REST Industry Super has announced it has become one of the largest industry super funds by membership to receive its MySuper authorisation from APRA.
The authorisation will allow REST to offer members a MySuper option that includes a single diversified investment option; with low fees that meet legislative requirements and default levels of death and disability insurance from 1 July 2013.
More than 150,000 employers will use REST to meet their obligations to contribute to a MySuper offering next year.
REST Industry Super CEO, Damian Hill says, “REST Industry Super has been a contributor to the development of MySuper in consultation with the government. Our existing flagship product is already similar to the Government’s MySuper offering requirements. We will continue to work with employers and members to inform them of these important changes as they occur to ease the transition.
“The introduction of MySuper is a very welcome development because it will result in a simpler set of product features enabling members to compare funds more easily.”
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