REST Super is an industry fund with an authorised MySuper product, competitive fees, automatic insurance and multiple investment options.
REST Super from industry fund REST is a MySuper authorised product that is designed to help you save for your retirement. Members can choose from 13 different investment options, including a default option which has a history of good performance. The product automatically comes with death, total and permanent disability and income protection insurance. REST Super allows you to keep track of your super and insurance online or via their mobile app.
|Name||REST Super - Core Strategy|
|Past 5 year performance||6.24%|
|Annual admin fee||
$67.60 + 0.1% of balance p.a.
|Calculated fees on 50K||$497.60|
|Insurance included||Death, TPD, Income Protection|
|Number of members||1,946,000|
What are the key features of REST Super?
- Competitive fees. The fees applied to the default MySuper product are competitive with others in the market.
- 13 investment options. Members are offered lots of different ways to invest, including pre-mixed diversified funds and a 'build your own' option.
- MySuper authorised. The Core Strategy is the default, no-frills, low-fee MySuper product available to members.
- Default insurance cover. REST Super's default insurance cover automatically includes death, total and permanent disability cover, and long-term income protection.
- Easily consolidate your super. You can find and consolidate all of your super into REST Super via the website.
- Member benefits program. REST members get access to a range of benefits such as discounted event tickets and discounted health and wellbeing services.
- Online and mobile services. Members can access their super online or via the mobile app to make additional contributions or switch their investment and insurance options.
What investment options are available with REST Super?
REST Super offers three different ways to invest your super, with 13 different options in total. You can choose one or a combination of different options to create your portfolio. Option one is the MySuper option, which invests you super in a diversified portfolio of assets. Option two offers a range of pre-mixed investment portfolios with different risk levels, and option three offers a range of single assets options.
These options are detailed below by clicking on the link to expand.
What are the REST Super fees?
REST Super charges a number of fees and other costs which will be deducted from your account. Fees relate to the administration of your account and the management of your investments. Other costs may be charged for additional services including personal financial advice and insurance.
The following is a breakdown of the fees charged for the Core Strategy option.
Example of annual fees for REST Super Core Strategy (based on a balance of $50,000)
|Type of fees/ costs||Amount|
|Administration fee||$67.60 plus 0.1% of account balance.|
|Indirect costs (including investment fees)||0.76% of account balance.|
|Total cost of product||$497.60|
Fees vary between investment options. For a more detailed breakdown of fees and charges, always read the PDS available on the website.
What insurance is available with REST Super?
REST Super offers a single insurance option which will be automatically applied to your account.
REST Super’s default insurance cover automatically includes death, total and permanent disability cover, and long-term income protection. You will automatically receive default insurance cover when your employer makes your first compulsory super contribution. REST’s default cover is life-stage based, meaning that cover is lowest when you’re young and automatically increases as you get older. Your default death, TPD and IP insurance cover and costs will automatically adjust each year on your birthday.
|Death Cover||Provides a lump sum for your beneficiaries if you pass away|
|Income Protection Cover||Provides financial protection that replaces your income if you’re unable to work due to illness or injury for more than 60 days|
|TPD Cover||Provides a lump sum benefit of $28,600 (for most age groups)|
The below table is an example of the default cover, costs and benefits received as of December 2017, as stated on REST’s website. These figures may have changed since this time.
|Age||Amount covered Death||Amount covered TPD||Max. amount covered per month IP||Total cost per week|
To be eligible to receive cover you must be:
- An Australian resident; and
- Be over 18 years of age
You can increase, reduce or cancel each component of your insurance online or via REST Customer Service. If you’d like to apply for additional insurance cover you can without the need to provide any health information up to 120 days after joining. Insurance offered through REST Super is provided by AUA Australia Limited. Read more about REST Super income protection cover in our separate review here, and read more about REST Super's life insurance here.
Note: there may be exclusions and/or restrictions that apply to your insurance cover – check the ‘REST Super Insurance Guide’ available via the website.
How do I join REST Super?
If you’ve decided to select this fund you can apply online by clicking the green "Go to Site" button at the top of this page.
Make sure you have with you:
- Your personal details, including your name, address, date of birth and contact information;
- Your tax file number (you do not have to give your super fund your TFN but if you don’t it won’t be able to accept certain types of contributions from you and your benefit payments may be taxed at a higher rate than would otherwise apply); and
- The details of your employer