Retail Employees Superannuation Trust (REST)
Encyclopedia
REST is an industry superannuation fund
established in 1988. With over 1.9 million members, REST is Australia’s largest superannuation fund by membership. Originally set up to cater for workers within the retail industry, REST now accepts members from all occupations and industries. With over 180,000 businesses paying superannuation to REST, the fund currently has more than $17 billion in funds under management.
As an industry superannuation fund, REST is run to profit members and pays no commission to financial advisers or dividends to shareholders.
The fund is managed on a day-to-day basis by a Trustee company (Retail Employees Superannuation Pty Limited), run by a board of eight Directors. Four directors are nominated on behalf of employees by the Shop Distributive and Allied Employees Association (SDA)
and four nominated on behalf of employers and employer associations from the retail industry.
REST has recently won a number of industry awards, including the Money magazine Best Superannuation Fund Manager Award for 2010 and the SuperRatings Fund of the Year for 2010.
The current CEO of REST is Damian Hill and the current COO is Paul Sayer.
Superannuation in Australia
Superannuation is a retirement program in Australia. It has a compulsory element whereby employers are required by law to pay an additional amount based on a proportion of an employee's salaries and wages into a complying superannuation fund.An individual's superannuation fund can be accessed...
established in 1988. With over 1.9 million members, REST is Australia’s largest superannuation fund by membership. Originally set up to cater for workers within the retail industry, REST now accepts members from all occupations and industries. With over 180,000 businesses paying superannuation to REST, the fund currently has more than $17 billion in funds under management.
As an industry superannuation fund, REST is run to profit members and pays no commission to financial advisers or dividends to shareholders.
The fund is managed on a day-to-day basis by a Trustee company (Retail Employees Superannuation Pty Limited), run by a board of eight Directors. Four directors are nominated on behalf of employees by the Shop Distributive and Allied Employees Association (SDA)
Shop, Distributive and Allied Employees Association
The Shop, Distributive and Allied Employees' Association is the largest trade union in Australia with more than 230,000 members and branches in every state and one in the Newcastle, Hunter Valley and Central Coast region. The SDA is the union for retail and fast-food workers, but does have other...
and four nominated on behalf of employers and employer associations from the retail industry.
REST has recently won a number of industry awards, including the Money magazine Best Superannuation Fund Manager Award for 2010 and the SuperRatings Fund of the Year for 2010.
The current CEO of REST is Damian Hill and the current COO is Paul Sayer.