REST Superannuation has changed its name to REST Industry Super, in a move the fund said is designed to reflect its standing as an industry super fund.
The fund also wanted to remind its members of its industry fund heritage and the benefits that brings. In the wake of recent research not all REST members were completely aware of their fund’s heritage.
REST Industry Super chief executive Damian Hill said he hoped the change would increase awareness of the fund’s status as Australia’s largest industry super fund by membership, and the benefits this brings.
“REST, which operates as a benefit-to-members fund, offers all Australians a range of benefits, including low fees, investment choices and sound financial returns that ensure their best interests and long-term financial security are cared for,” he said.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.