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Rest Industry launches super product for corporate employers
Rest Industry Super has launched a new business product with a MySuper offering and salary-based insurance tailored for the corporate sector.
Rest Corporate is a new employer-sponsored product employers can choose on behalf of their employees that meets all MySuper criteria.
Rest chief executive officer Damian Hill said he was aware complying with MySuper could cause significant compliance fatigue and create administrative an burden for employers.
"Rest Corporate offers a new insurance design adjusted according to employees' income levels which, combined with the flexibility for employees to choose their own level of cover, ensures it is as appropriate as possible," Hill said.
Rest Corporate members can choose from up to 13 investment options.
Rest Corporate's MySuper investment option, Core Strategy, returned 18.42 per cent in the year to June 2013.
From 1 January next year, employers need to make Super Guarantee contributions to MySuper products for employees who do not choose their own fund.
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