Observers had speculated that its second attempt at cracking the APRA-regulated superannuation market would spell trouble for industry super funds and trading platforms. I have now changed to Sun Super and have already seen an increase in my Super. The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose. Thanks, Members can also view their account details, including insurance coverage and cost at any time by logging in to MemberAccess or via the Rest app. Hannah. Thanks, I think they might be looking for a literate employee....I see now they're glad you have reached out to them.... if you don't expect much, the you won't be disappointed. Could you please send a response at your earliest convenience so we can assist you further. 2) delay techniques:Now that I requested early release of my super it's been over a month and I still have not received my money even though their...Read more, Thank you for providing your valuable feedback. This issue has still not been resolved, despite me spending hours on the phone with their staff. A week later no funds were released. You can get a copy of this form from our website here: https://rest.com.au/forms under the insurance tab. The process of this claim has actually worsened my injury. Also, that's some insanely high fees you got there! I was chatting to a friend yesterday who is 10 years younger than me and hasn’t worked in 7 years since having kids, only worked part time prior to that and we were comparing super account balances, she was absolutely shocked by my minuscule balance. We aim to provide detailed information about your superannuation and the investment strategy on our website and in your annual statement. The government has quietly let lapse its own legislation to set a primary objective of the superannuation system as being "to provide income in retirement". I’m a mother who has always worked casually in between having children and my super has not gone up in 20 years because all of my super is taken out in fees!!! I was then denied the ability to speak to a supervisor and told that they would contact me within 48 hours. Add articles to your saved list and come back to them any time. Hannah. ... Our social media team is here to assist, I have sent you a private message to discuss this further with you. What is an administration fee AND an admin fee applied at the same date every month? Thank you for providing your feedback to us today, this helps us to improve on our service quality. Let me guess, it’s default unless you call up and switch it off....Read more, I would like to start by offering my sincerest apologies; I understand having learnt this information so recently must have come as quite a shock.... Read more. Suddenly I'm getting help am I?? Thanks,  We also have a Collgar Wind Farm in Western Australia which will be one of Australia's Biggest Energy Projects, which we are excited about. Absolutely criminal! The Best Super Fund I have ever invested in is REST. I can certainly understand your frustration in this matter Isabelle. Alysha. The company, founded by late and legendary investment industry figure Jack Bogle in 1974, has been described as the "Amazon of financial services" due to its disruption of traditional players on Wall Street and in financial services markets around the globe. Yeah, you guys really care about your members. Then we had a dispute over an incorrectly entered (by REST) date of birth. Thanks, I can assure you that our lines are now up to date and we are available and happy to assist you with any enquiries! Obviously this super fund is all about profit and couldn’t give a Cahoot about its members. I've sent you a private message so we can review your account information further. Superannuation comparison: compare retail and industry super funds based on annual fees and past performance returns to find the right super fund and retire with more. We do also recommend employers provide the Rest Super PDS and Insurance Guide to new employees when creating accounts for them. For example, your employer will make superannuation payments before any income tax is taken, as such these payments are taxed at 15% instead of your normal income tax rate. 'Really no limit': Push to include super, pension, aged care in review of retirement income. We do not 'hide' any fee's and are open about what is charged to our members and when these chargers are applied to an account. The Morrison government is under pressure to use its review of the nation's retirement income system to canvass a Pandora's box of issues, including an increase in the age at which people can get the pension and the next lift in the superannuation guarantee levy. I have emailed them documentation and have had no follow up, it seems to be up to me to call them and ask why it hasn't gone through. Your trust is our top concern. 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Once again, I apologise profusely for the distress you and your family have endured, and I hope we will be able to rectify this issue for you as soon as possible. Treasurer Josh Frydenberg is working on the terms of reference, with plans to get the review underway before year's end, as the government grapples with the potential political and budget fallout from its expected findings. When looking at an interactive version of your annual statement, you can hover over any transaction and it will provide you with a description of that transaction. Superannuation funds are governed by this Act, its regulations, trust deeds and governing rules. Grattan Institute household finances program director Brendan Coates said retirement income policy had "gone off the rails" as governments had made changes to various elements without an overarching objective. However, we do have strict privacy guidelines we need to follow to update members account details. He has led the company's sales accounts with independent investment advisers across the US since 2017. Deposit checker - Are your deposits protected? Thanks, Rhiannon. Suncorp superannuation is a retail fund with access to personal financial … Shadow treasurer Jim Chalmers said it appeared the government would use the inquiry only as a means to reducing retirement incomes for most Australians. https://rest.com.au/member/investments/approach-to-responsible-investing Oh Really!!! We do all we can to ensure our members are aware of this insurance cover, for example by including insurance details in member welcome letters and the Rest Super Product Disclosure Statement (PDS) we send to new members, in insurance commencement letters, and annual statements. Extremely disappointing and upsetting service. Mum's payment has since been reinstalled, but she needed to hire a lawyer to fix AIA's mistake, and AIA still haven't taken responsibility for the insane amounts of financial insecurity and emotional stress that they've caused us as a family. If you are not going to be receiving contributions on going, this can result in the money being reduced by fees. Follow live updates here. Their customer service will tell you they are escalating or prioritising the matter and then don't contact you for a long time. Once you select to cancel, there is a pending application process. Their service is almost as bad as Telstra - I'm incredibly frustrated. Absolute thieves!!! To help protect low balance accounts, from 1 July 2019 there will be a cap on the amount of administration fees, investment fees and certain costs for account balances below $6,000. The wind-down is expected to take up to 24 months. Furthermore, we entrust our investments to our experienced investment managers, who strive to find a balance between working towards a greener future, but also keeping risk low to ensure that we are able to provide growth to our many valued members. I've called and sent many emails over the last 6 months and not one single person has attempted to rectify this. I have sent you a private message so that we can discuss this further. In the case that a member has asked for our assistance, we will private message them to launch an investigation. If you would like to discuss the fees, premiums and charges or any other aspect of your account, we have agents available to chat to you either on Live Chat on our website at rest.com.au/contact-us and through app messaging or click-to-call on the Rest mobile app Monday to Friday 8am to 10pm, Saturday 9am to 6pm and Sunday 10am to 6pm AEST or you can call us on 1300 300 778 Monday to Friday 8am to 10pm AEST for assistance with your account. Until recently it was a legislative requirement for insurance funds to provide basic insurance cover on an opt-out basis. I now see reading other people's experiences here that I am far from being Robinson Crusoe in my dealings with these people. Jessie. Additionally, superannuation managers can easily access low cost index funds, yet many choose not to. I would like to look into your contributions with you and confirm what has happened. If you have any queries, please reach out to us and we would be more than happy to assist you. We provide average prices in our Product Disclosure Statement (PDS) which we provide to members upon signing up, and encourage employers to provide to their employees when creating new accounts for them. 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