all our Product Disclosure Statements which are effective from 28 September 2020 and wanted to share with you some of the latest changes (also effective from this date unless stated otherwise), including:
- Administration fee: We’re changing the administration fees our members are paying for their super accounts. We are also reducing the asset-based cap level. The administration fee and asset-based fee cap changes are effective 28 November 2020. Overall our fees are still among the lowest in the industry*.
- Removal of some fees: The Family Law split and contribution splitting fee will be removed effective 28 November 2020.
- Rest Pension Retirement Bonus: Your employees who are Rest members could be eligible for a boost to their account balance when they transfer their super money or their Rest Pension Transition to Retirement (TTR) account to a Rest Pension Retirement account.
- Asset allocation changes: Annual review of asset allocations to better position our investment options for expected changes in markets and economic conditions.
- Investment fee changes: Annual review of investment fees. For most of our investment options, including Core Strategy, the estimated investment fees have decreased or stayed the same.
- Responsible investment: We’ve made some updates to our sustainable investing approach which you can read more about in our Investment Guide or Pension PDS.
From 1 December 2020, we’re also changing the way we apply the benefit of the tax deduction Rest receives on members’ insurance premiums. Instead of passing this back to members, these funds will be allocated to the insurance reserve. This allows us to continue to support the delivery of insurance products and services to members.
If you’d like to learn more about any of these or other changes in more detail, you can access our Product Disclosure Statements at rest.com.au/pds
*Source: SuperRatings’ Fee Benchmarking Review. Fees are current as at 30 June 2020 and are based on a $50,000 account balance. The industry average represents the average fee calculated using a sample set of 370 products comprising of MySuper and Choice products or 169 allocated pension products.